中国开放型经济学_构建阐释中国开放成就的经济理论_英文_裴长洪.pdf

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1、 Social Sciences in China PressSocial Sciences in China, 2021Vol. 42, No. 1, 53-76, http:/dx.doi.org/10.1080/02529203.2021.1895500The Economics of Chinas Opening Up: Developing an Economic Theory That Explains Chinas Achievement Pei Changhonga and Liu Binba University of Chinese Academy of Social Sc

2、iencesb University of International Business and Economics构建中国开放型经济学理论，应突破西方主流国际经济学的局限性。一是揭示围绕“三对关系、六条线索”展开的中国渐进式贸易自由化进程的规律。二是总结互联网、数字技术和人工智能等新业态重塑中小企业微观主体地位，培育和形成国际竞争新优势的经验。三是分析共建“一带一路”建立的合作共赢、海陆贯通的新型国际生产分工模式及其蕴含的贸易盈余与资本输出紧密联系的新型国际经济多元平衡观。四是在习近平重要论述指导下，将人类命运共同体全球经济治理中国方案的理念学理化。关键词：中国特色社会主义开放型经济学全球治

3、理人类命运共同体Research on the construction of a theory for Chinas open economy should break through the limitations of mainstream Western international economics. Firstly, we need to reveal the laws revolving around “three relationships and six threads” that governed Chinas incremental process of trade li

4、beralization. Secondly, we need to summarize Chinas experience of the way new technologies, including the Internet, digital technologies and artificial intelligence (AI) have fostered and reshaped the position of small and medium-sized enterprises (SMEs) as micro-actors, providing us with new advant

5、ages in international competition. Thirdly, we need to analyze the new win-win mode of the international division of labor over land and sea established under the guidelines of the Belt and Road Initiative (BRI), as well as a new concept of pluralist balance in the international economy marked by a

6、close connection between trade surplus and foreign investment. Fourthly, under the guidance of Xi Jinpings important discourses, we should offer a rationale for the Chinese scheme of global economy governance within the community of shared future for mankind.Keywords: socialism with Chinese characte

7、ristics, open economics, global governance, a community of shared future for mankindThe great achievements of Chinas construction of an open economy are the result of the 54Social Sciences in Chinahard work of the Chinese people under the guidance of the theory of socialism with Chinese characterist

8、ics established by the Communist Party of China (CPC). It is not the product of the application of mainstream Western international economics to China, nor can it be explained by any Western theory. Chinese scholars of economics are responsible, on the basis of the great practice of Chinas open econ

9、omic construction, for deepening, summarizing, enriching and perfecting the theory of open economics with Chinese characteristics proposed by the CPC, and for develop open economics with Chinese characteristics, a Chinese style and a Chinese manner.I. Major Defects in Mainstream Western Internationa

10、l Economics Theories1. Mainstream Western international microeconomics theoriesWhy does trade occur? This thread runs through international economics. The theory of comparative advantage put forward by David Ricardo suggests that each country should specialize in the production and export of product

11、s in which it has a comparative advantage, and should import those in which it has a comparative disadvantage. The theoretical foundation of a comparative advantage is opportunity cost. Other scholars, however, argue that opportunity cost is not the only reason for international trade, holding that

12、it is also affected by capital, land and other factor endowments. Heckscher and Ohlin hence proposed the theory of factor-endowment (also known as H-O theory). It is undeniable that while comparative advantages and factor endowments can reasonably explain North-South trade, they cannot interpret the

13、 North-North trade. According to H-O theory, the United States should import labor-intensive goods and export capital-intensive ones, but the reality is precisely the opposite; this gave rise to the well-known “Leontief Paradox.”1 Since 1980s, intra-industry trade has become the main form of interna

14、tional division of labor. According to economists represented by Paul Krugman, the basis of international trade has changed fundamentally; that is, differences in factor endowments are not the principal reason for international trade. Outdated traditional trade theories ignore technological changes

15、in production, and the two key assumptions of classical international trade theory, i.e., perfect competition and constant returns to scale, do not actually exist. In imperfect markets, economies of scale based on standardized modular technologies are the main driving force behind international trad

