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22. The role of Chinese finance in the City of London after Brexit: Background Report
- Author:
- Sarah Hall
- Publication Date:
- 06-2019
- Content Type:
- Special Report
- Institution:
- Asia Research Institute, University of Nottingham
- Abstract:
- The competitiveness of London’s financial centre is shaped by the UK’s current adoption of EU regulations. The future development of London’s financial services sector is unknown as Britain’s relationship with Europe changes following the vote to leave the EU in the 2016 referendum. This uncertainty arises because even if Theresa May’s Withdrawal Agreement is adopted, the UK will then have to choose whether to converge, seek equivalence with or diverge from EU regulations for financial services. Research by Professor Sarah Hall (University of Nottingham) argues that the implications of these regulatory decisions will impact London’s financial services sector’s relationship with financial markets globally. Her research focuses on how London’s role as the largest western financial centre for financial transactions denominated in China’s currency, the renminbi, could be adversely affected following changes in the regulatory alignment between the UK and the EU following Brexit.
- Topic:
- Economics, International Political Economy, Finance, and Financial Institutions
- Political Geography:
- Britain, China, and United Kingdom
23. The United Kingdom's Belt and Road Initiative strategy after Brexit: Background Report
- Author:
- Benjamin Barton
- Publication Date:
- 06-2019
- Content Type:
- Special Report
- Institution:
- Asia Research Institute, University of Nottingham
- Abstract:
- As China and President Xi Jinping signature foreign policy programme, the BRI has become in a very short space of the time one of the world’s largest and most active international infrastructure development drivers. The BRI is helping, in a significant manner, to meet the increasing demand for infrastructure development and upgrades in emerging markets – a trend that is unlikely to slow anytime time soon, especially given the initiative’s current importance to the Chinese government. For the British government (from here onwards ‘government’), although the UK is unlikely to be a prime destination for BRI projects (for now), the BRI stakes are high. Not only do BRI projects impact the economic wellbeing of a number of countries of strategic importance to the UK, but the government cannot remain passive in the emerging geopolitical context of infrastructure development and financing rivalry. In addition, in light of its relative post-Brexit geopolitical isolation, the government needs to adopt a firm and unequivocal political stance in dealing with its Chinese counterpart should the UK itself become the recipient of BRI projects.
- Topic:
- Economics, Bilateral Relations, Geopolitics, Brexit, Multilateralism, and Belt and Road Initiative (BRI)
- Political Geography:
- China, United Kingdom, and Asia
24. Nestlé’s Corporate Reputation and the Long History of Infant Formula
- Author:
- Lola Wilhelm, Oenone Kubie, and Christopher McKenna
- Publication Date:
- 11-2019
- Content Type:
- Case Study
- Institution:
- Oxford Centre for Global History
- Abstract:
- The demand for infant formula in Australia is insatiable. Bare shelves have led supermarkets and chemists to ration sales, limiting the quantity customers can buy in a single transaction. But it’s not Australian parents fuelling the formula shortages. A high proportion, between fifty and ninety percent, of all Australian infant formula is exported to China. The situation has created tensions between the two countries. Australian shoppers complain of Chinese daigou (personal shoppers) buying formula before it is even stacked on shelves and stripping supermarkets in teams of people. In April 2019, eight people were arrested in Australia for stealing over a million dollars of infant formula in Sydney to sell in China. Two months later, Chinese military personnel were photographed loading boxes of formula onto a Chinese warship before departing Sydney Harbour.
- Topic:
- Economics, Globalization, International Trade and Finance, History, Capitalism, and Multinational Corporations
- Political Geography:
- China, Australia, and Global Focus
25. The state of China-European Union economic relations
- Author:
- Uri Dadush, Marta Dominguez-Jimenez, and Tianlang Gao
- Publication Date:
- 11-2019
- Content Type:
- Working Paper
- Institution:
- Bruegel
- Abstract:
- China and the European Union have an extensive and growing economic relationship. The relationship is problematic because of the distortions caused by China’s state capitalist system and the diversity of interests within the EU’s incomplete federation. More can be done to capture the untapped trade and investment opportunities that exist between the parties. China’s size and dynamism, and its recent shift from an export-led to a domestic demand-led growth model, mean that these opportunities are likely to grow with time. As the Chinese economy matures, provided appropriate policy steps are taken, it is likely to become a less disruptive force in world markets than during its extraordinary breakout period.
- Topic:
- Economics, Governance, European Union, Investment, and Trade
- Political Geography:
- China, Europe, and Asia
26. How does China fare on the Russian market? Implications for the European Union
- Author:
- Alicia Garcia-Herrero and Jianwei Xu
- Publication Date:
- 11-2019
- Content Type:
- Working Paper
- Institution:
- Bruegel
- Abstract:
- China’s economic ties with Russia are deepening. Meanwhile, Europe remains Russia’s largest trading partner, lender and investor. An analysis of China’s ties with Russia, indicate that China seems to have become more of a competitor to the European Union on Russia’s market. Competition over investment and lending is more limited, but the situation could change rapidly with China and Russia giving clear signs of a stronger than ever strategic partnership.
