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182. China Pakistan Economic Corridor – A geo-economic masterstroke of China
- Author:
- Inayat Kalim
- Publication Date:
- 07-2017
- Content Type:
- Journal Article
- Journal:
- South Asian Studies
- Institution:
- Department of Political Science, University of the Punjab
- Abstract:
- Development of China Pakistan Economic Corridor (CPEC), with all its associated projects, favorably influences the geo-strategic and geo-economic prospects of China. Geo-strategic location of Gwadar further facilitates China to capture transit trade with Central Asia, Afghanistan and the Middle East and influence this regional accessibility with a viable and secured corridor for further expansion of regional economic cooperation. Since the emergence of China as an energy importer in late 90s, it has adopted a „go out‟ strategy to secure energy assets through procurement and long term energy investment in the energy rich countries, mostly in the Persian Gulf states and convert historical routes into a modern grid of energy pipelines, roads and railways for its energy supplies. The strategy aims at using financial means such as building new seaports, infrastructure development and military and hydrocarbon cooperation between regional countries to establish an artery for ensuring uninterrupted crude oil supply to its territory. This Chinese approach has been referred by many intellects around the globe as the revitalization of the Silk Road Strategy to link China with surrounding regions to generate immense economic dividends.
- Topic:
- Economics, International Trade and Finance, Treaties and Agreements, Geopolitics, and Soft Power
- Political Geography:
- Pakistan, China, South Asia, Asia, and Punjab
183. China’s Relationship with Chile: The Struggle for the Future Regime of the Pacific
- Author:
- Evan Ellis
- Publication Date:
- 11-2017
- Content Type:
- Journal Article
- Journal:
- China Brief
- Institution:
- The Jamestown Foundation
- Abstract:
- Though superpower diplomacy dominated coverage of the Asia Pacific Economic Cooperation forum (APEC) leaders summit in November, China’s upgrading of a free-trade agreement with Chile served to highlight the strength of an economic and political relationship that it has built with the country, and the influential position Chile currently occupies in shaping Chinese engagement with Latin America.
- Topic:
- International Trade and Finance, Treaties and Agreements, Bilateral Relations, Infrastructure, and Foreign Direct Investment
- Political Geography:
- China, Asia, South America, and Chile
184. Factors Influencing ASEAN FDI and the Policy Implications
- Author:
- Jeong Hyung-Gon
- Publication Date:
- 06-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Since the global economic crisis triggered in the United States in 2008, the East Asian economic region has received particular attention as it achieved relatively solid economic growth compared to developed countries, which struggled with recession. The discussion on economic cooperation and economic liberalization within East Asia has mainly focused on the RCEP, with this discussion being led by ASEAN as it calls for ASEAN centrality. ASEAN is currently the second-largest overseas investment destination and second-largest trading partner for South Korea, making it an important partner in economic cooperation for South Korea. Particularly, as China is openly implementing economic retaliatory measures against South Korea for the deployment of THAAD missiles in the nation, South Korea has become more interested in the ASEAN market as it strives to diversify its trade and investment portfolio. Under this background, this research examines the characteristics of ASEAN FDI by income level and doing business conditions, then conducts an empirical analysis of determination factors to draw policy implications for stronger economic cooperation with ASEAN.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia
185. Anatomy of the Trade Collapse, Recovery, and Slowdown: Evidence from Korea
- Author:
- Lee Sooyoung
- Publication Date:
- 06-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The last decade of the world trade has been marked by an unprecedented collapse, quick recovery, slowdown, another drop, and recovery. To study cyclical and structural aspects of the recent trend of trade, I use both aggregate and disaggregated trade statistics of a small open economy, South Korea, whose economic success and growth have been heavily dependent on exports. The aggregate trend of the country is surprisingly similar to that of the world, which is why the trend of Korea's export is called a proxy for the world. I show that while the last drop of trade after 2015 has cyclical aspects, there is evidence that the continued slowdown from 2012 is structural: (1) the so-called `China factor' is found in the analysis of trade-income elasticity of the world and China for imports from Korea. (2) The bilateral trade barriers between Korea and its important trading partners are universally tightening. I also show that the firm sizes, destination countries, and the mode of transactions affect disaggregated trade flows during the slowdown periods. It is advisable to diversify main export products to lower the effect of oil prices on export prices and to strengthen the cooperation with ASEAN countries, whose trade barriers have exceptionally diminished throughout the last decade.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia
186. Investment Puzzle: Deeper Roots
- Author:
- Kim Sujin
- Publication Date:
- 05-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Even at near-zero interest rates for a prolonged period since the financial crisis, why has business investment in advanced economies remained persistently below its pre-crisis level? This paper investigates empirically the roots of this investment puzzle from the global megatrend perspective. The empirical model of this study augmented the uncertainty-finance accelerator investment model with megatrend variables of a transition to service industry, ageing population and a rise in income inequality. The main estimation results show that they have affected negatively the business investment over the period 1980-2014. The shift-to-service driven investment fall is the price-dominant effect during the transition, which is not necessarily pessimistic news, while the suppressing effects from ageing and a rise in income inequality require adequate policy reactions. In addition, the analysis finds significant negative spillover effects of trade partners' ageing and income inequality on a country's own private investment. Based on the empirical results, I expect that the G20’s efforts in inclusiveness with structural reforms will stimulate global business investment.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia
187. Common Ground for the United States, Japan, and China in Southeast Asia
- Author:
- Brian Harding
- Publication Date:
- 03-2017
- Content Type:
- Special Report
- Institution:
- Center for American Progress - CAP
- Abstract:
- Over the past decade, Southeast Asia’s economic and geopolitical profile in the world has risen dramatically. Its $2.5 trillion economy is a rare bright spot for global growth.1 Plus, the increasingly integrated Association of Southeast Asian Nations, or ASEAN, is a rare example of a regional political structure writing its own destiny—in this case, the agenda for the emerging regional security architecture of the Asia-Pacific.2 The region has also emerged, however, as a nexus for a range of transnational threats, ranging from trafficking in illicit goods to extreme weather events that are a result of climate change.3 Yet the region’s vital sea lanes have only grown more important, with more than half of the world’s merchant tonnage and one-third of global maritime traffic transiting the region every day on their journey from the Persian Gulf and Indian Ocean to the economic powerhouses of Northeast Asia.4 The world has taken note of the opportunities presented by increased involvement in Southeast Asian affairs, as well as the challenges the region faces. Governments and multinational companies across the world are ramping up engagement with the region bilaterally with individual countries and multilaterally with ASEAN. Southeast Asian countries wholeheartedly welcome this global interest for both economic and strategic reasons. Economically, despite the region’s promise, all but Singapore and Brunei are developing countries in desperate need of foreign investment to continue their upward trajectories. Most critically, the region faces a multitrillion-dollar infrastructure gap that constrains economic growth and perpetuates inequality.5 With indigenous capital and even the commitments of international development banks unable to meet demand on this scale, investment by major powers is essential for the region to achieve its potential. Strategically, Southeast Asian countries welcome engagement by a wide range of outside powers to ensure that the region’s partnerships are highly diversified. As a grouping of small countries with modest military and economic power, robust partnerships with a range of actors ensure that no single outside power can dominate regional affairs. In essence, the region prefers a balance of power—or in Indonesian parlance, dynamic equilibrium. While welcoming and encouraging international involvement in regional affairs, Southeast Asian nations also naturally seek to do so on their own terms. For countries making national decisions regarding foreign investment or security cooperation with an outside power, these smaller countries can often find themselves in a position of weakness relative to the outside power. However, collectively, ASEAN provides a platform that allows each country to punch above its weight, providing a venue to make certain issues ASEAN issues rather than national issues for the purpose of creating greater leverage with outside powers. Quite remarkably, despite its flaws, the bloc has managed to maintain its position in the region as the driver of Asia-Pacific regionalism, while outside powers routinely reiterate the importance of “ASEAN centrality.”6 This report outlines findings from a recent trilateral dialogue, organized by the Center for American Progress, of Southeast Asia experts from the United States, Japan, and China. It describes the current state of U.S., Japanese, and Chinese engagement in Southeast Asia and presents four areas for potential U.S.-Japan-China collaboration with Southeast Asian partners on shared challenges.
