Abstract
From 2009 to 2019, the world economy entered a period of recession, recovery and increasing frictions. In 2008, the US was hit by the subprime mortgage crisis. It had a Domino effect, first in the banking industry and the capital market of the U.S., followed by major “stock market crashes” in countries around the world. The currency market fluctuated drastically, international trade suffered multiple setbacks, culminating in financial crisis of global scale. In 2009, the world economy plunged into a recession.
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Notes
- 1.
Gulf Cooperation Council, including Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Qatar and Bahrain.
- 2.
See CCTV Documentary: National Top-Level Cooperation Initiative, August 21, 2016.
- 3.
National Development and Reform Commission, Ministry of Foreign Affairs and Ministry of Commerce, Vision and Actions on Jointly Building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, Xinhua News Agency, March 28th, 2015.
- 4.
Ministry of Commerce of China: Chinese Enterprises’ Investment in “Belt and Road” Countries Increasing by 18.2% in 2015, http://www.people.com.cn, January 20th, 2016.
- 5.
The 1st China International Import Expo was held in the National Exhibition and Convention Center (Shanghai) from November 5th to 10th, 2018.
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Pei, C., Wang, W. (2022). Increasing Frictions and Adaptation, 2009–2019. In: China’s Foreign Trade. Research Series on the Chinese Dream and China’s Development Path. Springer, Singapore. https://doi.org/10.1007/978-981-19-5703-1_10
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DOI: https://doi.org/10.1007/978-981-19-5703-1_10
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