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1. China's Political-Economy, Foreign and Security Policy: 2023

Author:
Center for China Analysis
Publication Date:
01-2023
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
It has now been three months since the 20th Party Congress convened in Beijing on October 15. While the Congress set Xi Jinping’s ideological, strategic, and economic direction for the next five years, much has happened since then that the Chinese leadership did not anticipate. Principal among these surprises was the spontaneous eruption in late November of public protests across multiple Chinese cities against the economic and social impact of the Chinese Communist Party’s “dynamic zero-COVID” policy. These protests resulted in an unprecedented U-turn on December 8 from China’s relentless pursuit of its three-year-long national pandemic containment strategy to the Party now seeking desperately to restore economic growth and social calm. This shift has in turn generated major public pressures on the Chinese health system as hospitals struggle to cope with surging caseloads and mortalities. All of these developments stand in stark contrast to the political, ideological, and nationalist self-confidence on display at the 20th Party Congress. In October, Xi Jinping swept the board by removing any would-be opponents from the Politburo and replacing them with long-standing personal loyalists. Xi also proclaimed China’s total victory over COVID-19, contrasting the Party’s success with the disarray its propaganda apparatus had depicted across the United States and the collective West. Despite faltering economic growth, Xi had doubled down in his embrace of a new, more Marxist approach to economic policy which prioritized planning over the market, national self-sufficiency over global economic integration, the centrality of the public sector over private enterprise, and a new approach to wealth distribution under the rubric of the Common Prosperity doctrine. At the same time, Xi’s 2022 Work Report, delivered at the Congress, abandoned Deng Xiaoping’s long-standing foreign policy framework that “peace and development are the principal themes of the time” and instead warned of growing strategic threats and the need for the military to be prepared for war. As part of a continuing series on China’s evolving political economy and foreign policy, this paper’s purpose is threefold: to examine the political and economic implications of this dramatic change in China’s COVID-19 strategy; to analyze what, if any, impact it may have on China’s current international posture; and to assess whether this represents a significant departure from the Party’s strategic direction set at the 20th Party Congress last October. The paper concludes that the Party changed course on COVID-19 for two reasons: (1) it feared that not doing so would threaten its unofficial social contract with the Chinese people based on long-term improvements in jobs and living standards; and (2) that a structural slowdown in growth could also undermine China’s long-term strategic competition against the United States. This paper also concludes that the stark nature of the December 8 policy backflip, together with the Chinese health system’s lack of preparedness for it, has dented Xi Jinping’s political armor for the medium term. This setback comes on top of internal criticism of Xi’s broader ideological assault on the Deng-Jiang-Hu historical economic growth formula that Xi has prosecuted since 2017, as well as Xi’s departure from Deng’s less confrontational foreign policy posture that characterized previous decades. Nonetheless, these policy errors remain manageable within Chinese elite politics, where Xi still controls the hard levers of power. Furthermore, many of these changes on both the economy and external policy are more likely to be short-to-medium term and therefore tactical in nature, rather than representing a strategic departure from the deep ideological direction laid out for the long-term in Xi’s October 2022 Work Report. While these changes to current economic and foreign policy settings are significant in their own right, there is no evidence to date that Xi Jinping’s ideological fundamentals have changed.
Topic:
Security, Foreign Policy, Political Economy, and COVID-19
Political Geography:
China and Asia

2. The Pathway to an Effective ETS and Power Market Interaction: The Case of the Korean ETS

Author:
Alistair Ritchie
Publication Date:
03-2023
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
The power sector is one of the most important areas to cover in any emissions trading system (ETS), due to the scale and abatement potential of greenhouse gas (GHG) emissions in that sector. However, some critical challenges need to be overcome before an ETS can fulfil its emissions-reduction potential by driving fuel switching away from coal and toward renewables and low-carbon fuels. This is one of the most important topics for ETS development in Asia given the tight controls on power markets. The case of the Korean ETS (K-ETS) provides valuable insights for the pathway to an effective interaction between an ETS and the power market to support power sector decarbonization, based on recent developments and potential next steps. The Pathway to an Effective ETS and Power Market Interaction: The Case of the Korean ETS describes the details of recent developments in Korea's power market and the emission trading system to address insufficient emission reductions in the power sector, key future developments required, and learning points for ETSs in other Asian jurisdictions.
Topic:
Energy Policy, Markets, Carbon Emissions, and Decarbonization
Political Geography:
Asia and South Korea

