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  • Author: Scott Lincicome
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Labor market and cultural disruptions in the United States are real and important, as is China’s current and unfortunate turn toward illiberalism and empire. But pretending today that there was a better trade policy choice in 2000—when Congress granted China “permanent normal trade relations” (PNTR) status and paved the way for broader engagement—is misguided. It assumes too much, ignores too much, and demands too much. Worse, it could lead to truly bad governance: increasing U.S. protectionism; forgiving the real and important failures of our policymakers, CEOs, and unions over the last two decades; and preventing a political consensus for real policy solutions. Indeed, that is happening now.
  • Topic: International Relations, Economics, Markets, Bilateral Relations, Trade, Protectionism
  • Political Geography: China, Asia, North America, United States of America
  • Author: Kam Hon Chu
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In addition to foreign investment absorption, Hong Kong plays a pioneering role in the internationalization of the renminbi (RMB). Despite the lack of comprehensive statistics on the volume of offshore RMB transactions, Hong Kong is for sure one of the largest, if not the largest, global centers for offshore RMB businesses. According to the Triennial Central Bank Survey (BIS 2019), for instance, Hong Kong was the largest global offshore RMB foreign exchange market, with an average daily turnover of US$107.6 billion as of April 2019, considerably higher than the US$56.7 billion for London and the US$42.6 billion for Singapore.
  • Topic: Economics, Markets, Investment, Financial Development
  • Political Geography: China, Asia, Hong Kong
  • Author: Martin Chorzempa
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Digital currency and fintech have been some of the most powerful forces for freedom and personal liberty in China for the past decade, but their future influence is uncertain. Starting as a disruptive force that gave Chinese unprecedented autonomy in their financial lives, connected either to global cryptocurrency networks or local tech ecosystems built by private firms, a new chapter is beginning. In this new era, one speech urging an emphasis on innovation instead of regulation can seemingly bring the full force of the Chinese state to bear onto a firm that once disrupted state banks with impunity. Technologies like blockchain first embraced by libertarians and cryptography enthusiasts as freeing money from dependence on the state look poised to become tools for governments to increase their ability to monitor and shape financial transactions. Meanwhile, disruptive fintech tools have become symbiotic with the major state banks, which will retain their role as the core of the financial system.
  • Topic: Economics, Science and Technology, Finance, Digital Currency , Transactions
  • Political Geography: China, Asia
  • Author: Rafał Lisiakiewicz
  • Publication Date: 03-2021
  • Content Type: Journal Article
  • Journal: Nowa Polityka Wschodnia
  • Institution: Faculty of Political Science and International Studies, Nicolaus Copernicus University in Toruń
  • Abstract: Th e article presents an idea of the possible Russian - Chinese strategic economic partnership at the beginning of the 21st century. Th e author indicates the main factors infl uencing Russian Federation foreign policy towards China from the perspective of a neoclassical realism.Th e author stands that according to J. Rosenau, the main factors determining the Russian foreign policy are idiosyncratic and role. Th en he analyses the Russian documents of foreign policy, economic data and geopolitical ideas. On that ground, he makes a simple analyse using the neoclassical realism model, that’s integrates Foreign Policy Analyse and International Relations Th eory, joining independent and intervening variables, to support the article’s hypotheses. Th at hypotheses say that, fi rstly, Th e Peoples Republic of China (PRC) plays a role of diversifi cation of Russia’s international economic ties; and secondly, Th e PRC status as a Russia’s strategic partner is at issue, despite the official declarations of both sides.
  • Topic: Foreign Policy, Economics, Partnerships, Geopolitics
  • Political Geography: Russia, China, Eurasia, Asia
  • 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: Saltanat Kuzembayeva
  • Publication Date: 12-2020
  • Content Type: Journal Article
  • Journal: Nowa Polityka Wschodnia
  • Institution: Faculty of Political Science and International Studies, Nicolaus Copernicus University in Toruń
  • Abstract: The article is devoted to the geoeconomic goals and prospects of implementing the Chinese initiative „One Belt, One Road”. The author explores the benefits, problems and future opportunities that open up to the Republic of Kazakhstan as a participant in this initiative. The analysis carried out in the article showed that there are still many problems in the implementation of the Silk Road Economic Belt (SREB) project taking into account the state program of Kazakhstan “Nurly Zhol”, and difficulties arise in the practical implementation of various cooperation areas. At the same time, Kazakhstan should be guided exclusively by its national interests in cooperation with China in the framework of the “One Belt, One Way” initiative.
  • Topic: Economics, Geopolitics, Soft Power, Belt and Road Initiative (BRI)
  • Political Geography: China, Central Asia, Eurasia, Kazakhstan, Asia
  • Author: Agnieszka Nitza-Makowska
  • Publication Date: 03-2020
  • Content Type: Journal Article
  • Journal: Nowa Polityka Wschodnia
  • Institution: Faculty of Political Science and International Studies, Nicolaus Copernicus University in Toruń
  • Abstract: The China–Pakistan Economic Corridor (CPEC) holds the potential to transform Pakistan along with its turbulent regional environment. In the short run, the multiple networks of infrastructure that the project provides will eventually improve Pakistan–European Union (EU) trade. Moreover, while the CPEC is unlikely to bring an immediate strategic shift in the bilateral dialogue, which is particularly lacking in political dynamics, its long-run promises can help to foster such dynamics. The project, if successful, can help Pakistan to establish a peaceful domestic environment and subsequently promote the country’s fresh image to reverse its soft power losses in Europe and beyond. This paper investigates contemporary Pakistan–EU relations, which have so far attracted little attention from international relations scholars. It presents the bilateral dynamics in the context of the CPEC, which is an unprecedented investment by China in Pakistan. The paper concludes by shedding light on the differences between China’s and the EU’s strategies vis-à-vis Pakistan. Despite the fact that the study focuses on one particular South Asian state, it can serve as a case study for the comparative analysis of China’s and the EU’s presence in third countries, especially those that, like Pakistan, have joined the Belt and Road Initiative.
  • Topic: International Relations, Economics, European Union, Belt and Road Initiative (BRI)
  • Political Geography: Pakistan, China, Europe, South Asia, Asia
  • 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