ABSTRACT
Widely regarded as an economic miracle, export expansion has driven China's economic growth (Rodrik 2006; Duan et al. 2012). With exports growing faster than the gross domestic product (GDP), the share of exports within China's GDP increased from 6.6 per cent in 1978 to 22.6 per cent in 2014 (World Bank 2015). China's international trade has soared rapidly since China's reform and opening up to the world, and especially since China's accession to the World Trade Organization (WTO). During the period from 2001 to 2014, China's exports and imports increased by 7.8 times and 7.1 times, respectively. The total volume of exports increased from US$266 billion in 2001 to US$2,342 billion in 2014, with an average annual growth rate of 18 per cent (See Figure 24.1).
