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241. Alliance, Trade, Climate, and China

Author:
Graeme Dobell
Publication Date:
09-2015
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Pacific Forum
Abstract:
The Obama administration and the Abbott government stood together in the new military coalition in Iraq and joined in the trade push for a Trans-Pacific Partnership. Australia’s Defence White Paper, about to be released, will be a strong and detailed statement of support for the alliance with the US. Yet, the discussion of the US-Australia relationship often turned into a debate about China. The notable political difference between Obama and Abbott in the past 12 months was over climate change. The US president highlighted the policy difference in a speech during the G20 Summit that Abbott hosted in Brisbane. The other divergence between Australia and the US was over China’s creation of the Asian Infrastructure Investment Bank. After initially sharing US fears about the bank, the Abbott government eventually decided to abandon the US and Japan and became a founding member.
Topic:
Climate Change, Diplomacy, Environment, International Cooperation, Alliance, and Trade
Political Geography:
China, Asia, North America, and United States of America

242. The Revival of the Silk Roads (Land Connectivity) in Asia

Author:
Pradumna B. Rana and Wai-Mun Chia
Publication Date:
05-2014
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
This paper argues that contrary to popular belief, in the bygone era, there was not one but two Silk Roads in Asia – the Northern and the less well-known South-western Silk Road (SSR). The SSR connected South/Central Asia with southern China and present day Association of Southeast Asian Nations (ASEAN). After enjoying a rich history of around 1,600 years, the Silk Roads went into disrepair. Now, for various economic, security, and political reasons, land connectivity is once again making a comeback in Asia. These include the (i) ―Go West‖ and the recent ―New Silk Roads‖ policies of China; (ii) ―Look East‖ policies of South Asia; (iii) opening of Myanmar, a node between South Asia and East Asia; and (iv) growing importance of supply-chain trade. The focus has, however, been mainly on reviving the Northern Silk Road with relatively few actions being initiated to revive the SSR. Mirroring the on-going efforts in the Greater Mekong Sub-region and the Central Asian region, this paper proposes four economic corridors for Pan-Asian connectivity that is to connect South/Central Asia with southern China and ASEAN. The paper argues that the revival of land connectivity in Asia is making Maritime Asia of the past, more continental-based. One implication is that regional institutions focusing solely on Maritime Asia, such as the Asia Pacific Economic Cooperation (APEC), may be losing some of their relevance vis-à-vis say the more continental-based China-led Shanghai Cooperation Organization. The other is that the influence of the West in Asia‘s security may be declining relative to that of China, India, and Russia.
Topic:
Security, Globalization, and Trade
Political Geography:
Russia, China, India, and Asia

243. Chinese Direct Investment in California

Author:
Daniel H. Rosen and Thilo Hanemann
Publication Date:
10-2012
Content Type:
Special Report
Institution:
Asia Society
Abstract:
A new report entitled Chinese Direct Investment in California published by the Asia Society finds that California has attracted more Chinese investment deals than any other U.S. state but remains fifth in the nation in total investment value. Negligible before 2008, Chinese investment in the state is growing at triple-digit levels and could reach $60 billion by 2020, but only if the state and private sector do a better job working together to attract Chinese capital. The report is co-authored by Daniel H. Rosen and Thilo Hanemann of the Rhodium Group and builds on a 2011 Asia Society study, entitled An American Open Door?: Maximizing the Benefits of Chinese Foreign Direct Investment, which looked more broadly at Chinese investment into the U.S. The new report is the most comprehensive study to date of Chinese investment in the Golden State and in the U.S. overall. It finds that the potential gains for California and China are enormous but that success is far from guaranteed. U.S.-China relations remain tense and protectionism is a serious threat. At the state level, California has had a mixed record of promoting its economic strengths. The report urges policy and business leaders in the state to do better to out-compete other states, and nations, that seek to increase their own shares of the Chinese outbound investment surge. Four decades ago, Japanese direct investment in the U.S. was at a similar stage. Now, it totals some $300 billion, employs 700,000 Americans, and undergirds a strong, stable U.S.-Japan relationship. Investment and trade between the U.S. and China show even greater promise today. Compared to the rest of the U.S., the report finds that Chinese investment in California is disproportionately from private rather than state-owned enterprises, greenfield rather than M&As, and strongest in high-tech and high-value services — areas that the Chinese government and private sector have targeted for accelerated growth. Of the $1.3 billion in Chinese investment in the state since 2000, Southern California leads the state in investment with 69 deals totaling $618 million. The San Francisco Bay Area and Silicon Valley/South Bay regions are the second and third most attractive regions for Chinese investors.
Topic:
Foreign Direct Investment, Economy, Business, and Trade
Political Geography:
China, Asia, California, North America, and United States of America

