Since joining the World Trade Organisation WTO in , China has devoted great efforts to implementing policies on opening up to the outside world. As a result, it has successfully attracted enterprises in developed countries to relocate production and sourcing activities on a massive scale to the mainland. Meanwhile, a great number of emerging countries in Asia have also further liberalised their market, making use of their low-cost advantage to attract foreign investment to propel economic growth. At the same time, ongoing changes in the international trade regime, such as the elimination of textiles and clothing import quotas by WTO members, and the granting of a zero tariff concession to information technology products under the Information Technology Agreement , have prompted even more related production and sourcing activities to shift to Asia.
Changing Global Production Landscape and Asia’s Flourishing Supply Chain
Industry - Industrial production - OECD Data
Beginning in the later half of , a global-scale recession adversely affected the economy of the United States. A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in the United States auto industry in the years of and Following dramatic drops in automobile sales throughout , two of the " Big Three " U. By April , the situation had worsened such that both GM and Chrysler were faced with imminent bankruptcy and liquidation. With the intent to prevent massive job losses and destabilizing damage to the entire manufacturing sector , the U.
Economy of Asia
The economy of Asia comprises more than 4. Moreover, Asia is the site of some of the world's longest modern economic booms, starting from the Japanese economic miracle — , Miracle on the Han River — in South Korea, economic boom — in China and economic boom in India —present. As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems.
Provides statistical data on external, real, and monetary sectors of 48 economies in Asia. Indicators include: GDP, inflation, industrial production, and retail sales for the real sector; trade, exchange rates, and balance of payments for the external sector; and money supply, stock prices, and banking indicators for the monetary and financial sector. Data are presented in either growth rate, index, or ratio. Level data are not provided. Technical Notes.