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51. Game of Institutional Balancing: China, the AIIB, and the Future of Global Governance

Author:
Kai He and Huiyun Feng
Publication Date:
05-2018
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
The establishment of the Asian Infrastructure Investment Bank (AIIB) has signified a “charm offensive” by China towards multilateral institutions and existing global financial governance. If the rise of China is inevitable, what will the future world look like and what should other countries be prepared for? Borrowing insights from institutional balancing theory and role theory in foreign policy analysis, this project introduces a “leadership transition” framework to explain policy dynamics in global governance with the AIIB as a case study. It suggests that China, the US, and other countries have employed different types of institutional balancing strategies, i.e., inclusive institutional balancing, exclusive institutional balancing, and inter-institutional balancing to compete for influence and interest in the process of establishing the AIIB. A state’s role identity as a “leader,” a “challenger,” or a “follower” will shape its policy choices regarding different institutional balancing strategies in the process of leadership transition in global governance. Institutional balancing is a new form of balancing among states in the future of global governance. China’s institutional rise in global governance might be more peaceful than widely predicted.
Topic:
Regional Cooperation, Infrastructure, Governance, and Economic Cooperation
Political Geography:
United States, China, and Asia

52. Meeting the China Challenge Responding to China’s Managed Economy

Author:
James Andrew Lewis and John J. Hamre
Publication Date:
01-2018
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The U.S.-China relationship is one that neither country can escape. Both benefit from it in important ways. The question for quite some time, though, has been whether China’s economy, international presence, and participation in global institutions would come to look more like our own, or whether it would seek to challenge the order the United States has built and led over the past 70 years. While China’s economic size does not necessarily threaten the United States, China’s willingness to use its economic leverage to forge a global economy closer to its image raises complicated questions considering its lack of transparency. The essays in this volume, written by a diverse group of CSIS scholars, address some of the key issues that currently vex the U.S.-China economic relationship.
Topic:
Diplomacy, Global Political Economy, and Economic Cooperation
Political Geography:
United States, China, Asia, North America, and Asia-Pacific

53. Southeast Asia Financial Integration and Infrastructure Investment: What Role for the United States?

Author:
Murray Hiebert
Publication Date:
05-2018
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
The Issue Southeast Asia has come a long way since the devastating financial turmoil of 1997 and has set up mechanisms to avoid the next shock. But in case a future crisis hits, it would be useful for the U.S. government to say upfront if it would support International Monetary Fund (IMF) support. Some in the Trump administration have said they oppose IMF bailouts. The newest opportunity—and challenge—to Southeast Asia’s financial system is the bursting onto the scene of fintech firms. These companies are meeting the urgent needs of underserved populations. Yet their activities outstrip the ability of traditional regulators to govern their activities and protect consumers. China’s Belt and Road Initiative could play a mighty role in meeting infrastructure needs in Southeast Asia if it is done right. But so far Beijing has said little about what it envisions the impact of its projects to be. “Will that spending help people who need it most?” asks Jonathan Hillman of CSIS’ Reconnecting Asia Project. “Will it go into viable projects…? Will it help or hurt climate change?” “[I]n countries where public debt is already high, careful management of financing terms [for infrastructure projects] is critical,” IMF Managing Director Christine Lagarde said during a conference in Beijing. “This will protect both China and partner governments from entering into agreements that will cause financial difficulties in the future.”
Topic:
Infrastructure, Global Political Economy, Integration, and Economic Cooperation
Political Geography:
United States, China, Asia, and Southeast Asia

54. The Japan-India Economic Partnership: A Politically Driven Process

Author:
Celine Pajon and Isabelle Saint-Mezard
Publication Date:
09-2018
Content Type:
Policy Brief
Institution:
Institut français des relations internationales (IFRI)
Abstract:
In the last decade, the strengthening of the India-Japan strategic partnership has been primarily driven by geopolitical considerations, in an era of competing regional visions and influence. While bilateral relations have shown progress in terms of political values and interests, strategic convergence and military cooperation, their economic dimension has seemed to lag behind. While India has been one of the largest recipients of Japanese official development assistance (ODA) loans since 2003, it made up only 2.2% of Japan’s total overseas direct investment (ODI) flows in 2016. Moreover, the volume of bilateral trade has remained surprisingly modest. In other words, India and Japan still need to boost business links to give more substance to their bilateral partnership as well as support India’s robust and long-term development and economic growth, as Japan needs a strong democratic partner in Asia. The objective is highly political. Japan and India are eager to develop their partnership as a balancing act vis-à-vis China. If they are to fulfill their ambitious geopolitical visions, they also need to promote cooperation in third countries.
Topic:
Bilateral Relations, Infrastructure, Geopolitics, Economic Cooperation, and Economic Diplomacy
Political Geography:
Japan, India, and Asia

