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  • Author: Jeffrey J. Schott
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: China’s policies in Xinjiang, Hong Kong, and the South China Sea and its ongoing support for Iran, North Korea, and Venezuela pose major challenges for the United States, where bipartisan pressure is growing to ramp up punitive sanctions against leading Chinese firms and financial institutions. Financial sanctions freeze the US assets or bar US entry of the targeted individuals and firms and prohibit US financial firms from doing business with them. Schott explains why US officials should carefully weigh the risks to international financial markets and US economic interests before imposing punitive sanctions on major financial institutions engaged with China. The collateral costs of such sanctions would be sizable, damaging US producers, financial institutions, and US alliances. By restricting access of major banks to international payments in US dollars and barring use of messaging systems like SWIFT, tougher US financial sanctions would effectively “weaponize” the dollar; friends and foes alike would be pushed to seek alternatives to dollar transactions that, over time, would weaken the international role of the dollar. Instead of doubling down on current unilateral financial sanctions, US policy should deploy sanctions in collaboration with allies and calibrate trade and financial controls to match the expected policy achievements.
  • Topic: Human Rights, Sanctions, Finance, Economy
  • Political Geography: China, Asia, North America, United States of America
  • Author: Robert Z. Lawrence
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Afrequently voiced complaint from the Trump administration was that US firms have faced a competitive disadvantage in exports because the US market is open and US tariffs are low but US trading partners protect their markets with high tariffs. The administration used this concern to justify raising US tariffs whenever it could. Lawrence argues that these claims should be more nuanced and account for the extensive unilateral liberalization by many countries over the past 30 years and that the grievances that motivated the Trump trade policies are increasingly misplaced. Many developing countries have reduced their tariffs unilaterally to rates that are far lower than they applied three decades ago and far less than the bound rates reflected in their World Trade Organization (WTO) obligations. Globally, on average, tariffs were not raised during the global financial crisis of 2008 and continued to decline through at least 2018. Even when shocks from imports resulted in serious injury to domestic industries, several developing countries temporarily provided safeguard protection but at levels that were lower than their WTO bound rates. This evidence of import liberalization also suggests that rising protectionism was not responsible for the slow growth in world trade that has been evident since 2011. It remains uncertain whether countries will now respond to disruptions to global supply chains since 2018 caused by Trump’s trade policies and the COVID-19 pandemic by reversing their tariff liberalization stance, but the sustained enthusiasm for new megaregional trade agreements suggests many countries will not.
  • Topic: Emerging Markets, World Trade Organization, Trade Wars, Protectionism
  • Political Geography: China, Asia, North America, United States of America
  • Author: Martin Chorzempa, Adnan Mazarei
  • Publication Date: 05-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The COVID-19 shock has exacerbated the struggles of many emerging-market and developing economies (EMDEs) to repay their external debt. One of the most urgent challenges relates to debt owed to China, whose lending spree under its Belt and Road Initiative and other programs has played an outsized role in what amounts to a crisis for many countries. The scope of the problem is striking. China is owed more than $100 billion, or 57 percent of all debt owed to official creditors by the countries that need help the most. China is not a member of the Paris Club of official creditors, which coordinates, within a multilateral framework, the resolution of general sovereign illiquidity or unsustainable external debt of EMDEs. There is an urgent need to put in place more effective, long-term solutions to help durably lower the risks of prolonged debt difficulties in EMDEs. These problems could be partly addressed by creating creditor committees to coordinate debt relief with China. The Group of Twenty (G20) has taken some steps to include creditor committees in the context of the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI), but only for low-income countries that qualify for the DSSI and only for official creditors. To better address debt distress, it needs to extend the approach, especially to middle-income debtor countries.
  • Topic: Debt, Development, Emerging Markets, G20
  • Political Geography: China, Asia
  • Author: Egor Gornostay, Madi Sarsenbayev
  • Publication Date: 06-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: An intense debate has erupted over whether the unprecedented size of the US fiscal stimulus will cause the US economy to overheat and generate high inflation. To date, the debate has focused primarily on the United States, even though many other developed economies responded to the COVID-19 crisis with unprecedented economic stimulus packages. By some measures, Japan stands out: The total amount of its three consecutive stimulus packages is estimated to exceed 50 percent of its GDP, about twice as high as the US fiscal packages (about 26 percent of US GDP). However, overheating concerns are not being actively raised for Japan. This Policy Brief finds that although Japan’s headline number looks astonishingly high, the actual size of its discretionary fiscal measures is about 16 percent of GDP, substantially smaller than the total size of the US packages. US fiscal stimulus is the largest among Group of Seven (G7) countries relative to GDP, justifying the attention economists have given it. The United Kingdom is estimated to spend more than Japan as a proportion of GDP, but even the UK stimulus program markedly lags behind that of the United States. If additional stimulus measures making their way through the legislative process in Canada are counted, Japan’s fiscal stimulus looks even smaller and would amount to being only average in size among G7 countries. Given this and the lackluster performance of its economy in the first quarter of 2021, it is unlikely that Japan will find itself in overheating territory any time soon.
