关键词: 贸易自由化, 可持续发展, 实际汇率

Abstract: When the nominal exchange rate cannot be devalued, trade liberalization may require a reduction in the absolute prices of non-traded goods in order to obtain the real depreciation needed. This paper analyzes China’s sustainable trade liberalization strategy in the wake of Asian finical crisis, focusing on alternative ways of attaining a real depreciation. Trade liberalization, as well as sequencing with other reforms, is explored in detail.