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61. Country-Risk Rating of Overseas Investment from China (2018)

Author:
CROIC-IWEP
Publication Date:
01-2018
Content Type:
Working Paper
Abstract:
China's outbound direct investment hit a new high in 2016, reaching $196.15 billion, making the country the world's second-largest overseas investor. The volume of its outbound direct investment increased by 34.7% year-on-year in 2016 and accounted for 13.5% of the world's total — the first time it exceeded 10%. Since 2003, when the Ministry of Commerce joined hands with the National Bureau of Statistics and the State Administration of Foreign Exchange to start releasing authoritative investment data annually, China's outbound direct investment has kept increasing for 14 consecutive years. From 2002 to 2016, the annual average growth of its outbound direct investment reached 35.8%. In 2016, China's outbound direct investment once again exceeded the foreign direct investment it received, making it a net capital exporter for two consecutive years. Meanwhile, its outbound direct investment stock hit $1.35739 trillion at the end of 2016, the 6th largest in the world, two notches up compared with in 2015. In 2016, China had the most overseas M&A deals in history in terms of both number and value of M&A deals. In the future, China is expected to bring out more of its investment potentials and build a win-win cooperative relationship with other countries following its economic transition and upgrading, rising competitiveness of Chinese enterprises in overseas markets and steady advancement of the Belt and Road Initiative.
Topic:
Economics, Foreign Direct Investment, and Investment
Political Geography:
China and Asia

62. International Investment Law and the Rule of Law

Author:
Peter-Tobias Stoll
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
International investment law appeals to a lawyer’s appetite for the rule of law by disciplining the exercise of power between States and foreign investors through legalization and judicialization. Originally supposed to serve as a fix to promote foreign investments in developing countries in times of legal uncertainties, now, thousands of bilateral investment agreements exist, and the number of cases in investment arbitration has exploded in the last decade. Further, there is a tendency of generalization, as investment protection now features as a standard element of international trade agreements, far beyond the original focus on developing countries. A number of flaws and shortcomings of the rules and procedures became apparent in the course of the more frequent use of the system and resulted in much discussion within the expert community, which resulted in some changes. Furthermore, the long neglected possibility became apparent, that investment claims could be directed against industrialized countries and that the conduct of their authorities could be subjected to review by international arbitration tribunals. This sparked heated public debates, particularly so in the EU. These two developments have in common, that they implicitly as well as explicitly raised the issue of the rule of law. This paper will assess the system of international investment law as it stands, its critique and its reform, through the lens of the rule of law. It will also make a highly idealistic proposal on the further development of international investment protection. In concluding, it will reflect on the proper use of the rule of law in legal analysis, by setting out the different perspectives in which the term may be employed, and the methodological consequences.
Topic:
International Law, International Trade and Finance, Rule of Law, and Investment
Political Geography:
Global Focus

63. Japan’s Free and Open Indo-Pacific Strategy: What does it mean for the European Union?

Author:
Nanae Baldauff
Publication Date:
11-2018
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Not so long ago Japan seemed to be left out on the diplomatic stage, notably when it decided not to join China’s newly established Asian Investment and Infrastructure Bank (AIIB) in 2015. But while no one can deny China’s impressive global outreach under the banner of the Belt and Road Initiative (BRI), Japan has not been sitting idly by. Quite the contrary, Japan is playing a leading role in shaping the concept of free and open Indo-Pacific region, and has positioned itself as an important political actor that upholds the rule of law under its Free and Open Indo-Pacific Strategy (FOIP). As China becomes more and more assertive economically and militarily, strengthening ties with Japan becomes all the more important for the European Union (EU). As a strategic partner of Japan, the EU more than ever needs to work with Japan in upholding the liberal international order.
Topic:
Regional Cooperation, Military Strategy, European Union, and Investment
Political Geography:
Japan, China, Europe, Asia, and Indo-Pacific

