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532. China as Consumer
- Author:
- Kenneth Lieberthal
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- This article seeks to examine two key issues that will be major drivers of consumption in China over the coming five years: urbanization and environmental amelioration. Whether the issues identified will be the largest factors over this time frame remains unclear, but each of these two areas warrants considerable attention as a very significant contributor to the future of consumer demand in China.
- Topic:
- Economics, Environment, and International Trade and Finance
- Political Geography:
- China and Asia
533. China as Employer and Consumer: Economic Outlook for the 11th Five-Year Plan (2006-2010)
- Author:
- Arthur R. Kroeber
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- China's impressive economic growth of the past quarter century (9.4 percent average annual real GDP growth between 1980 and 2004, by official figures) is not miraculous; on the contrary, it can largely be explained by conventional models of economic development.
- Topic:
- Economics, Human Welfare, and International Trade and Finance
- Political Geography:
- China and Asia
534. Hu Jintao's Outbox
- Author:
- Joseph Fewsmith
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- China has now sustained two and a half decades of high-speed growth. This growth has been even faster with regard to exports and China's role in international trade. Domestically, a capitalist tendency seems to be everywhere, while internationally the rise of China, whether peaceful or not, seems – at least to some – to threaten Western jobs, prosperity, and the international order. The focus of this paper, however, is not this question of whether or how China poses a threat to the West but rather an old (but new) question of how this “capitalist” conversion is compatible with the continued rule of a communist party. This is a question of considerable practical import, as people contemplate what the continued growth of the Chinese economy might mean for the political stability of that country, but it is also a question of considerable theoretical import: Leninist parties that sought to “include” external interests, it was argued, are on the way to collapse. It is only a matter of time. The time frame for China has lasted longer than theoreticians had supposed, though they might yet prove to be right – perhaps the Chinese Communist Party (CCP) has lasted longer than people imagined but it might still be on the road to collapse. This point of view would find supporters, both in the West and in China, but even if they prove right, it is important to inquire more deeply about what is going on in China, whether institutions are being created, and if so whether they might provide a foundation for a post-communist China or whether they suggest a more chaotic future.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- China and Asia
535. BRICSAM and the Non-WTO
- Author:
- Agata Antkiewicz and John Whalley
- Publication Date:
- 10-2005
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- We discuss recent regional trade and economic partnership agreements involving the large population, rapidly growing economies (BRICSAM: Brazil, Russia, China, India, South Africa, ASEAN, and Mexico). Perhaps 50 out of 300 agreements that exist worldwide involve BRICSAM countries; most are recently concluded and will be implemented over the next few years. Along with extensive bilateral investment treaties, mutual recognition agreements, and other country to country (or region) arrangements they are part of what we term the non-WTO. This paper aims to document and characterize the agreements and analyze their possible impacts. Agreements differ in specificity, coverage and content. In some treaties there are detailed and specific commitments, but these also co-exist with seemingly vague commitments and (at times) opaque dispute settlement and enforcement mechanisms. Whether these represent a partial replacement of the World Trade Organization (WTO) process for newly negotiated reciprocity based on global trade liberalization or largely represent diplomatic protocol alongside significant WTO disciplines is the subject of this paper.
- Topic:
- Development, Economics, and International Trade and Finance
- Political Geography:
- Russia, China, India, Asia, South Africa, Brazil, and Mexico
536. Prospects for Regional Free Trade in Asia
- Author:
- Gary Clyde Hufbauer and Yee Wong
- Publication Date:
- 10-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Frustrated with lackluster momentum in the WTO Doha Round and the Asia Pacific Economic Cooperation (APEC) forum, and mindful of free trade agreement (FTA) networks centered on the United States and Europe, Asian countries have joined the FTA game. By 2005, Asian countries (excluding China) had ratified 14 bilateral and regional FTAs and had negotiated but not implemented another seven. Asian nations are also actively negotiating some 23 bilateral and regional FTAs, many with non-Asian partners, including Australia, Canada, Chile, the European Union, India, and Qatar. China has been particularly active since 2000. It has completed three bilateral FTAs—Thailand in 2003 and Hong Kong and Macao in 2004—and is initiating another 17 bilateral and regional FTAs. However, a regional Asian economic bloc led by China seems distant, even though China accounts for about 30 percent of regional GDP. As in Europe and the Western Hemisphere, many Asian countries are pursuing FTAs with countries outside the region. On present evidence, the FTA process embraced with some enthusiasm in Asia, Europe, and the Western Hemisphere more closely resembles fingers reaching idiosycratically around the globe rather than politico-economic blocs centered respectively on Beijing, Brussels, and Washington.
- Topic:
- Economics, International Trade and Finance, and Regional Cooperation
- Political Geography:
- United States, China, Europe, Washington, Canada, India, Beijing, Asia, Australia, Qatar, Chile, Hong Kong, Brussels, and Macao
537. What Might the Next Emerging-Market Financial Crisis Look Like?
- Author:
- Morris Goldstein and Anna Wong
- Publication Date:
- 07-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper addresses the following question: If a financial crisis affecting a group of emerging economies were to take place sometime over the next three years, where would the crisis likely originate, how could it be transmitted to other economies, and which economies would be most affected by particular transmission or contagion mechanisms? A set of indicators is presented to gauge the vulnerability of individual emerging economies to various shocks, including a slowdown in import demand in both China and the United States, a fall in primary commodity prices, increased costs and lower availability of external financing, alternative patterns of exchange rate changes, and pressures operating on monetary and fiscal policies in emerging economies.
- Topic:
- Economics, Emerging Markets, Globalization, and International Trade and Finance
- Political Geography:
- United States and China
538. The Chinese Economy: Prospects and Key Policy Issues
- Author:
- Morris Goldstein
- Publication Date:
- 04-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- No abstract is available.
- Topic:
- Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- China and Asia
539. Global Economic Prospects: Slower But Still Solid Growth in 2005; Worries About Growth and Inflation for 2006
- Author:
- Michael Mussa
- Publication Date:
- 04-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- After surging to the highest growth rate in a generation, world real GDP is set to slow from a rate of just over 5 percent for 2004 to about 4 percent for 2005 and a tad slower for 2006. The economic slowdowns in several important economies in the second half of last year, including much of continental Europe and Japan, already make it clear that year-over-year growth will slow for 2005. But the continued strong growth of domestic demand in other countries, most notably the United States and China, virtually assures that global growth this year will not fall below potential.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Japan, China, Europe, Israel, and East Asia
540. China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity
- Author:
- Nicholas R. Lardy and Morris Goldstein
- Publication Date:
- 03-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- According to a popular argument put forward by three Deutsche Bank economists (Dooley, Folkerts-Landau, and Garber, here after DFG), one needn't worry about the sustainability of either the large US current account deficit or the undervalued exchange rates of a group of Asian economies (Dooley, Folkerts-Landau, and Garber 2003, 2004a, 2004b, 2004c; Folkerts-Landau 2004). In their view, the United States and the Asian economies have entered into an implicit contract—the so-called revived Bretton Woods system (hereafter BW2)—that can comfortably carry on for another decade or two, with significant net benefits to both parties.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, China, and Asia