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Nobuhiro Horii

outlook, the increases in the price of coal as a result of deregulation will impact other energy sources, particularly natural gas. Similar to coal in the past, the price of natural gas has continued to be kept at low levels through government subsidies. However, natural gas imports continue their rapid growth, and China’s dependence on imported natural gas has reached 32 percent in 2013. With increased public interest regarding air pollution, especially PM2.5, the policy for the fuel switch to gas is now being promoted in many cities. Therefore, China will have to

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Hisatoshi Hoken

much higher than that with exchange rate adjusted, and this is due to the fact that goods and services that do not enter into trade are much lower than those that do enter into trade (Naughton 2007: 225–226). Some of the most representative non-­tradable goods are agricultural products, which are mainly consumed within the country. The low prices of agricultural products appear to contribute to the restriction of a rise in the total expenditure, resulting in one of the major sources of low factor price for industrial development. During the socialist era (1949

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The Disintegration of Production

Firm Strategy and Industrial Development in China

Edited by Mariko Watanabe

In the past two decades, China has experienced rapid industrial and economic growth. This fascinating book explores the unique Chinese business strategy of vigorous market entry and low prices, which has been the key feature of this accelerated industrial growth.
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Nobuhiro Horii

countries like Germany, Spain, and Denmark have also maintained robust growth owing to strong investment, and the United States has also managed to sustain a high growth rate since 2007. However, China surpassed all these countries and became the global leader of wind power development as a result of its surprisingly fast growth. Behind the sharp growth in installed wind power capacity is the rapid expansion of Chinese wind turbine manufacturers. Figure 5.2 shows the changes in installed capacity and the market share of domestic manufacturers. In 2004, domestic