3. Taiwan Strait Crises: Island Seizure Contingencies

Author:
Andrew Chubb
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
Conflict across the Taiwan Strait could disrupt East Asia’s extensive trade links, sever global production chains, generate serious shocks to regional economies, upend Asia’s security architecture, and, potentially, escalate into a catastrophic superpower war. Many regional states — including U.S. allies — are beginning to seriously consider how they would respond to a potential use of force by the People’s Republic of China (PRC). But analytic attention has focused overwhelmingly on the worst-case scenario of a PRC invasion, largely ignoring more likely contingencies calculated to stay below the threshold of lethal force. It is in this “gray zone” that the PRC has made strategic advances in the East and South China Seas in recent years. This paper argues that, compared with an invasion or blockade of Taiwan’s main island, an operation to capture one or more offshore islands currently controlled by the Republic of China (ROC or Taiwan) would offer Beijing considerable advantages. In an immediate tactical sense, it would offer Beijing greater flexibility and escalation control, lower risk of civilian casualties, and less likelihood of sparking a strong Taiwanese response or U.S. intervention. Strategically, such an operation could open up an array of options for further probes, faits accomplis, information gathering, and coercive pressure on ROC forces—and, in the case of the Penghu (Pescadores) Islands, substantial opportunities for enhanced surveillance, reconnaissance, and logistical support for a future invasion of the main island. Domestically, in contrast with a bloody and potentially catastrophic all-out invasion or a blockade that would risk conflict with the United States, outlying island seizure could offer Beijing a low-risk yet highly symbolic rallying point in a period of likely economic struggles and rising social dissatisfaction. Policymakers and strategists on all sides of politics in Taiwan, the United States and elsewhere need to carefully consider how they would respond to such contingencies, in order to enable an effective international response.
Topic:
Foreign Policy, Territorial Disputes, Geopolitics, and Regional Politics
Political Geography:
China, Taiwan, and Asia

4. The Transition From an Intensity to an Absolute Emissions Cap in China’s National Emissions Trading System

Author:
Duan Maosheng
Publication Date:
03-2023
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
The unique characteristics of China's economic development and electricity marketization have resulted in the implementation of a bottom-up intensity-based emissions cap in China’s national emissions trading system (ETS) in its early stages. However, the efficacy of the bottom-up cap-setting approach remains controversial, particularly with regard to achieving emission reduction goals and cost-effectiveness. In response to China's "dual carbon" targets and updated Nationally Determined Contributions (NDC), China’s national ETS shall gradually shift towards a real cap-and-trade system, with a transition period when a hybrid system, which has an absolute control cap beside the intensity cap, is implemented. The Transition from an Intensity to an Absolute Emissions Cap in China’s National Emissions Trading System examines the cap-setting approaches used in ETSs in China, the underlying reasons for choosing intensity caps in China, and major issues related to the transition from an intensity cap to an absolute cap in China’s national ETS.
Topic:
Climate Change, Economy, Trade, and Carbon Emissions
Political Geography:
China and Asia

5. Economic and Environmental Impacts of China’s New Nationwide CO2 Emissions Trading System

Author:
Lawrence Goulder, Xianling Long, Chenfei Qu, and Da Zhang
Publication Date:
05-2023
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China’s National Emissions Trading System (ETS) has already become the world’s largest ETS and is expected to contribute substantially toward meeting China’s pledge to peak its carbon emissions before 2030 and achieve carbon neutrality before 2060. The new system is based on a tradable performance standard (TPS), a rate-based system under which each covered facility receives from the government in each compliance period a certain number of emissions allowances based on its output and the government’s assigned “benchmark” ratio of emissions per unit of output. Economic and Environmental Impacts of China’s New Nationwide CO2 Emissions Trading System describes the results from a multi-sector multi-period general equilibrium model designed to assess the potential economic, energy mix, and emissions impacts of different future policy options under China’s National ETS over the period 2020–2035, by sector and province and in the aggregate
Topic:
Environment, Economy, Trade, and Carbon Emissions
Political Geography:
China and Asia

