China's Economic Rise — Glossary

A situation where a country can produce a good or service more efficiently than another country, using fewer resources.

An economic principle stating that countries benefit by specializing in producing goods where they have a lower opportunity cost than others, enabling efficient trade.

Deng Xiaoping introduced market-oriented reforms in China, blending [Socialism](https://modeldiplomat.com/learn/glossary/socialism) with capitalist practices to modernize the economy.

An economic and political theory that explains global inequality as a result of historical exploitation and structural dependence of developing countries on developed ones.

A set of proposals by developing countries in the 1970s to promote their interests through reforming global economic relations.

The responsiveness of the quantity supplied of a good to changes in its price in international markets.

Initiatives funded by the [World Bank](https://modeldiplomat.com/learn/glossary/world-bank) aimed at reducing poverty and promoting economic development in low-income countries.

A legal process resolving trade disputes between member countries to enforce WTO agreements.

These negotiations involve member states agreeing on [Tariff](https://modeldiplomat.com/learn/glossary/tariff) reductions to promote free and fair international trade.

Agreement aiming to simplify and expedite customs procedures to boost international trade efficiency.