■ Economic Integration on the China Stock Market, before and after the Asian Financial Crisis
The economy of modern China has been well integrated into the global economy, especially with the United States, United Kingdom, Japan, Taiwan, Hong Kong, and Singapore. For example, bilateral trade turnover (the sum of exports and imports) between China and the United States reached US$389.7 billion in 2007, over 150 times that of 1979. In 2007, exports from the UK to China were less than US$18.5 billion, and the imports from China were US$31.7 billion, while the exports and imports between China and Japan were US$102.1 billion and US$134.0 billion, respectively. In 2007, Taiwan’s exports to and imports from Mainland China were US$101 billion and US$24.5 billion respectively. At the same time, Hong Kong’s exports to and imports from Mainland China were US$12.8 billion and US$184.4 billion, respectively. On the other hand, in 2007 the bilateral trade volume between China and Singapore was US$47.2 billion.