Chen, QingqingGoh, Chor-ChingSun, BoXu, Lixin Colin2012-03-192012-03-192011-04-01https://hdl.handle.net/10986/3396Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural divide, and Chinese cities tend to be under-sized by international standards. China has also integrated globally, initially through the Special Economic Zones on the coast as launching grounds to connect with world markets, and subsequently through the accession to the World Trade Organization. For future policy considerations, this paper argues that its economic production needs to be spatially concentrated, and its social services need to be spread out to the interior to ensure harmonious development and domestic integration (through inclusive rural-urban transformations and effective territorial development).CC BY 3.0 IGOACCESS TO FINANCINGACCOUNTINGADBAGENCY PROBLEMSAGRICULTURAL OUTPUTAGRICULTUREALLOCATION OF CAPITALAUTONOMYBAILOUTBANK FINANCINGBANKRUPTCIESBANKSBUSINESS ENVIRONMENTCAPITAL FORMATIONCAPITAL INVESTMENTCAPITAL INVESTMENTSCAPITAL MARKETCAPITAL MARKETSCAPITALIZATIONCAPITALSCOMMODITIESCOMMODITYCOMMODITY PRICESCOMPARATIVE ADVANTAGECOMPARATIVE ADVANTAGESCOMPARATIVE ECONOMICSCOMPETITIVENESSCONSUMERSCONTRACT ENFORCEMENTCORPORATE GOVERNANCECURRENCYDECENTRALIZATIONDEVELOPING COUNTRIESDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDEVELOPMENT STRATEGYDISPOSABLE INCOMEDOMESTIC CURRENCYDOMESTIC MARKETSECONOMIC COOPERATIONECONOMIC DEVELOPMENTECONOMIC EXPANSIONECONOMIC GEOGRAPHYECONOMIC INTEGRATIONECONOMIC RELATIONSECONOMICSEMERGING MARKETEMPLOYMENTEXCHANGE CONTROLSEXCHANGE RATEEXPENDITUREEXPORTSEXPROPRIATIONEXTERNAL FINANCINGFEDERAL RESERVEFEDERAL RESERVE SYSTEMFINANCESFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL SYSTEMFIRM PERFORMANCEFISCAL DECENTRALIZATIONFISCAL POLICIESFIXED INVESTMENTFIXED PRICESFOREIGN BANKSFOREIGN CAPITALFOREIGN COMPETITIONFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN FIRMSFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN MARKETSFOREIGN OWNERSFOREIGN OWNERSHIPFUND MANAGEMENTGDPGDP PER CAPITAGINI COEFFICIENTGLOBAL ECONOMYGLOBAL MARKETSGLOBAL STANDARDSGLOBALIZATIONGOOD GOVERNANCEGOVERNMENT INTERVENTIONGOVERNMENT REVENUEGROSS DOMESTIC PRODUCTGROWTH RATEGROWTH THEORIESHOUSINGINCOMEINCOME GROWTHINCOME INEQUALITYINCOME LEVELSINCOME TAXINDUSTRIALIZATIONINEFFICIENCYINFORMAL FINANCEINFORMATION TECHNOLOGYINSTRUMENTINSURANCEINSURANCE COMPANIESINTERNATIONAL BANKINTERNATIONAL COMPETITIONINTERNATIONAL COOPERATIONINTERNATIONAL ECONOMICSINTERNATIONAL INVESTORSINTERNATIONAL MARKETINTERNATIONAL STANDARDSINTERNATIONAL TRADEINVESTINGINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTMENT PROJECTSINVESTMENT RATESINVESTOR CONFIDENCEJOB CREATIONJOINT VENTURESJURISDICTIONLABOR COSTSLABOR MARKETLABOR MARKETSLAND USELARGE CITIESLIBERALIZATIONLIFE INSURANCELIVING STANDARDSLOCAL GOVERNMENTLOCAL GOVERNMENTSLORENZ CURVEMARGINAL PRODUCTMARGINAL PRODUCTIVITYMARKET ACCESSMARKET DISCIPLINEMARKET ECONOMYMARKET INTEGRATIONMARKET SHAREMERGERSMIDDLE-INCOME ECONOMYMIGRANT LABORMIGRATIONMOBILE PHONESMONETARY FUNDMORAL HAZARDMUNICIPALITIESNET EXPORTSOPEN MARKETSOUTSOURCINGOWNERSHIP STRUCTUREPER CAPITA INCOMEPOLITICAL ECONOMYPOWER PARITYPRIVATE PROPERTYPRIVATE SECTOR DEVELOPMENTPRIVATIZATIONPRODUCT MARKETSPRODUCTIVITYPRODUCTIVITY GROWTHPROFITABILITYPROPERTY RIGHTSPROTECTIONISMPURCHASING POWERRAPID GROWTHRAPID INDUSTRIALIZATIONRATE OF RETURNRATE OF RETURN TO CAPITALREFORM PROGRAMREGIONAL INTEGRATIONREGIONAL TRADEREGULATORSREGULATORY ENVIRONMENTREGULATORY RESTRICTIONREINVESTMENTSREMITTANCESRENT SEEKINGRESOURCE ALLOCATIONRETURNRETURNSRISK SHARINGRURAL­URBAN MIGRATIONSECURITIESSHAREHOLDERSSOCIAL SERVICESSTATE BANKSSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTRATEGIC COMPLEMENTARITIESSTRUCTURAL CHANGETAXTAX LAWSTAX POLICIESTAX RATESTAX REVENUESTAXATIONTECHNOLOGICAL ADVANCESTECHNOLOGY TRANSFERSTELECOMMUNICATIONSTRADE BARRIERSTRADE CREDITTRADE FLOWSTRADE SECTORTRADINGTRADING SYSTEMTRADING SYSTEMSTRANSITION ECONOMIESTRANSPORTURBAN ECONOMIESURBAN GROWTHURBAN SERVICESURBANIZATIONVALUE ADDEDVOLATILITYWAGESWEALTHWORLD ECONOMYWORLD MARKETWORLD MARKETSWORLD TRADEWORLD TRADE ORGANIZATIONWTOWorld Bank10.1596/1813-9450-5630