6. China's Course to Carbon Neutrality

Author:
Cory Combs
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China is in the midst of a wholesale economic transformation, driven by the central government’s pursuit of sustainability in all its forms: economic, social, and environmental. At the heart of this transformation sit Xi Jinping’s “dual carbon” targets: one to peak emissions before 2030, and the other to achieve carbon neutrality before 2060. However, such straightforward guiding targets belie the monumental complexity of unraveling and then rebuilding the fossil fuel–driven economy that enabled China’s rapid rise as a global economic power. The difficulties of moving China’s economy up the value chain – particularly from low-grade, emissions-intensive industrial manufacturing toward high value-add, green and low-carbon production – are compounded by the immense political frictions posed by entrenched interests and bureaucratic inertia. In this context, it is imperative for observers – particularly those keen on engaging with China during its grand green transformation experiment – to understand the many pieces, players, and problems involved. To this end, this report takes stock of China’s planning and reform efforts across the domains of climate, energy, and industrial upgrading since the 14th Five-Year Plan (2021–2025) was adopted. It then assesses the key drivers and constraints shaping these efforts, with the aim of elucidating the most likely path ahead – even as Beijing itself continues to map it out.
Topic:
Climate Change, Environment, Economy, Sustainability, and Carbon Emissions
Political Geography:
China and Asia

7. China’s 20th Party Congress Leadership Reshuffle: Stasis or Sweep?

Author:
Christopher K Johnson
Publication Date:
10-2022
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
President and Chinese Communist Party (CCP) General Secretary Xi Jinping successfully thwarted another “Twitter coup” in late September 2022, making clear he will remain China’s top leader for at least the next five years. But there is much less certainty about who else will make up the new leadership team at the 20th Party Congress that will assist Xi in guiding the country through its most challenging period in decades. There are virtually no hard rules in CCP politicking limiting the range of possible outcomes, and even the “norms” that are often cited as governing the process of choosing a new leadership lineup are, at best, loose conventions rather than predictable practices. Xi’s extreme centralization of power also means that China’s already deeply opaque political system is even more so, and more than two and a half years of COVID isolation for China has made it much more challenging to glean authoritative insights. Nevertheless, one still gets a very clear sense that the personnel arrangements for the party congress are largely in hand, and that Xi Jinping is firmly in command and very comfortable with them. If we accept that as the baseline, it is possible to deduce the most likely scenarios for personnel turnover at the apex of CCP power and decision-making, the Politburo Standing Committee (PBSC). As with so many things in Xi Jinping’s unique political universe, it seems that the outcome will probably be one of two fairly binary, and perhaps nearly equally likely, possibilities. The first, a “stasis” scenario, would see very little change to the PBSC as Xi either strictly adheres to the convention, followed since 2002, that officials 68 or older must retire, or largely abides by it except for some PBSC incumbents, most probably Premier Li Keqiang, who may step down even though he is 67. In the second “sweep” scenario, Xi could adjust the age criteria downward or just outright ignore it, creating a lot more room for new entrants to the PBSC.
Topic:
Leadership, Domestic Politics, Political Parties, Xi Jinping, and Chinese Communist Party (CCP)
Political Geography:
China and Asia

8. China’s National ETS and the Power Market: How the ETS Can Achieve Significant Emission Reductions

Author:
Yan Qin, Alistair Ritchie, and Yi Chen
Publication Date:
10-2022
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China’s newly established national emissions trading system (ETS) is intended to serve as the primary tool in assisting China in meeting its "dual carbon" target of CO2 peaking before 2030 and carbon neutrality by 2060. It is the largest ETS globally, accounting for 40 percent of China's CO2 emissions and more than 10 percent of worldwide emissions, with the potential to double its current size once industrial sectors are added. In its initial phase, it covers the power sector, particularly more than 2,000 enterprises operating coal- and gas-fired power stations. However, some critical challenges need to be overcome before the ETS can fulfill its emissions reduction potential in the power sector by driving fuel switching away from coal and toward renewables and low-carbon fuels through the carbon price. China's National ETS and The Power Market: How the ETS Can Achieve Significant Emission Reductions examines these challenges in relation to both the ETS itself and its interactions with the power market. It also proposes a policy pathway to address these challenges and unlock their potential to drive significant and cost-effective CO2 emissions reductions in the power sector and raise large amounts of revenue to fund the transition to carbon neutrality across the expanding ETS sectors.
Topic:
Climate Change, Markets, Carbon Emissions, and Energy
Political Geography:
China and Asia

