By Robert C. Feenstra, Shang-Jin Wei
In below 3 many years, China has grown from enjoying a negligible position in international alternate to being one of many world's biggest exporters, a considerable importer of uncooked fabrics, intermediate outputs, and different items, and either a recipient and resource of international funding. now not strangely, China's monetary dynamism has generated huge awareness and quandary within the usa and past. whereas a few analysts have warned of the capability pitfalls of China's rise—the lack of jobs, for example—others have highlighted the advantages of less costly items and companies bought via U.S. shoppers besides new marketplace and funding possibilities for U.S. enterprises. Bringing jointly knowledgeable crew of participants, China's transforming into function in international exchange undertakes an empirical research of the consequences of China's new prestige. The essays accrued right here supply certain analyses of the microstructure of alternate, the macroeconomic implications, sector-level matters, and international direct funding. This volume's cautious exam of micro info in gentle of tested monetary theories clarifies a couple of misconceptions, overturns a few traditional knowledge, and files info styles that improve our figuring out of concerns concerning China's exchange.