16、e, facilitating the generation of the new trade theories that open up a new path for explaining the motivations of international trade. The basic assumption of these new theories is the homogeneity of enterprises in the same industry. But with the further development of international trade, this ass

17、umption has been proved to fly in the face of reality. One of its important underlying conclusions is that homogeneity means that as long as one enterprise is engaged in exporting, all enterprises in the same industry should do the same, which is obviously not the case. Accordingly, M. J. Melitz has

18、 proposed a trade theory about 1See Dominick Salvatore, International Economics, 11th ed.Pei Changhong and Liu Bin55heterogeneous firms to explain their internationalizing behavior. According to his new theory, the firm heterogeneity is primarily demonstrated in the differences in their productivity

19、; only those firms with high levels of productivity can cross the export threshold and enter the international market. A “new-new” trade theory thus came into being.2 It can easily be seen from the above review that the continuous innovations and developments in international trade theory always occ

20、ur after overcoming the defects of the existing international trade theory.According to the classical international economic theory mentioned above, developing countries should export primary products and labor-intensive products; this international division of labor will continue to be reinforced a

21、nd can easily be “locked into the low end.” Consequently, developing countries like China will fall into the “comparative advantage trap.”3 Even the widely accepted current theory of weak comparative advantage4 holds that it is hard for developing countries to change the established pattern of divis

22、ion of labor in the short term. The situation, however, has not evolved in line with the expectations of classical Western theory. Instead of falling into the “comparative advantage trap,” China has a capital accumulation rate that is accelerating, leading to the formation of a comparative advantage

23、 in the Chinese capital industry that occurred even faster than that of the United States.5 The “new-new” trade theory offers a reasonable explanation of the decision-making behavior of developed country enterprises prior to the 21st century, a thesis that has been proven in a great deal of foreign

24、empirical literature. But since the introduction of this theory, which is the latest achievement of mainstream Western international economics, sixteen years have gone by, and the international trade model has changed significantly. Firm productivity cannot explain every countrys trade or the develo

25、pment of cross-border e-commerce since the start of the 21st century. The “paradox of Chinese enterprises export productivity” put forward by a number of Chinese scholars in recent years is actually a challenge to the “new-new” trade theory. In China, more than 60 percent of the foreign trade volume

26、 is attributable to SMEs, which account for more than 90 percent of the total enterprises and their share of foreign trade volume is still on the rise. Even the “new-new” trade theory finds it hard to interpret this phenomenon.2M.J. Melitz, “The Impact of Trade on Intra-Industry Reallocations and Ag

27、gregate Industry Productivity,” pp. 1695-1725.3The comparative advantage trap means that in accordance with its comparative advantage, a developing country produces and exports low-end products while a developed country produces and exports high value-added products; as a result, although they still

28、 benefit, developing countries remain at a disadvantage and thus fall into the “comparative advantage trap.”4The theory of weak comparative advantage suggests that countries tend to export lower-priced goods with under closed conditions than under open conditions, and to import higher-priced goods u

29、nder closed conditions than under open conditions.5See Pei Changhong and Liu Hongkui, “An Economic Analysis of Xi Jinping Thought on Opening Up for the New Era.” 56Social Sciences in ChinaDynamic international trade theory is an extension of static international trade theory, focusing on the develop

30、ment of comparative advantage in international trade and its impact on welfare from a dynamic perspective. The H-O theory, which is dynamic, is based on the assumption of invariant technology. It holds that if full employment and steady growth are maintained, the original static comparative advantag

31、e will be reinforced and will be hard to reverse. In a sense, the relationship between a developing countrys achievement of its goal of industrialization and international trade norms based on comparative advantage is one in which “you cant have your cake and eat it too.” If some factors lead to the

32、 reversal of a countrys static comparative advantage, its economic growth is bound to suffer. Changes in comparative advantage occur at the cost of a fall in economic growth.6 Obviously, this theory cannot explain the consonance between Chinas rapid economic growth and the transformation of its comp

33、arative advantage. In recent years, dynamic international trade theory has undergone extensive development. Basically, it has introduced macro-growth, technological evolution, dynamic migration and other elements into traditional international trade theory7 in an attempt to explain the dynamic evolu