9. The EU’s Proposed Carbon Border Adjustment Mechanism and Its Implications for Asia

Author:
Hubert Fallmann, Alistair Ritchie, and Yi Chen
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
To achieve a climate-neutral European Union (EU) by 2050 in line with the Paris Agreement, the EU needs to more ambitiously reduce greenhouse gas (GHG) emissions in the coming decade and update its climate and energy policy framework. The recently adopted European Climate Law sets a new EU target for 2030 of reducing GHG emissions by at least 55 percent compared to 1990 levels. To deliver this, the European Commission has proposed a “Fit for 55” package containing, among other initiatives, legislative proposals for a revision of the EU Emissions Trading System (EU ETS) with a more stringent emissions cap and a Carbon Border Adjustment Mechanism (CBAM). The CBAM will put a carbon price on imports of a targeted selection of goods with the aim of 1). ensuring that ambitious climate action in the EU does not lead to carbon leakage, and 2). encouraging partner countries to implement similar carbon-pricing policies. This policy, even at its proposal stage, has created a significant impact worldwide in supporting the uptake of carbon-pricing policies and in encouraging consideration of similar carbon border adjustment policies. The EU’s Proposed Carbon Border Adjustment Mechanism (CBAM) and Its Implications for Asia investigates the details of the EU’s proposed CBAM and its specific implications for companies and governments in Asia.
Topic:
Climate Change, Energy Policy, European Union, and Carbon Emissions
Political Geography:
Europe and Asia

10. Developing Effective Benchmark-Based Allocation for Industrial Sectors: The Case of the Korean ETS

Author:
Dong-Hyeok Kwon and Alistair Ritchie
Publication Date:
06-2021
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
Emissions trading systems (ETS) are increasingly being introduced as a way of cost-effectively reducing greenhouse gas emissions to meet ambitious national climate change targets, including Nationally Determined Contributions and net-zero long-term goals under the Paris Agreement. A key concern for governments and industry, however, is how to protect industry’s global competitiveness and prevent “carbon leakage”, that is, the transfer of production to world regions with less ambitious climate policies that would lead to an increase in total emissions. To address this concern, ETS allowances are typically allocated for free to greenhouse gas (GHG)-intensive or trade-intensive industries at risk of carbon leakage. The type of free allocation design is important because it directly impacts on the financial performance of companies. It also determines how companies are rewarded. Those that have invested more in GHG reduction technologies will be rewarded better under a benchmark (BM)-based allocation approach, where allocation is based on the level of production multiplied by an emissions intensity benchmark. Those that have invested less in such technologies will be rewarded better under a grandfathered approach, where allocation is based on historic emissions. However, while BM-based allocation is generally regarded as a fairer method, it is also considered more difficult to design and implement. This Asia Society Policy Institute issue paper, Developing Effective Benchmark-Based Allocation for Industrial Sectors: The Case of the Korean ETS, shows how BM-based allocation has been successfully implemented for some of Korea’s most important industrial sectors, steel and petrochemicals. It provides valuable insights and recommendations for other countries to develop an effective allocation system in a timely and efficient way.
Topic:
Climate Change, Trade, Carbon Emissions, and Paris Agreement
Political Geography:
Asia, South Korea, and Korea

11. Weaponizing the Belt and Road Initiative

Author:
Daniel R. Russel and Blake Berger
Publication Date:
09-2020
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China’s Belt and Road Initiative (BRI), launched by President Xi Jinping in 2013, is a massive international infrastructure program involving nearly 140 countries with over an estimated $1 trillion in projects related to energy, transportation, digital networks, and trade. Chinese leaders frame the BRI as “win-win” cooperation focused solely on development and connectivity. Beijing has gone to great lengths to minimize BRI’s links to the People’s Liberation Army and to downplay the initiative’s geostrategic overtones. Nevertheless, many governments have become worried about ulterior motives behind BRI projects, many of which have dual-use commercial-military capabilities and are increasingly connected to Chinese digital technologies and networks and satellite systems. The Asia Society Policy Institute’s – Weaponizing the Belt and Road Initiative – examines key BRI projects in the Indo-Pacific and explores relevant Chinese doctrine, the involvement of the People’s Liberation Army with BRI, and assesses the potential military and geostrategic advantages to China from BRI ports and other projects. This project is led by ASPI Vice President for International Security and Diplomacy Daniel Russel, with support from ASPI Senior Program Officer Blake Berger. The project and the report benefitted from advisement from experts and officials in Singapore, Australia, Japan, Vietnam, China, and the United States as well as to the expert advisory group whose distinguished members generously shared their time and wisdom to support this effort.
Topic:
Development, Geopolitics, Belt and Road Initiative (BRI), and Strategic Competition
Political Geography:
China and Asia

