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2. Asia’s Push For Monetary Alternatives
- Author:
- Marcus Noland
- Publication Date:
- 12-2022
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- For the last quarter century, Asia has been seeking greater autonomy within the existing international monetary system. While the region has had the resources to go its own way, intraregional rivalries and a reluctance to damage ties to the US and the International Monetary Fund have put a damper on regional initiatives. Now the ascendency of China offers a path toward greater regional autonomy in monetary affairs. Asia, led by China, has been playing a two-track strategy pushing for greater influence within the existing global institutions, while developing its own parallel institutions such as the Chiang Mai Initiative Multilateralization, the Belt and Road Initiative, and the Asian Infrastructure Investment Bank. Use of the Chinese renminbi will likely grow as a trade invoicing currency but expanded use of the renminbi as a reserve currency is more uncertain. It is possible that the dollar-centered international financial system could evolve into a multipolar system with multiple currencies playing key roles.
- Topic:
- Monetary Policy, Finance, Economy, and Investment
- Political Geography:
- China, South Asia, East Asia, Asia, and Southeast Asia
3. India’s Networking Response to the Chinese Threat
- Author:
- Rajesh Basrur
- Publication Date:
- 06-2021
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- India has experienced rising tensions with China in recent years, as demonstrated by two border crises in 2017 and 2020-21. The second event saw the death of some 20 Indian troops, and at least 4 Chinese soldiers, in hand-to-hand combat – the first fatalities in nearly half a century of periodic border face-offs. New Delhi’s policy response has spanned both internal and external balancing. The former has involved augmenting India’s capacity to engage in limited combat of the type that nuclear-armed states have occasionally fought, as did the Soviet Union and China in 1969 and India and Pakistan in 1999. The Indian military has bolstered its border by deploying combat troops, cruise missiles, and advanced combat aircraft. However, China has done much the same, putting pressure on India to upscale its military capabilities. Simultaneously, India has tried to reduce its dependence on the Chinese economy, a more complicated task. Despite a 10 percent decline in bilateral trade owing to the Covid-19 pandemic and border tensions, China was India’s largest trading partner ($77.7 billion) in 2020. The Narendra Modi government sharply cut Chinese investment when the 2020 border confrontation in Ladakh broke out, expelling major Chinese companies like TikTok, WeChat, and UC Browser. Despite these measures, India’s ability to shut China out of its economy is limited. The Indian market depends heavily on Chinese electronic components (70 percent in value terms), pharmaceutical ingredients (70 percent), and consumer durables (45 percent).
- Topic:
- Conflict Prevention, Bilateral Relations, Economy, and Trade
- Political Geography:
- China, South Asia, India, and Asia
4. US-China Economic Relations Under Pressure From COVID-19
- Author:
- Christopher A. McNally
- Publication Date:
- 06-2020
- Content Type:
- Commentary and Analysis
- Institution:
- East-West Center
- Abstract:
- With both the US and China facing a long economic slowdown, the bilateral relationship between the globe's two largest economies faces massive challenges. Making matters worse, Washington and Beijing have attempted to divert domestic attention away from their own substantial shortcomings by blaming each other. Given the economic uncertainty, each side has limited leverage to force the other into making concessions. Harsh rhetoric only serves to inflame tensions at the worst possible time. For better or worse, the US and China are locked in a messy economic marriage. A divorce at this time would exact an enormous cost in an already weakened economy.
- Topic:
- Foreign Policy, Bilateral Relations, Economy, and COVID-19
- Political Geography:
- China, Asia, North America, and United States of America
5. Has U.S. Government Angst over the China Danger Diminished?
- Author:
- Robert Sutter
- Publication Date:
- 01-2020
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- The so-called “truce” in the trade war with the signing of the phase one U.S.-China trade agreement on January 15 comes amid indicators that the intense U.S. government consensus pushback against a wide range of perceived challenges posed by China may be subsiding.
- Topic:
- Government, Bilateral Relations, Economy, and Trade Wars
- Political Geography:
- China, Asia, North America, and United States of America
6. Mongolia's Response to Increasing U.S.-China-Russia Rivalry in Asia
- Author:
- Alicia Campi
- Publication Date:
- 08-2020
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- Dr Alicia Campi, President of the Mongolia Society, explains that “The [“Third Neighbor”] policy was reinterpreted in content and meaning to include cultural and economic partners as diverse as India, Brazil, Kuwait, Turkey, Vietnam, and Iran. With increased superpower rivalry in its region, Mongolia has expanded this basic policy.”
- Topic:
- Foreign Policy, Partnerships, and Economy
- Political Geography:
- Russia, China, Turkey, India, Mongolia, Asia, Kuwait, Brazil, North America, and United States of America
7. Chinese, Japanese, and Korean Inroads into Central Asia: Comparative Analysis of the Economic Cooperation Roadmaps for Uzbekistan
- Author:
- Timur Dadabaev
- Publication Date:
- 12-2019
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- China, Japan, and South Korea have regarded Central Asia as a new Asian frontier in their foreign policies since the collapse of the Soviet Union. With time, their policies evolved into regionbuilding initiatives exemplified by the Shanghai Cooperation Organization, Belt and Road Initiative, Central Asia plus Japan Dialogue Forum, and Korea-Central Asia Cooperation Forum. This paper raises the following research questions: What are the areas of interest for China, Japan, and Korea in their relations with Central Asian states and Uzbekistan in particular? What are the patterns of agenda setting in establishing intergovernmental cooperation? What are the particular projects that these states initiate? What are the objectives of projects initiated within these areas of interest? How competitive or complementary are these projects of China, Japan, and Korea? Throughout, Chinese, Japanese, and Korean “Silk Road” roadmaps with Uzbekistan are discussed to highlight their similarities and differences.
- Topic:
- Foreign Policy, Economy, and Economic Cooperation
- Political Geography:
- Japan, China, Central Asia, Asia, South Korea, and Uzbekistan
8. Domestic Politics Force India's Withdrawal from RCEP and Broader Trade Disengagement
- Author:
- Amitendu Palit
- Publication Date:
- 11-2019
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- The Regional Comprehensive Economic Partnership (RCEP) negotiations concluded at the ASEAN Summit in Bangkok on November 4, 2019. Fifteen RCEP members, including the ten-ASEAN countries, and Australia, China, Japan, Korea and New Zealand, agreed to commence preparation of the legal text of the agreement for signing in 2020. India was the only member to opt out, citing significant unresolved outstanding issues. India’s decision was surprising as it actively participated in the negotiations that lasted for 29 rounds and went on for more than six years since beginning in 2013. Domestic pressures forced Prime Minister Modi to withdraw India from RCEP at the last minute. It also points to disengagement becoming the prominent character of India’s trade policy as domestic protectionist interests successfully undermine outward-oriented economic visions.
- Topic:
- Politics, Treaties and Agreements, Economy, Trade, and ASEAN
- Political Geography:
- China, India, and Asia