An Open Economy Calls for New Development Theories

ZHANG Youwen
Editorial note:

Ever since reform and opening up policies were adopted in the late 1970s and early 1980s, the comparative advantage theory, factor endowment theory and “two-gap model” theory have been the basic guidelines for China’s reform and opening up. On this basis, China has proposed a strategy of “exercising the comparative advantage of cheap labour”. However, now that production factors have realized worldwide free flow alongside economic globalization, is this kind of traditional strategy still suited to China? The following article has explored this question and proposed a “new approach to opening up”, considering advantages ranging from cheap labour to factor scarcity.

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