12. China’s Response to Climate Change: A Study in Contrasts and a Policy at a Crossroads

Author:
David B. Sandalow
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China is the world’s leading emitter of heat-trapping gases, by far. In 2019, Chinese emissions were greater than emissions from the United States, the European Union, and Japan combined. There is no solution to climate change without China. China’s response to climate change is a study in contrasts. China leads the world in solar power, wind power, and electric vehicle deployment, but also in coal consumption. The Chinese government has adopted some of the world’s most ambitious energy efficiency and forest conservation policies, but is financing a significant expansion of coal-fired power plant capacity at home and abroad. China’s leaders are strongly committed to the Paris Agreement, but appear to attach less priority to climate change than in years past. This Issue Paper explores these contrasts. It does so at an important time in Chinese climate change policy. During the next 18 months, the Chinese government will spend heavily on economic stimulus measures, release its 14th Five-Year Plan (for 2021–2025), and develop short- and long-term climate action plans (known as its “updated nationally-determined contributions” and “mid-century strategy” in the terminology of the global U.N. climate process). Decisions by the Chinese government will reverberate globally, including in the United States. A Biden administration’s ambition in addressing climate change would be reinforced by ambition in China. This Issue Paper provides an up-to-date snapshot of China’s climate policies, drawing on data from 2019 and the beginning of 2020 (during the height of the COVID-19 economic lockdown), as well as recent remarks by Chinese leaders. It starts by examining Chinese emissions of heat-trapping gases. It then discusses China’s principal climate policies, explaining the main tools the Chinese government uses to address climate change and related topics. The Issue Paper concludes with a discussion of processes that will shape Chinese climate change policy in the years ahead.
Topic:
Climate Change, European Union, Economy, and Carbon Emissions
Political Geography:
Japan, China, Europe, Asia, and United States of America

13. Future Scenarios: What To Expect From a Nuclear North Korea

Author:
Daniel R. Russel
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
After decades of broken promises and failed diplomatic efforts, North Korea has become a nuclear power. Kim Jong Un’s charm offensive over the past year, as seen in summit meetings with U.S. President Donald Trump and other leaders, has enabled him to shed his pariah status without shedding his nuclear weapons. While Kim has frozen testing, he continues to expand the country’s nuclear arsenal, defy and evade Security Council resolutions, and is now getting support from China in his call for sanctions relief. In the wake of the failed February 2019 Hanoi Summit, North Korea is warning of a return to testing by year’s end. But even if Kim were to reverse course and agree to freeze his entire nuclear and missile program, North Korea’s capacity to threaten the U.S. and its allies with a formidable arsenal would be undiminished. What’s worse, Kim seems to be turning to a powerful new weapon of mass destruction to gain leverage. Asia Society Policy Institute (ASPI) Vice President for International Security and Diplomacy Daniel Russel asserts in this ASPI issue paper that North Korea’s next weapon of choice is likely to be cyber: a high-impact, low-cost, and low-risk digital-age weapon that North Korea already can and does use to steal money, hack secrets, and terrorize nations. In the 5G era, developed nations such as the United States are particularly vulnerable. North Korean cyber-attacks have already succeeded in crippling critical overseas infrastructure and stealing hundreds of millions of dollars, reducing the efficacy of international sanctions. Future Scenarios: What to Expect from a Nuclear North Korea details the consequences of North Korea’s slow but steady trajectory toward acceptance as a nuclear power. The report highlights the urgency of focusing U.S. national security efforts against the threat from North Korea’s rapidly growing cyber warfare capability. Russel writes that the combined threat from North Korea’s nuclear and cyber programs can only be reduced through “coercive containment” — a multi-pronged strategy of diplomacy, defense, deterrence, and denial that will require substantial cooperation among key international players.
Topic:
International Relations, Diplomacy, Nuclear Power, Cybersecurity, Donald Trump, and Kim Jong-un
Political Geography:
Asia, North Korea, and United States of America