- Topic:
- Diplomacy, International Cooperation, International Trade and Finance, Partnerships, and Strategic Interests
- Political Geography:
- Japan, China, Asia, North America, Southeast Asia, and United States of America
188. Showing Up Is Not Enough: Trump’s First 100 Days in the Asia-Pacific
- Author:
- Michael Fuchs, Brian Harding, and Melanie Hart
- Publication Date:
- 04-2017
- Content Type:
- Policy Brief
- Institution:
- Center for American Progress - CAP
- Abstract:
- n its first 100 days in office, the Trump administration has surprised many by continuing the Obama administration’s intense pace of high-level diplomatic engagement with partners across the Asia-Pacific region. But despite that attention—or perhaps in part because of it—the Trump administration has also unnerved allies and partners in the region with a series of damaging policy moves and undiplomatic public comments. After the first few months of Trump’s presidency, this issue brief provides some thoughts on how the administration is doing so far in Asia.
- Topic:
- Diplomacy, International Cooperation, International Trade and Finance, and Peace
- Political Geography:
- Asia, North America, and United States of America
189. Arctic Imperatives: Reinforcing U.S. Strategy on America’s Fourth Coast
- Author:
- Thad W. Allen, Christine Todd Whitman, and Esther Brimmer
- Publication Date:
- 03-2017
- Content Type:
- Special Report
- Institution:
- Council on Foreign Relations
- Abstract:
- "The United States, through Alaska, is a significant Arctic nation with strategic, economic, and scientific interests," asserts a new Council on Foreign Relations-sponsored (CFR) Independent Task Force report, Arctic Imperatives: Reinforcing U.S. Strategy on America's Fourth Coast. With the Arctic "warming at twice the rate as the rest of the planet" and melting sea ice opening up this resource-rich region to new trade routes and commercial activities, the report stresses that "the United States needs to increase its strategic commitment to the region or risk leaving its interests unprotected." The report notes that while Russia has numerous ice-breaking vessels and China is building a third icebreaker, the United States owns only two operational icebreaking ships—one heavy icebreaker and one medium-weight icebreaker—to serve both the Arctic and the Antarctic. Asserting that "icebreakers are a national capacity" required for a range of maritime missions to support U.S. security, economic, and commercial needs, the Task Force recommends that the United States fund and build additional icebreakers. The report also finds that the United States needs greater investment in Alaskan infrastructure, including deepwater ports, roads, and reliable telecommunications, to support economic development and a sustained security presence in the region. Currently, "almost no marine infrastructure is in place within the U.S. maritime Arctic."
- Topic:
- Climate Change, International Trade and Finance, Infrastructure, Hegemony, and Conflict
- Political Geography:
- Russia, China, Europe, Asia, North America, Arctic, and United States of America
190. Courting Partners
- Author:
- Sheldon Simon
- Publication Date:
- 09-2017
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Pacific Forum
- Abstract:
- Senior State and Defense Department officials made several visits to Southeast Asia over the summer months, assuring their hosts that the US remained committed to a robust air and naval presence in the region, and assisting the littoral countries of the South China Sea in developing maritime security capacity. Washington is particularly focused on providing a rotational military force presence in Southeast Asia. On the South China Sea territorial disputes, US officials emphasized the need for peaceful approaches to conflict settlement among the claimants, pointing to arbitration and negotiation based on the 1982 UN Convention on the Law of the Sea. Washington has also accentuated the importance of security partners for burden-sharing, noting the potential for an enhanced role for Japan’s Maritime Self-Defense Force in South China Sea patrols. Efforts to involve Southeast Asian states in negotiating the Trans-Pacific Partnership (TPP) have elicited candidates from only four of the 10 ASEAN states – Malaysia, Vietnam, Singapore, and Brunei. Others have problems meeting several requirements associated with the partnership.
- Topic:
- Security, Diplomacy, International Trade and Finance, and Military Strategy
- Political Geography:
- Asia, North America, and United States of America