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  • Author: Simon Lester, Huan Zhu
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Donald Trump was a trade “hawk” long before he became president. In the late 1980s, he went on the Oprah Winfrey show and complained about Japan “beating the hell out of this country” on trade (Real Clear Politics 2019). As president, he has continued with the same rhetoric, using it against a wide range of U.S. trading partners, and he has followed it up with action (often in the form of tariffs). While many countries have found themselves threatened by Trump’s aggressive trade policy, his main focus has been China. As a result, the United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In this article, we explore the U.S.-China economic conflict, from its origins to the trade war as it stands today. We then offer our thoughts on where this conflict is heading and when it might end.
  • Topic: Economics, International Trade and Finance, Tariffs, Trade Wars, Donald Trump
  • Political Geography: China, Asia, North America, United States of America
  • Author: Luiza Peruffo
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Conjuntura Austral: Journal of the Global South
  • Institution: Conjuntura Austral: Journal of the Global South
  • Abstract: The grouping of the BRICS countries is controversial in several ways. First, because its origins do not have a political foundation: Brazil, Russia, India and China were first put together as an acronym created in the financial market (O’NEILL, 2001) and this was eventually transposed onto the political world. The group’s advocates have argued that the geopolitical initiative that followed made sense because it brought together countries of continental proportions, large economies, with huge domestic markets –an argument that falls apart with the inclusion of South Africa in 2010. In addition, there is the issue of the disproportionate economic power between China and the other members of the bloc. Moreover, many argue that there are few common interests between the economies, which have such diverse productive structures, and therefore it would be unlikely that they could form a cohesive group (see STUENKEL, 2013, pp. 620-621 for a review of criticisms of the group).
  • Topic: Economics, International Political Economy, Global Financial Crisis, Economic Cooperation
  • Political Geography: Russia, China, India, South Africa, Brazil
  • 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, Trade Liberalization
  • Political Geography: China, Asia
  • Author: Yiping Huang, 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, Banks
  • Political Geography: China, Asia
  • Author: Umar Farooq, Asma Shakir Khawaja
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: The article is intended to find out the geopolitical implications, regional constraints and benefits of China-Pakistan Economic Corridor. Researcher reviewed both published research articles and books to find out geopolitical implication, regional constraints and benefits of China-Pakistan Economic Corridor. For this purpose, researcher also reviewed newspapers articles and published reports by government and non-governmental stakeholders working on CPEC. Review of the articles and reports indicated that CPEC had enormous benefits not only for China and Pakistan but also for the whole region. But different internal and external stakeholders are not in favor of successful completion of this project. Extremism, sense of deprivation, lack of political consensus, political instability are some of the internal constraints. On the other hand, Afghanistan, India, Iran, UAE and USA are posing constraints to halt the successful completion of CPEC.
  • Topic: Economics, International Trade and Finance, Regional Cooperation, Violent Extremism, Geopolitics
  • Political Geography: Pakistan, Afghanistan, China, Iran, South Asia, India, Asia, Punjab, United Arab Emirates, United States of America
  • Author: Kanwal Hayat, Rehana Saeed Hashmi
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: China claims South China Sea as its sovereign domain where it possesses the right to intervene militarily and economically. However, USA considers South China Sea as a common global passage where rule of law and freedom of navigation should prevail.These diverging viewpoints coexist in a wobbly peace environment where both US and China want their own version of international law to be applied and have occasionally resorted to minor armed conflicts over this issue. Every state claiming authority over South China Sea is willing to use coercion in order to get what they want, however, the extent of how far they are willing to go is not clear. This is resulting in a show of gunboat diplomacy involving maritime force of influential states that strives to manipulate the policy makers of the relevant nations (Costlow, 2012). The paper will focus on the situation in the South China Sea. South China Sea is not only claimed by China but various other Asian nations. Does this territorial strife possess the power to turn the region into a war zone? Being one of the most active trade routes in the world having complicated geography and the diverging regional and international interests makes it very sensitive area. China being the emerging economic giant gives competition to the USA in many spheres. Although America has no territorial claim in the South China Sea, it has strategic and economic interests. Where China wants a complete hegemonic control of the area, USA wants to find a way where free unchecked trade could be the future for all.Accompanied with numerous other South Asian nations claiming various portions of the region, a constant tension exists in the region.
