China's apparent escape from the external constraints of peripheral late industrialisation in the build up to the global economic crisis of 2007-2009 has been recent and remains tenuous. Before its spectacular trade surpluses of the 2000s, China's external accounts reflected many of these constraints. Even in the midst of the surplus surge, external vulnerabilities of a peripheral nature have persisted. Besides the issue of export dependence, which is the conventional focus of most crisis-related studies on China, vulnerabilities have been more profoundly related to the dominance of foreign ownership in China's export sector and to the relatively subordinate position of this export sector within the massive rerouting of international production networks via China that followed the East Asian crisis, in large part led by Northern transnational corporations. © 2010 John Wiley & Sons, Ltd.

Balance of payments, China, Global imbalances, International production networks, Late industrialisation, Structuralism, Transnational corporations
dx.doi.org/10.1002/jid.1727, hdl.handle.net/1765/21100
Journal of International Development
Erasmus School of Economics

Fischer, A.M. (2010). Is China turning latin? China's balancing act between power and dependence in the lead up to global crisis. Journal of International Development, 22(6), 739–757. doi:10.1002/jid.1727