64. Looking for a Platform in North America: Taiwan, Mexico, and Cross-Strait Relations

Author:
Fabricio A. Fonseca
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
This article compares the approach followed by Mainland China and Taiwan in their economic relations with Mexico. Both sides of the Taiwan Strait have developed an interest in Mexico as an export platform to North America and the Western Hemisphere. The Mexican influence over Central America is also valued by both Beijing and Taipei. However, due to their disparities in economic and political development, the authorities and businessmen in the mainland and Taiwan have chosen different paths to conduct their interactions with Mexico. On the other hand, the deep economic integration between China and Taiwan, particularly the important investments made by Taiwanese firms in the mainland during the past three decades, have had a considerable impact on their trade with Mexico. The latter’s trade deficit with the PRC cannot be explained without the role played by enterprises from Taiwan, who continuously seek to remain competitive internationally.
Topic:
Business, NAFTA, Investment, and Trade
Political Geography:
China, Taiwan, Central America, and Mexico

65. Polish FDI in Central Asian Countries

Author:
Krystyna Gomółka
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Polish Political Science Yearbook
Institution:
Polish Political Science Association (PPSA)
Abstract:
Since gaining independence, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan gradually opened their markets to foreign investors. Before Poland’s acces- sion to the European Union, the activities of Polish investors in Kazakhstan, Kyrgyzstan, Ta- jikistan, Turkmenistan and Uzbekistan were based on bilateral treaties concluded by Poland with those countries. Later, except Turkmenistan, they were governed by the partnership and cooperation agreements between the European Communities and their Member States. Despite the ample investment opportunities and favourable conditions for access to the mar- ket, the activity of Polish companies in these markets has not produced a significant effect. Poland invested with more considerable success on the markets in Kazakhstan and Kyrgyz- stan. It made investment attempts in Tajikistan and Uzbekistan, leaving out Turkmenistan. The reason why Poland has a weak position in these markets is the distance between the partners and inability of Polish companies to efficiently compete with large multinational companies which have been operating there for years. In the Kazakh market, good invest- ment prospects are available for waste management, petrochemical, mining and road con- struction companies. In Kyrgyzstan, there are cooperation possibilities in the area of modern agricultural and processing technologies and establishment of fruit and vegetable process- ing enterprises. In Tajikistan, enterprises can invest in petroleum and natural gas extraction and exploitation, the fuel market, processing of precious metals and construction of conven- tional and hydroelectric power plants. In Turkmenistan, Polish companies can compete for road, railway and housing construction contracts, whereas in Uzbekistan they can invest in businesses covered by government tax reductions.
Topic:
Markets, Infrastructure, Governance, and Investment
Political Geography:
Europe, Central Asia, Kazakhstan, Asia, Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan

66. Chinese Investment and Its Implications for Nigeria’s Economic Security

Author:
Shiitu Adewole Raji and Adenike Ogunrinu
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
Brazilian Journal of African Studies
Institution:
Brazilian Journal of African Studies
Abstract:
The international system consists of different nations which pursue their national interests within the global arena having put into consideration the benefits they stand to gain from such relationships (Ampiah and Sanusha 2015, 8). The explosive growth of China’s economic interests in Africa, which is part of the sustained global interactions discussed above, is an important trend in the continent’s foreign relations arena. China’s rapidly expanding ties with Africa has superseded the United States’ since 2010 as Africa’s top trading partner because of its massive investments in the continent , which is largely aided by China Investible Export loan assistance of $150 billion to its multinational corporations (Brautigam 2009, 22). Between 2001 and 2011, Chinese exports to Africa were raised from $4.4 billion to $56.3 billion. Though China is still regarded as a third world country, the country is the second biggest economy in the world. [..] Although there is a vast body of literature on the bilateral relations between Nigeria and China, little is known about the implications of China’s increasing FDI for the economic security of Nigeria, a gap this paper intends to fill. The study is anchored on descriptive research methodology, consisting of qualitative data, which relied primarily on the existing literature.
Topic:
Bilateral Relations, Investment, Trade, and Economic Security
Political Geography:
Africa, China, and Nigeria

67. Understanding the Dispute over the Treatment of Products Exported to the European Union from the Occupied Territories in the Context of the Transatlantic Trade and Investment Partnership