34、tion of the trade model under the circumstances of capital accumulation over different periods, labor mobility across regions, technological endogeneity, etc. However, the theory remains confined to discussions of the innovation and immigration decisions of heterogeneous individuals, at the expense

35、of research on the governments responsibility to ameliorate externalities (the “enabling government role”) and on the issue of the fair distribution of social wealth.2. Theories of mainstream Western international macroeconomicsAlthough mainstream Western international microeconomic theories lag beh

36、ind in their interpretation of practical problems, their basic logical framework is relatively reasonable in general, and the theories they originally developed can explain some of the trade phenomena of their times, especially as concerns trade between developed countries. But these theories, espec

37、ially the part about the international balance of payments, have never been verified. At the macro-level, their analysis of international economics is basically dominated by the price-based general equilibrium theory. The exchange rate represents the relative price of different currencies in the int

38、ernational market; it is the exchange rate system and the international monetary system that have become the focus of analysis in mainstream Western international macroeconomics. Using the exchange rate to intervene in the international balance of payments has become a “classical theory” in mainstre

39、am Western international economics.6See Claustre Bajona and Timothy Kehoe, “Trade, Growth and Convergence in a Dynamic Heckscher-Ohlin Model,” pp. 487-513.7See K. Desmet, D. Nagy and E. Rossi-Hansberg, “The Geography of Development,” pp. 903-983; Lorenzo Caliendo, Maximiliano Dvorkin and Fernando Pa

40、rro, “Trade and Labor Market Dynamics: General Equilibrium Analysis of the China Trade Shock,” pp. 741-835.Pei Changhong and Liu Bin57The failing of the international balance of payments theory is mainly manifested in three aspects. Firstly, imperfect markets lead to the failure of exchange rate mec

41、hanisms. The basic assumption of exchange rate theory based on the theory of general equilibrium is that the market is perfectly competitive, whereas in the real world no such market exists in international trade. Monopolies of strategic resources (e.g., oil, natural scenic sites) and technology in

42、developed countries and the export controls they impose on developing countries inevitably lead to trade imbalances, which cannot be warded off by exchange rate (price) interventions. Exporters of oil, technology, tourism and other resource monopolies do not change with price adjustments or the inte

43、rnational balance of payments. For example, the US trade deficit with China is largely due to its high-tech export controls. Secondly, the export of trade goods that accompanies capital export does not change with the exchange rate. Multinational corporations are the dominant force in the global val

44、ue chains, and their presence in global industries is bound to promote the cross-border trade of intermediate goods, whereas changes in the exchange rate have no effect on multinationals internal trade flows. Thirdly, we have the dual role of a low savings rate and currency hegemony. Given the low s

45、avings rate in the US, Americans excessive consumption and reluctance to save guarantee they will be large importers. Some Western scholars even believe that excessive saving in the peripheral countries of the global economy have magnified the US savings gap, and this excessive has been transmitted

46、to the real economy through house prices, stock prices, interest rates and exchange rates, increasing the US current account deficit.8 Admittedly, the low US savings rate does not fundamentally explain its trade deficit, since EU members with equally low savings rates do not have a marked trade defi

47、cit; indeed, Germany even enjoys a surplus (Figure 1). A trade deficit is essentially an external liability that has to be repaid. In order to reduce their foreign debt ratio, EU members make a modest reduction in their imports. The US, on the other hand, relies on the US dollars position as a world

48、 currency, is not restricted by repayments of foreign debt as it can print dollars to cover them. For this reason, exchange rate changes do not alter the trade deficits caused by the hegemony of the dollar. The more a countrys sovereign currency function as a world currency, the greater the imbalanc

49、e in its balance of payments.9 Trade imbalances are essentially a manifestation of imbalance in the flow of goods and services in the international monetary system.8See B. Bernanke, “Global Imbalances: Recent Developments and Prospects.” 9See Michael P. Dooley, David Folkerts-Landau and Peter Garber

50、, “The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries.”58Social Sciences in ChinaFigure 1 Trade Surplus and Savings Rate Trends in China, the US, Japan and Germany, 1960-2018 Collapse of theBretton Woo