55. Redefining Inclusive Growth in Asia: How APEC can Achieve an Economy that Leaves no one Behind

Author:
Maria Dolores Bernabe
Publication Date:
11-2017
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
In November 2017, leaders will gather in Vietnam for the Asia-Pacific Economic Cooperation (APEC) summit. The last few decades have seen astonishing growth and poverty reduction across Asia, but inequality is on the rise and the benefits of growth are increasingly going to those at the top. This paper sets out how APEC leaders can use the opportunity of the summit to move in a new direction – one in which the economy works for everyone, not just the few.
Topic:
Regional Cooperation, Labor Issues, Health Care Policy, Private Sector, Economic Cooperation, and Inclusion
Political Geography:
Asia and Asia-Pacific

56. From Eastward Pivot to Greater Eurasia

Author:
S. Karaganov
Publication Date:
01-2017
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
The current stage of russia’s pivot to the east is the product of the second half of the 2000s largely as a belated economic response to the rise of asia, which opened new opportunities for the country’s devel- opment, especially for it eastern part. That rise made it possible to turn the ural region and the russian Far east from a mainly imperial burden – or a logistics base in confrontation with the West, sometimes a front line in rivalry with Japan or china – into a potential territory of develop- ment for the entire country. The expediency of making the pivot was substantiated by the fore- casted imminent economic slowdown of its main traditional partner, europe, and the deterioration of relations with europe and the West as a whole. The need for the diversification of economic ties and outside sources of development was becoming increasingly obvious. These assessments were backed up by a number of pronounced trends in the recent decade. First, these are the disintegration and crisis of the global order that the West has been trying to impose on the world since what it saw as its final victory. second is the process of relative de- globalization and the regionalization of the global economy and politics. and the third is the accelerating trend – related to the previous one – toward the politicization of economic ties, which made interdependence and dependence on one market comparatively less beneficial, if not sim- ply dangerous. Finally, the “asia for asia” trend prevailed over the “asia for the world” trend. Development in asia, especially in china, began to be increasingly oriented toward domestic and regional markets. Meanwhile, the process of spiritual and ideological emancipation of the formerly great asian civilizations, which in the past two centuries had been in colonial or semi-colonial dependence on the West, began to gain momen- tum. asian countries gained access to many achievements of the West, took advantage of the liberal global economic order that it created, became stronger, and began to claim a more appropriate place for them- selves on the world’s ideological and strategic map. The inevitability of the u.s. moving away (at least temporarily) from the role of a global hegemon, which came with a hefty price tag, became evident. Barack Obama set a course for domestic revival. however, old elites and inertia did not allow him to abandon costly and ineffective interventionism. Donald Trump strengthened the “self-isolation” trend. The u.s. has turned into a dangerous amalgam of residual intervention- ism and semi-isolationism. It is becoming increasingly evident that the u.s. seeks to create its own center, casting off some of its disadvanta- geous global commitments. a trend has evolved toward the formation of a hypothetically bipolar world through a multi-polar world with its inevitable chaos. One of its poles is based around the u.s. and the other is in eurasia. china seems to be its economic center, but the eurasian center will only materialize if Beijing does not claim the role of hegemon. however, whatever the case may be, it has turned out that once it has finally made a pivot to the east, russia has discovered many unexpected opportunities for itself.
Topic:
Foreign Policy, Development, Hegemony, Empire, and Economic Cooperation
Political Geography:
Russia, Europe, and Asia

