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First Japan and more recently China have pursued export-oriented growth strategies. While other Asian countries have done likewise, the cases of Japan and China are of particular interest because their economies are so large and the size of the associated bilateral trade imbalances with the United States so conspicuous. In this paper, the authors focus on the significant spillovers to the international trading system from U.S. efforts to restore the reciprocal GATT/WTO market-access bargain in the face of such large imbalances. The paper highlights similarities and differences in the two cases, including the role of explicit and implicit subsidies, foreign direct investment, technology transfer, and currency misalignment.
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