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241. China-Global governance without hegemony

Author:
Pan Zhongyin
Publication Date:
05-2018
Content Type:
Policy Brief
Institution:
Pangoal Institution
Abstract:
Where is global economic governance heading? What will the future of global economic governance hold? These questions are on everyone’s lips. In the report of the 19th National Congress of the Communist Party of China, President Xi Jinping reaffirmed China’s foreign policy principle of ‘never seeking hegemony’, but this does not mean that China should disavow the role of international leadership. Indeed, it is now engaged in what might be called a non-hegemonic leadership, which is sure to be hugely significant in the future of global economic governance.
Topic:
International Relations, Governance, Hegemony, and Economy
Political Geography:
China and Global Focus

242. Chinese Economy under Mao Zedong and Deng Xiaoping

Author:
Khalid Manzoor Butt and Sarah Sajid
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Journal of Political Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Economic development aims at building a healthy community which in turn strengthens institutions of a state. Economic Development can also be reflected through soft power, which is not only a diplomatic tool but also a booster for a state's economy. Chinese economic development is a synthesis of two ideologies: attributed to Mao Zedong and the other to Deng Xiaoping. Mao and Deng have contributed to Chinese economic development by initiating compatible economic policies in their respective eras. Their economic policies are influenced by Karl Marx and Adam Smith respectively. Mao, a staunch supporter of centralization of economy, opted for the theory of Marxism; ic level. On the other hand, Deng Xiaoping is associated with liberalizing of Chinese economy. The ideas of free trade and facilitation of foreign investors is the mainstay of Deng’s economic policy. In the process of liberalizing the Chinese economy, Deng initiated a paradigm shift from curtailed to liberal approach; he followed the footsteps of Adam Smith, the pioneer of free market economy. Privatization, establishment of exclusive economic zones, introduction of new flexible economic policies are the reforms introduced by Deng under the theory of free market economy. Hence, the modern China we see today is a product of the economic policies envisioned by these two great Chinese leaders. This descriptive research looks into the contribution and implication of these economic policies on the Chinese economic system.
Topic:
Development, Globalization, History, Famine, Economy, and Mao Zedong
Political Geography:
China and Asia

243. Israel and China Take a Leap Forward—but to Where?

Author:
Arthur Herman
Publication Date:
11-2018
Content Type:
Commentary and Analysis
Institution:
Hudson Institute
Abstract:
There is certainly no denying that, in terms of trade and investment alone, the burgeoning economic partnership between Israel and China has at least the potential of transforming not only Israel itself but also Israel’s position vis-à-vis the rest of the Middle East—and most notably vis-à-vis Iran, which happens to be Beijing’s other key partner in the region. Inevitably, it could also have an impact on Israel’s relations with the United States. But is this a marriage made in heaven? Or is it something else? Weighing the answer to that question involves probing beneath the two countries’ currently successful dynamic of trade and commercial transactions to their respective geopolitical agendas. When it comes to Israel, the acknowledged junior partner, it also requires examining whether and how the relationship with China could become a dependency. Such a change might please Beijing, but it would impose on Israeli national security a new kind of vulnerability, one very different from the challenges it has faced successfully in the past.
Topic:
Diplomacy, National Security, Bilateral Relations, Partnerships, Geopolitics, and Economy
Political Geography:
China, Middle East, Israel, and Asia

