Endnotes

¹According to the Centre D'Etudes Prospectives et D'Information Internationales-Comptes Harmonisés sur les Echanges et l'Economie Mondiale (CEPII-CHELEM) database (https://chelem.bvdep.com/), 12% of the PRC's total exports in 2007 were in the category computers and office equipment (International Standard Industrial Classification number 300).

²The website for the PRC's Customs Statistics is www.ChinaCustomsStat.com.

³A more sophisticated approach would take into account adjustments for c.i.f.(cost insurance and freight) – f.o.b (free on board) factors and for the value added by Hong Kong, China middlemen. See Fung and Lau (2003).

⁴The US supplies about 5% of the PRC's imports for processing and Germany a little less.

⁵The websites for these data are: www.imf.org and www.bis.org.

⁶Europe includes France, Germany, Italy, the Netherlands, Spain, and the United Kingdom.

⁷The website for these data is http://stats.oecd.org

⁸The website is www.unctad.org. The data are measured in US dollars. Following Eichengreen and Tong (2007), they were deflated using the US consumer price index.

⁹Based on communication with the World Bank staff, it is assumed that the PRC capital stock grew by 10.44% in 2006, 10.01% in 2007, and 9.63% in 2008.

¹⁰The results are robust to excluding the PRC capital stock and the WTO variable. They are not robust, however, to excluding the stock of FDI. This perhaps reflects the fact that the model is misspecified when the FDI stock is excluded, since 84% of processed exports were produced by foreign-invested enterprises.

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