- Topic:
- Economics, Markets, Bilateral Relations, Governance, Investment, and Exports
- Political Geography:
- Russia, China, Europe, Eurasia, and Asia
27. China’s Future Development: Challenges and Opportunities
- Author:
- James A. Dorn
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- 1978 has been erratic, with many interruptions along the way. The end result, however, has been eye opening: the Middle Kingdom has become the world’s largest trading nation, the second largest economy, and more than 500 million people have lifted themselves out of poverty as economic liberalization removed barriers to trade. One of the enduring lessons from China’s rise as an economic giant is that once people are given greater economic freedom, more autonomy, and stronger property rights, they will have a better chance of creating a harmonious and prosperous society (see Dorn 2019). Nevertheless, China faces major challenges to its future development. There is still no genuine rule of law that effectively limits the power of government, no independent judiciary to enforce the rights promised in the nation’s constitution, no free market for ideas that is essential for innovation and for avoiding major policy errors, no competitive political system that fosters a diversity of views, and a large state sector that stifles private initiative and breeds corruption. China’s slowing growth rate, its increasing debt burden, environmental problems, and the increasing tension in U.S.-China relations compound the challenges facing Beijing.
- Topic:
- Development, Economics, History, and Trade Liberalization
- Political Geography:
- China and Asia
28. Assessing China’s Financial Reform: Changing Roles of the Repressive Financial Policies
- Author:
- Yiping Huang and Tingting Ge
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- When China began economic reform in 1978, it had only one financial institution, the People’s Bank of China (PBOC), which, at that time, served as both the central bank and a commercial bank and accounted for 93 percent of the country’s total financial assets. This was primarily because, in a centrally planned economy, transfer of funds was arranged by the state and there was little demand for financial intermediation. Once economic reform started, the authorities moved very quickly to establish a very large number of financial institutions and to create various financial markets. Forty years later, China is already an important player in the global financial system, including in the banking sector, direct investment, and bond and equity markets. However, government intervention in the financial system remains widespread and serious. The PBOC still guides commercial banks’ setting of deposit and lending rates through “window guidance,” although the final restriction on deposit rates was removed in 2015. Industry and other policies still play important roles influencing allocation of financial resources by banks and capital markets. The PBOC intervenes in the foreign exchange markets from time to time, through directly buying or selling foreign exchanges, setting the central parity, and determining the daily trading band. The regulators tightly manage cross-border capital flows, and the state still controls majority shares of most large financial institutions.
- Topic:
- Economics, Foreign Exchange, Reform, Financial Markets, and Banks
- Political Geography:
- China and Asia
29. China’s economic ‘miracle’ in context
- Author:
- Derek Scissors
- Publication Date:
- 08-2019
- Content Type:
- Special Report
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- Contrasting China at various stages of reform to Japan and Korea at analogous stages shows China as less successful. The payoff is personal income, where China’s growth in local currency terms is similar to Japan’s. But it is slower than Korea’s, and, in comparable dollar terms, China is far behind Korea and Japan 40 years into the respective “miracles.” In evaluating key contributors to income gains—agricultural productivity, labor quantity and quality, leveraging, and innovation—China failed to extend education in the first 25 years of reform. A recent failure is the explosion in leveraging in the past decade. Other indicators of success roughly match Japan but trail Korea. China’s size makes it important even with less development success. For example, Chinese research and development spending affects the world while being inadequate to offset aging and indebtedness. When projecting economic size, though, trend extension is misleading. Korea and Japan illuminate how innovation and other factors will alter China’s trajectory.
- Topic:
- Foreign Policy, Defense Policy, Economics, and Reform
- Political Geography:
- Japan, China, Asia, and Korea
30. US-China: Who is bigger and when
- Author:
- Derek Scissors
- Publication Date:
- 03-2019
- Content Type:
- Special Report
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- When will China pass the US in economic size? “The year 2030” is not a bad estimate, but so is “never.” Claims that China’s economy is already the world’s largest may be exaggerated by up to 30 percent. They are also dubious because purchasing power parity often does not hold. National wealth is not well measured, either, but shows the American lead expanding. The more popular belief that China is smaller than the US but will catch up soon is similarly unconvincing. Chinese government statistics are unreliable, since Beijing publishes sanitized data and many transactions may be close to worthless. More important, projections of Chinese growth are sensitive to unjustified optimistic assumptions. Debt and aging indicate true Chinese growth is lower than reported, and low growth now could put off Chinese catch-up indefinitely.
- Topic:
- Foreign Policy, Defense Policy, Economics, and Bilateral Relations
- Political Geography:
- China, Asia, North America, and United States of America