14. Trade in Trouble: How the Asia Pacific Can Step Up and Lead Reforms

Author:
Wendy Cutler, Peter Grey, Kim Jong-Hoon, Mari Pangestu, Yoichi Sozuki, and Tu Xinquan
Publication Date:
05-2019
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
The U.S.-China trade dispute has dominated headlines over the past year, disrupting trade and investment flows and increasing uncertainty at a time when the global economy is already facing headwinds. The conflict has left many countries in the Asia Pacific feeling caught in the crossfire seeking to navigate the tensions without alienating either country. While the World Trade Organization (WTO) would ideally help reduce the frictions, it has not been up to the task. The paralysis at the WTO points to a deeper problem: it’s inability to keep up with the pace of change or address the challenges of new developments in advanced technologies and the digital economy. Simply put, the trade regime is in trouble and in need of reform. At this dynamic and uncertain time in trade, the Asia Society Policy Institute (ASPI) convened a group of leading trade experts and former trade officials from across the Asia Pacific, led by ASPI Vice President Wendy Cutler. In this issue paper, the authors examine the major developments in the international trading system, including the U.S.-China trade dispute, FTA activity in the Asia Pacific, and efforts to reform the WTO. In this challenging environment, the authors find that the Asia Pacific is uniquely well-positioned to lead reforms to get the system back on track. This paper is the latest product of the ASPI initiative, “Building a High Standard and Inclusive Asia-Pacific Trade Architecture.” It builds on the work of two previous reports published in March 2017 and January 2018.
Topic:
Economy, Trade Wars, Trade, and WTO
Political Geography:
China, Asia, North America, and United States of America

15. Advancing the U.S.-Korea Economic Agenda

Author:
Wendy Cutler and Hyemin Lee
Publication Date:
01-2019
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
For nearly 70 years, the United States-Republic of Korea alliance has remained strong, built mainly on shared strategic and national security interests. While the North Korean nuclear threat has long dominated political discussions and media headlines, the economic pillar of the relationship is no less important. With amendments to the U.S.-Korea Free Trade Agreement (KORUS) now in place, it is an opportune time for both countries to look beyond KORUS and expand their bilateral economic engagement to new and evolving areas. This closer cooperation can serve as an engine for growth in a slowing Korean economy, as an opportunity for job creation in the United States, and as a vehicle for jointly writing the rules for the technologies of the Fourth Industrial Revolution. As policymakers in Washington and Seoul look to the future, the Asia Society Policy Institute (ASPI) charts a possible path forward in its newest issue paper, Advancing the U.S.-Korea Economic Agenda. This paper presents a range of concrete actions that the United States and South Korea can take to advance and strengthen their bilateral economic relationship in the areas of trade and investment, energy, digital economy and advanced technologies, infrastructure, and women’s economic empowerment. The recommendations included in this paper are based partly on two roundtables ASPI organized with South Korean and American experts in Seoul in June 2018, with support from the Korea Institute for International Economic Policy, and in Washington, D.C., in October 2018. The ideas are also based on discussions with government officials, business leaders, and think tank experts.
Topic:
National Security, Treaties and Agreements, Bilateral Relations, Alliance, and Trade
Political Geography:
Asia, South Korea, North America, and United States of America

16. High Tech: The Next Wave of Chinese Investment in America

Author:
Daniel H. Rosen and Thilo Hanemann
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
WHILE CHINA STARTED INVESTING AROUND THE WORLD in the early 2000s, the first waves of Chinese overseas investment targeted mostly extractive mining activities in developing countries and resource-rich advanced economies such as Australia and Canada. Over the past five years, however, Chinese capital has begun to flow into non-extractive sectors in advanced economies, increasingly targeting technology- and innovation-intensive industries. Initially, the surge of Chinese outward foreign direct investment (OFDI) in the United States largely responded to opportunities in energy and real estate, but access to technology and innovation is now becoming an important driver. In the first quarter of 2014 alone, Chinese investors announced high-tech deals worth more than $6 billion, including the takeovers of Motorola Mobility, IBM's x86 server unit, and electric carmaker Fisker.
Topic:
Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:
China, America, Canada, Asia, and Australia