  • Topic: Conflict Prevention, Economics, International Trade and Finance, Sovereignty, Territorial Disputes, Hegemony, Conflict
  • Political Geography: China, Asia, North America, United States of America, Oceans
  • Author: A. Z. Hilali
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: China-Pakistan Economic Corridor (CPEC) is a set of projects under China‟s Belt and Road initiative, marks a new era of economic ties in a bilateral relationship between the two traditional friends. The multi-dimensional project will not only reform Pakistan economy but it will serve for people‟s prosperity and will help to revive the country economy of both countries. The visions of project partners are clear and the goals of the short term, mid-term and long-term plans of CPEC have been identified. So, the CPEC is not just a transit route for China and Pakistan‟s exports but it will transform Pakistan‟s economy and overcome its problems such as unemployment, energy, underdevelopment, and overall external economic dependency by building capacity in all necessary sectors. Therefore, CPEC could promote economic development and growth which will open new avenues and investment to the country which is based on shared partnership of cooperation, mutual benefits and sustainability. Thus, the CPEC is a grand porgramme and will deliver the economic gains to both China-Pakistan and it can be executed more efficiently and in a balanced way to serve the interests of both the countries. The project of CPEC is also important to China‟s energy and strategic security with reference to South China Sea and other regional and global players. Thus, CPEC could bring economic avenues to Pakistan and can improve regional economic and trade activities for greater development and prosperity. It has perceived that the project will not only foster socio-economic development but it will also reduce the level of political humidity and will be source of peace and harmony between the traditional adversaries. It has also assumed that regional economic integration through CPEC could be a harbinger to resolve the political differences by economic cooperation and regional economic connection could make 21st century the Asian century setting aside the perennial political issues to start a new beginning. Thus, in a longer perspective the CPEC can foster an economic community in the entire region of Asia and beyond if its vision is materialized in its true sense. The time will prove that the CPEC reap its fruits and will be advantages for not only Pakistan and China but for the entire region.
  • Topic: Economics, International Trade and Finance, Regional Cooperation, Power Politics, Infrastructure
  • Political Geography: Pakistan, China, South Asia, Asia, Punjab
  • Author: Nazir Hussain, Amna Javed
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: South Asia is an important but complex region. Its manifold complexity is largely ascribed through historical, economic, political and strategic manifestations. The region has witnessed instability in all the given premises and interactions. The entirety happens to be the fact that the structure of alignments is motivated by security complexes which involve cohesion of foreign powers and regional states. The US, Russia, Iran and China now make out to be contemporary stakeholders in South Asian security equation. Their involvement has been seen as a major reorientation in the regional dynamics in terms of political, economic and security characteristics. The manifold possibilities of re-alignments are what the future of the region will look like. The chance of full-fledged strategic alliance in the face of US-India on the basis of similar political, economic and security interests is on the horizon. As a corollary to this alliance pattern, there is China-Russia-Pakistan alliance which is similar in force but opposite in direction. These two systems are one set of opposition forces to each other, which are also natural in form. Another structure which occurs out of the regional dynamics happens to be of India-Iran-Afghanistan which is a trifecta aiming at Pakistan. On the other hand, Russia-China-Pakistan which could turn into a politically motivated and economically driven alliance and can also cover certain aspects of security. Therefore, due to various changes in order there will stem out various patterns of relationships, which could set the order of the region as one marked by various fluctuating alignment patterns.
  • Topic: Security, Economics, Power Politics, Geopolitics, Realignment
  • Political Geography: Pakistan, Afghanistan, Russia, China, South Asia, North America, Punjab, United States of America
  • Author: Anshuman Rahul
  • Publication Date: 06-2018
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: The OBOR initiative of China often termed as ‘Modern-day Silk Road’ is based on President Xi Jinping’s epic vision to make ‘China Great Again’ by reviving the Silk Route of ancient times. This initiative aims to engage Eurasia economically by creating a network of infrastructure. In this regard, the article attempts to understand the geo-politics behind India’s refusal to join OBOR and strategic response to counter the most appealing economic engagement of the present era but considered to be a debt-trap by India.
  • Topic: Economics, International Trade and Finance, Military Strategy, Silk Road
  • Political Geography: China, India, Asia
  • Author: Ning Wang
  • Publication Date: 01-2017
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The ultimate success of China’s search for economic prosperity, cultural renaissance, and a “peaceful rise” depends, in large part, on whether a free market for ideas can reemerge and flourish in China. The concept of the “market for ideas” (sixian shichang) was first introduced to a Chinese audience by Ronald Coase and myself in How China Became Capitalist (Coase and Wang 2012, see also Coase 1974). It quickly won acceptance among academics and the media. China is the only leading economy where the production and communication of ideas remains under strict state control. Universities, the primary venue where new ideas are produced, are run by the state. Newspapers, radio and TV stations, and publishers are all controlled by the state; ideas unwelcome by the state have a hard time to see the light of day. Because the freedom to supply ideas, choose ideas, and criticize ideas is severely limited, the creativity of the Chinese people is underutilized and their innovative potential undertapped.
  • Topic: Economics, History, Freedom of Press
  • Political Geography: China, Asia