57. Korea-Mongolia Economic Relations: Current Status and Cooperation Measures

Author:
Lee Jae Young
Publication Date:
07-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Since the establishment of diplomatic relations in 1990, Korea and Mongolia have broadened cooperation in various areas such as politics, economy, society, and culture given their geographical proximity and cultural similarities. However, the progress of economic cooperation which has been identified as one of the pillars of Korea-Mongolia cooperation is still weak in comparison with other areas. Thus, it is important to analyze achievements and limitations of economic cooperation with Mongolia, which has emerged as a burgeoning new market of Eurasia, and find new measures to elevate their economic relations to a new high moving forward. In this context, the main objective of this research lies in looking back upon the past 26 years and developing a new strategy on economic cooperation measures. Korea needs to formulate a new strategy that provides a coherent, systematic framework for cooperation with Mongolia and implement it consistently. Holding bilateral summit meetings and Korea-Mongolian forums on a regular basis, strengthening high-level networking, and concluding free trade and visa exemption agreements are necessary.
Topic:
Diplomacy, Bilateral Relations, Trade, and Economic Cooperation
Political Geography:
Mongolia, Asia, South Korea, and Korea

58. Building Links between Latin America and Asia in an Uncertain World

Author:
Vivian Balakrishnan
Publication Date:
04-2017
Content Type:
Commentary and Analysis
Institution:
Argentine Council for International Relations (CARI)
Abstract:
A talk on the links between governments of Asia and Latin America.
Topic:
Globalization, International Cooperation, International Trade and Finance, Partnerships, Alliance, and Economic Cooperation
Political Geography:
Asia and Latin America

59. The Impact of Chinese National Identity on Sino-ASEAN Relations

Author:
Danielle Cohen
Publication Date:
08-2017
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
China and ASEAN possess tremendous opportunities for economic cooperation, but also face significant security challenges, particularly regarding the South China Sea. In both domains, China’s national identity has greatly influenced the trajectory of the bilateral relationship. China’s ASEAN policy is characterized by a desire to recreate the Sinocentric structures of the tributary system, a belief in the historical legitimacy of China’s maritime and territorial claims, a vision of China as a global economic powerhouse, and a sense that China has already “peacefully risen” and can more actively assert itself to reap the rewards.
Topic:
Trade, Economic Cooperation, ASEAN, and Identity
Political Geography:
China and Asia

60. Recalibrating U.S.-China Relations in Southeast Asia

Author:
Vikram Singh, Yuan Peng, Melanie Hart, Brian Harding, Zhang Xuegang, Chen Wenxin, and Zhang Fan
Publication Date:
10-2016
Content Type:
Special Report
Institution:
Center for American Progress - CAP
Abstract:
The Center for American Progress and the China Institutes of Contemporary International Relations, or CICIR, have partnered often over the years, working regularly on areas of cooperation between China and the United States and on options for managing areas of competition and tension. Together, CAP and CICIR have held or participated in many conferences, workshops, and symposiums that bring together Chinese and U.S. officials and scholars; we have worked on joint publications; and we believe that we have helped enable substantial cooperation between the United States and China. Mistrust complicates U.S.-China relations and can obscure areas where cooperation might be possible and beneficial. Negative dynamics also obscure from others the depth of U.S.-China cooperation in a wide range of areas. In this report, we try to cut through these dynamics and offer new options. In 2014, CAP and CICIR began to discuss how U.S.-China tensions might be obscuring areas of mutual interest in Southeast Asia, a region of tremendous importance strategically and economically to the entire region and the world. Prior to this project, in our respective organizations, the people who work on Southeast Asia did not work closely with colleagues working on U.S.-China bilateral relations. In most cases, our bilateral experts had spent little or no time in Southeast Asia, yet the tensions at play in the region featured prominently in their day-to-day work. Both the United States and China, meanwhile, were making investments and building new partnerships with Southeast Asian countries. Was Southeast Asia to be an arena of competition for China and the United States, or could there be areas of cooperation with members of the Association of Southeast Asian Nations, or ASEAN, that brought benefit to all? The potential for research by our teams with Southeast Asian counterparts was clear. It was our friend and colleague Nina Hachigian who proposed the concept that would make this a groundbreaking project. Now the U.S. ambassador to ASEAN, Hachigian is a diplomat and scholar of rare skill and creativity. She noted that CAP and CICIR could only do productive work in this area by doing two things: First, the organizations needed to join their stovepiped research teams into a single group with expertise on both Southeast Asia and U.S.-China relations. Second, CAP and CICIR had to partner with scholars in the region who study the United States, China, and ASEAN. And rather than holding a conference, why not travel through the region with local hosts?
Topic:
Diplomacy, International Cooperation, Bilateral Relations, and Economic Cooperation
Political Geography:
China, Asia, North America, Southeast Asia, and United States of America