Author:
Oskar J. Chmiel
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Polish Political Science Yearbook
Institution:
Polish Political Science Association (PPSA)
Abstract:
While the European Union (EU) does not recognize any legal Israeli sovereignty over the territories occupied by Israel in 1967, it does not grant preferential access to the EU market for goods produced in the Israeli settlements in this area, contrary to the preferential treatment for goods produced in Israel. This situation is different, however, as regards the United States (U.S.) trade policy, which does not make any distinction between goods pro- duced in Israel and in the Occupied Territories, since it grants the preferential access to both. Furthermore, the currently suspended negotiations of the super-regional trade agreement called the Transatlantic Trade and Investment Partnership (TTIP), spurred the enacting of a law that set the principal negotiating objectives of the U.S. regarding commercial partner- ships, which included some provisions to discourage politically motivated economic actions against the State of Israel. As TTIP embraced the free trade agreement between the EU and the U.S., the EU differentiation policy could become problematic for the two partners, which despite the failure of the negotiations, revealed much about economic diplomacy. Conse- quently, this article attempts to show the different approaches adopted by the two trading powers, in order to deal with the dispute over the treatment of products exported to the EU from the Occupied Territories.
Topic:
Territorial Disputes, European Union, Investment, Trade, and Transatlantic Relations
Political Geography:
United States, Europe, Middle East, Israel, Palestine, and North America

68. The Missing Middle: A Political Economy of Economic Restructuring in Vietnam

Author:
Matthew Busch
Publication Date:
12-2017
Content Type:
Commentary and Analysis
Institution:
Lowy Institute for International Policy
Abstract:
Despite impressive economic performance, Vietnam’s strong trade and investment gains have yet to fully overcome the vestiges of its economic past. Economic restructuring and greater integration with the international economic system has brought Vietnam impressive gains in wealth, trade, and investment. Such efforts have not, however, resolved Vietnam’s ‘missing middle’ or the lack of a productive domestic private sector and the continued dominance of the state-owned sector. While these challenges represent a risk to Vietnam’s future growth potential, initiatives such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership provide an opportunity for further trade and investment expansion.
Topic:
Economic growth, Trans-Pacific Partnership, Investment, Trade, and Private Sector
Political Geography:
Asia, Vietnam, and Southeast Asia

69. Clear Waters and Green Mountains: Will Xi Jinping Take the Lead on Climate Change?

Author:
Sam Geall
Publication Date:
11-2017
Content Type:
Commentary and Analysis
Institution:
Lowy Institute for International Policy
Abstract:
President Trump’s retreat on climate change put China ‘in the driver’s seat’. But to really demonstrate leadership, China needs to green its overseas investments. President Trump’s announced withdrawal from the Paris Agreement shone a light on China’s efforts to fight climate change, which are as much about economics and technology as environmental responsibility. Longer-term technological and economic change may lead China to eventually show greater diplomatic ambition on climate. China cannot assume an international leadership position on climate until it deepens its domestic energy transition and greens its overseas investments.
Topic:
Climate Change, Energy Policy, Environment, Treaties and Agreements, and Investment
Political Geography:
China and Asia

70. Corporate Debt Market in Korea

Author:
Paul Moon Sub Choi
Publication Date:
07-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
This report conducts an analysis of the corporate bond market in Korea and the changes in interest rates and term structure since the 1997 Asian financial crisis. The potential risks and solutions for stabilizing the corporate debt market are discussed. Corporate bonds not only play an important role in financing long-term corporate investments but also have a positive and persistent influence on enhancing the capital markets. Thus, the authorities in Korea have attempted to increase the proportion of corporate bonds, which is a means of direct financing, rather than bank loans. Implementing specific plans to stabilize the corporate debt market that are mentioned in this report are critical to sustaining the Korean capital markets as a means towards continued economic growth and prosperity.
Topic:
Debt, Markets, Financial Crisis, Economy, and Investment
Political Geography:
Asia, South Korea, and Korea