The Evaluation of the Effect of the 2008 Financial Crisis on China’s Openness

JING-YUAN JIANG, QI-YUN HUANG

Abstract


This paper uses economic openness evaluation index system to assess the impact of the 2008 financial crisis on economic openness of mainland China. It then conducts empirical analysis to comprehensively evaluate and compare the situation, characteristics and spatial-temporal evolution of economic openness of various regions in mainland China since the 2008 financial crisis, thus to assess the situation of anti-financial crisis and the response potential in various regions. The results of the analysis show that the regions with good economic foundation and balanced economic development have strong capability to resist the 2008 financial crisis, the regions with high economic extroversion and high dependence on exports to Europe and the United States have been greatly affected, and still have not eliminated the negative impacts. At the same time, the 2008 financial crisis has promoted the economic openness path evolution in various parts of mainland China and become the driving force for the opening-up transformation. The risk aversion effect of the diversified and balanced open path was manifested, and forced by the huge impact of the 2008 financial crisis, all regions began to gradually move toward a comprehensive open path of balanced development. Different characteristics and types are shown in the opening-up of local economies after the 2008 financial crisis. The economically developed areas developed from single-oriented to fully open type and even omnipotent high open areas. The coastal economically developed areas began to show signs of radiation effects in the surrounding areas. The economic openness between China's various regions is quite different, and the level of economic openness in the central and western regions is still relatively low with little change, so it is less affected by the 2008 financial crisis.

Keywords


2008 Financial Crisis, Economic Openness, Evaluation Indicators System, Empirical Analysis.Text


DOI
10.12783/dtem/icem2019/31137

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