244. Japan in the Driver’s Seat? Reshaping the Regional Trade Order without the United States

Author:
T. J. Pempel
Publication Date:
08-2018
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
On January 28, 2018 representatives from eleven countries, following the strong leadership of Japan, agreed to a modified version of the Trans-Pacific Partnership (TPP). This new pact —renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), or TPP-11—was formally signed in Chile on March 8. The treaty will take effect once ratified by at least six member countries. Japan is planning to push the treaty through the Diet within 2018 and anticipating that it will come into force sometime in 2019. The agreement represented a major recovery by the eleven countries following initial expectations that TPP was dead after the election of Donald Trump. Trump, as an early follow through on his xenophobic and unilateral campaign promises, signed an executive order pulling the United States out of the TPP within one hundred hours of his inauguration. With that stroke of his pen, Trump wiped out 10 years of work on the so-called “Pacific” route to regional trade integration, anchored on the U.S. market. It also defied multiple analyses demonstrating the strong economic benefits that TPP would provide for the United States. Turmoil immediately prevailed among the remaining eleven signatories. Japanese prime minister Abe, for example, only weeks after Trump’s election announced, “TPP is meaningless without the U.S.” Singaporean prime minister Lee Hsien Loong argued, “if the TPP does not go ahead, it would be a great loss for the rest of the member economies.” The National Interest was typical in its skepticism about both the survival of TPP and the long-term implications for the Asia-Pacific. In an article entitled “TPP is Dead; Now What?” it observed: “The United States’ withdrawal not only throws away the potential for a trade agreement but may cause countries that expended significant political capital for the TPP to retreat from free trade for the foreseeable future.” That China will be the primary beneficiary of Trump’s withdrawal was a widespread conclusion.5 In fact, as the signing of the CPTPP indicated, all eleven countries were prepared to recommit themselves to the deal and to continue to advance the goals of a liberal trading order in the region.
Topic:
Treaties and Agreements, Economy, Trans-Pacific Partnership, and Donald Trump
Political Geography:
Japan, China, Asia, North America, Korea, and United States of America

245. China's Engagement in Pakistan, Afghanistan and Xinjiang: Will China's Root Cause Model provide regional stability and security?

Author:
Lars Erslev Andersen and Yang Jiang
Publication Date:
11-2018
Content Type:
Special Report
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
In the latest policy report in DIIS’s Defence and Security Studies series, Lars Erslev Andersen and Yang Jiang discuss the potential of China’s approach to stabilising security conditions in Pakistan and Afghanistan through development. The report explores China’s westward policy by analysing the opportunities and obstacles related to its flagship Belt and Road Initiative (BRI) in South Asia, in particular the China–Pakistan Economic Corridor (CPEC). One aspect of the philosophy behind the CPEC is that lifting people out of poverty by providing them with better opportunities for jobs and incomes and hence improved living conditions will reduce the attractions of violent extremism and the inclination to indulge in it, thereby enhancing stability. This so-called Root Cause model draws on China’s experience of successfully lifting more than 600 million of its own citizens out of poverty due to the reform policy that has changed China rapidly over the past forty years, especially in the big cities in eastern China. However, the model has had mixed results in western China, especially in Xinjiang province. As this issue can shed light on the kinds of problems that China will face in Afghanistan and Pakistan, the report explores the situation in Xinjiang by investigating how it is conducting its policy there. The report outlines this development, which brings the Root Cause model into question to some extent, thus identifying some of the challenges that China will face in trying to stabilise conflict-torn parts of Pakistan and Afghanistan ‘the Chinese way’. Following these observations, the report takes a closer look at China’s economic diplomacy in Afghanistan. The last section discusses China’s increasing role in mediating between Afghanistan, Pakistan and the Taliban. Whether the Chinese approach to the situation in Pakistan and Afghanistan proves to be a sustainable way of providing stability and achieving results is the question addressed in the report’s conclusion.
Topic:
Security, Defense Policy, Democratization, Development, Emerging Markets, Migration, Oil, Power Politics, Non State Actors, Gas, Fragile States, Economy, Conflict, Investment, Peace, and Land Rights
Political Geography:
Pakistan, Afghanistan, China, South Asia, and Asia

246. China’s 40 Years of Fiscal and Tax Reform: A Basic Trajectory

Author:
Peiyong Gao
Publication Date:
05-2018
Content Type:
Working Paper
Abstract:
The present paper describes the trajectory of China’s fiscal and tax reform in thepast 40 years, which can be summarized in five phases. The reform commenced with“decentralizing power and transferring benefits.” Then, under great fiscal pressure,institutional reform was instigated, which aimed to establish a new fiscal and tax system.To regulate the government revenue and expenditure beyond the fiscal and tax system,reforms were put in place to build an institutional framework for public finance. As thefiscal and tax reform had gradually entered the more sophisticated phases, China took aseries of measures to further improve the public finance system. Since 2012, based on theoverall plan of comprehensively deepening reform, China has embarked on establishinga modern public finance system. The present paper characterizes China’s fiscal and taxreform as gradually moving toward a system that aligns with the overall reform andcomplements the goal of marketization and modernization of state governance.
Topic:
Government, Governance, Finance, Economy, Tax Systems, and Fiscal Policy
Political Geography:
China and Asia