244. A Case Study of China’s Membership of the World Trade Organization: Implications on Sovereignty

Author:
Binneh S. Minteh
Publication Date:
07-2012
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
Since becoming a member of the World Trade Organization, China embarked on sever- al commitments to become a key player on the international economic stage. This pa- per is a case study of China’s membership of the World Trade Organization (WTO) and the implications on Chinese sovereignty. Theorizing China’s historical evolution amid concerns of sovereignty, the paper looks at China’s Regime Commitment and Compli- ance in the WTO, major Compliance and Commitment Concerns with China in the Or- ganization. China may have complied with some of its commitments particularly in the service area. The paper distinctively concludes that China’s membership of the organi- zation has forced it to share power with other actor whilst protecting the interest of its citizens on the global stage.
Topic:
Globalization, International Trade and Finance, Sovereignty, World Trade Organization, and Trade
Political Geography:
China and Asia

245. The Growth of Chinese Exports: An Examination of the Detailed Trade Data

Author:
Brett Berger and Robert F Martin
Publication Date:
11-2011
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Over the past decade, Chinese exports have boomed, increasing far faster than GDP growth. What can account for this explosion? Our paper uses finely detailed Chinese export data (8-digit HS codes) combined with U.S. trade data to explore this question. Although exchange rate policy clearly boosted the trade surplus, and the structure of the economy, e.g. abundant cheap labor, encouraged investment, these alone cannot account for the changing composition and acceleration of exports. We find that the growth in exports is most likely a product of effective Chinese industrial policy and fortuitous timing. The detailed trade data reveal that key “new” technology goods, such as cell phones, LCD screens, and laptops played a critical role. Finally, we use the data to examine the relationship between Chinese exports and global manufacturing, in particular U.S. manufacturing employment. We find that increased Chinese competition in both domestic and U.S. export markets likely lowered U.S. manufacturing employment between 2000 and 2007. Chinese policy is not, however, wholly responsible. Some job losses, such as in textile production, were no doubt the result of China’s natural comparative advantages, while other U.S. job losses are attributable to relatively low investment and slow GDP growth in the United States following the 2001 recession.
Topic:
International Trade and Finance, Hegemony, Exports, Trade, and Strategic Competition
Political Geography:
China and Asia

246. U.S.-China Relations: The Case for Economic Liberalism

Author:
James A. Dorn
Publication Date:
10-2006
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
In its 2005 Report to Congress, the U.S.-China Economic and Security Review Commission—also known as the U.S.-China Commission (USCC)—recommended that China appreciate its currency, the renminbi (RMB), “by at least 25 percent against the U.S. dollar” or face “an immediate, across-the-board tariff on Chinese imports.” The commission argued that such an action could be justified under Article XXI of the World Trade Organization (WTO), “which allows members to take necessary actions to protect their national security.” The key idea behind the commission’s protectionist policy stance is that “China’s undervalued currency has contributed to a loss of U.S. manufacturing, which is a national security concern” (USCC 2005: 14).
Topic:
Bilateral Relations, Economy, Trade, and Liberalism
Political Geography:
China, Asia, North America, and United States of America