  • Topic: Inflation, G7, COVID-19
  • Political Geography: Japan, Asia, North America, United States of America
  • Author: Willy Wo-Lap Lam
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: Under Xi Jinping, the leadership of the People’s Republic of China (PRC) has initiated multi-pronged measures to ensure the success of celebrations marking the centenary of the establishment of the Chinese Communist Party (CCP) in July this year and planning for the 20th CCP Congress, scheduled for the second half of 2022. The accent is on preserving political stability and further consolidating the apparently unassailable authority of President Xi, who is also CCP General Secretary and Chairman of the Central Military Commission (CMC).
  • Topic: Media, Political Parties, Chinese Communist Party (CCP)
  • Political Geography: China, Asia
  • Author: Elizabeth Chen
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: Amid the coldest winter recorded since 1966, provinces across the People’s Republic of China (PRC) struggled with the worst electrical blackouts seen in nearly a decade (OilPrice, January 8). More than a dozen cities across Zhejiang, Hunan, Jiangxi, Shaanxi, Inner Mongolia, and Guangdong provinces imposed limits on off-peak electricity usage in early December, affecting city infrastructure and factory production. Analysts expect power shortages to persist through at least mid-February (SCMP, December 23, 2020). Officials have repeatedly assured the public that residential heating would not be affected and that China’s electrical supply remained “stable” and “sufficient,” even as energy spot prices continued to rise into the new year.
  • Topic: Energy Policy, Services, Electricity, Coal
  • Political Geography: China, Asia
  • Author: Ryan D. Martinson
  • Publication Date: 01-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: In the past decade, the China Coast Guard (CCG, 中国海警, zhongguo haijing) has experienced two major reforms. The first, which began in 2013, uprooted the service from the Ministry of Public Security—where it was organized as an element of the People’s Armed Police (PAP)—and placed it under the control of the State Oceanic Administration (SOA), a civilian agency. In the process, the CCG was combined with three other maritime law enforcement forces: China Marine Surveillance (CMS), China Fisheries Law Enforcement (CFLE), and the maritime anti-smuggling units of the General Administration of Customs. The resulting conglomerate was colloquially called the “new” CCG, differentiating it from the “old” CCG of the Ministry of Public Security years. The second reform began in 2018, when the “new” CCG, now swollen with the ranks of four different forces, was stripped from the SOA and transferred to the PAP, which itself had just been reorganized and placed under the Central Military Commission (CMC) (China Brief, April 24, 2018). While much research has been done on the first reform, little is known about the second, at least in the English-speaking world. This article seeks to answer basic questions about the “new, new” CCG. What are its roles/missions, organization, and force structure? How does it differ from the CCG of the SOA years? How is it similar? What progress has been made two years after the second reform began?
  • Topic: Law Enforcement, Armed Forces, Reform, Borders
  • Political Geography: China, Asia
  • Author: Michael C. Davis
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: After the Hong Kong protest movement exploded in 2019, the world looked on with both hope and trepidation. Protestors made five demands: that a proposed extradition law be withdrawn; that there be an independent investigation of police behavior; that the protests stop being characterized as riots; that any charges against arrested protesters be dropped and that promised universal suffrage be implemented (HKPF, December 25, 2019). After months of protest, Hong Kong Chief Executive Carrie Lam publicly withdrew the extradition bill, fulfilling the first of the protestors’ demands (SCMP, September 4, 2019). But this temporary victory was too little too late and overshadowed by the ongoing and often violent crackdown on the protesters, and then in 2020, with Beijing’s imposition of the new National Security Law (NSL) (China Brief, July 29, 2020).
  • Topic: Human Rights, Law, Rule of Law, Protests, Repression
  • Political Geography: China, Asia, Hong Kong
  • Author: Elizabeth Chen
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: On January 28, members of an international team led by the World Health Organization (WHO) concluded fourteen days of quarantine and began field work in Wuhan, China for a mission aimed at investigating the origins of the COVID-19 pandemic. As of the time of writing, the team had made visits to the Hubei Center for Disease Control and Prevention; the Wuhan Institute of Virology (WIV) and the Huanan Seafood Wholesale Market. State media also reported that the WHO team visited “an exhibition featuring Chinese people fighting the epidemic,” raising concerns that the trip could prove to be little more than a public relations move even as the origins of the coronavirus remain heavily politicized and uncertain (Global Times, January 31). Foreign experts have worried about whether the WHO investigation will be sufficiently transparent or if investigators will be allowed adequate access to key locations and scientific data (SCMP, January 27). Apart from a “terms of reference” report and a list of WHO members released in November, further details on the WHO team’s trip have not been released.
  • Topic: World Health Organization, COVID-19, Misinformation , Health Crisis
  • Political Geography: China, Asia
  • Author: Zachary Haver
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: In recent years, the maritime law enforcement (MLE) forces of the People’s Republic of China (PRC) have dominated the contested waters of the South China Sea (AMTI, December 4, 2020). While the exponential growth and increasing assertiveness of the China Coast Guard (CCG) have captured headlines, the evolving role of technology in China’s MLE operations has received less attention. New communications infrastructure and monitoring systems, for example, help Chinese MLE forces monitor and control contested maritime space in the South China Sea (CMSI, January 2021). These investments align with China’s broader pursuit of information superiority in the South China Sea, which involves building up electronic intelligence, counter-stealth radar, and other capabilities (JHU APL, July 2020).
  • Topic: Science and Technology, Communications, Armed Forces, Satellite
  • Political Geography: China, Asia, United States of America, South China Sea