247. China and Canada eye more mutually beneficial trade deal

Author:
Dong Yan and Bai Jie
Publication Date:
11-2018
Content Type:
Policy Brief
Abstract:
A clause in the US-Mexico-Canada trade pact, widely known as a "poison pill" aimed at China, will not stop Canada from continuing to negotiate a free trade agreement with China, Canadian Prime Minister Justin Trudeau said at an event at the National University of Singapore on Thursday. This suggests the US will find it extremely difficult to administer its "poison pill", because it has gone too far in using bullying tactics against other countries－in this case, China.
Topic:
Treaties and Agreements, Economy, and Trade
Political Geography:
China, Canada, Asia, and North America

248. China can overcome a trade war

Author:
Su Qingyi
Publication Date:
08-2018
Content Type:
Policy Brief
Abstract:
The tariff war the United States has launched against China shows no sign of abating, as the Donald Trump administration made good its threat to impose 25 percent tariff on another $16 billion worth of Chinese imports on Thursday. Instead, since the US has threatened to slap tariffs on $500 billion worth of Chinese goods, or on almost all Chinese imports, the trade conflict seems set to intensify. Thanks to its national strength and moral righteousness, as well as its objective assessment that the US' tariff war will have a limited impact on the Chinese economy, China is confident and capable of safeguarding the core interests of the country and its people. The trade dispute, however, will affect on three areas－foreign trade, investment (including overseas investment) and the macro-economy. But the impact is likely to be limited and manageable.
Topic:
Economy, Tariffs, Trade Wars, and Trade
Political Geography:
China, Asia, North America, and United States of America

249. Emerging economies need safeguards to tackle currency crisis

Author:
Gao Haihong
Publication Date:
08-2018
Content Type:
Policy Brief
Abstract:
The recent appreciation of the US dollar and the uneven pace of monetary policy normalization in many countries have become a headwind for emerging economies. This month, the Turkish lira has sharply depreciated against the US dollar, followed by a jump in Turkish bond yield for fear of high inflation. Earlier this year, after failing to stabilize its currency, Argentina sought the International Monetary Fund's support to stabilize the peso. The IMF agreed to give a $50 billion standby line of credit but on conditions that required necessary domestic fiscal and structural adjustment. These developments reaffirmed the eminent risks facing the emerging economies. A strong dollar and tightened monetary policy in the US are prompting capital flight from countries that have high domestic public debt, huge external liability, and a weak current account balance and relatively open capital account. For example, Turkey’s total external debt to GDP was at 53.5% and its current account deficit was 7.1% to GDP.
Topic:
Economy, Inflation, Fiscal Policy, and Economic Development
Political Geography:
China, Turkey, Asia, Argentina, and United States of America

250. China's plans and direction for further opening-up

Author:
Yang Panpan
Publication Date:
08-2018
Content Type:
Working Paper
Abstract:
This year marks the 40th anniversary of China's reform and opening-up, and will be the first year for China to hold the international import expo. This signals that China is further opening up its domestic market and striving to be more integrated with the world. Meanwhile, China is enduring the external uncertainties mainly from its biggest trade partner -- the U.S. One question should be asked: What is China's plan and direction for further opening-up? Since China is shifting from a mid-high-income country to a high-income country, the trajectory of other major developed countries may be a reference for China's further opening-up process. With this in mind, it's necessary to compare the opening-up pattern of these countries with China. One variable might fit this kind of observation -- the foreign value added in one country's final demand. This represent the amount of foreign input used in a country's consumption and investment. Examples include final goods consumed by households, capital goods invested by firms, or intermediate goods used to make products.
Topic:
Markets, Reform, Finance, and Economy
Political Geography:
China and Asia