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  • Author: Steven Dunaway
  • Publication Date: 03-2009
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The current economic and financial crisis has brought about a significant change in global economic governance as the international forum for discussions on the crisis has shifted from the small group of advanced countries in the Group of Seven (G7) to the Group of Twenty (G20), a broader group including important emerging market countries. The G20 summit held in Washington, DC, on November 15, 2008, dealt with the immediate concerns fostered by the crisis and focused on both macroeconomic policy actions needed to support global growth and ideas for implementing financial market reforms. Follow-up G20 summits are expected, starting with a gathering in the United Kingdom in April 2009. However, for these discussions to have a substantial impact, the agenda will have to be broadened beyond economic stimulus and financial market regulation. If not, global policymakers will miss a critical chance to make the world economy and financial markets more stable, as then U.S. treasury secretary Henry M. Paulson Jr. pointed out: If we only address particular regulatory issues—as critical as they are—without addressing the global imbalances that fueled recent excesses, we will have missed an opportunity to dramatically improve the foundation for global markets and economic vitality going forward. The pressure from global imbalances will simply build up again until it finds another outlet.
  • Topic: International Relations, Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, China
  • Author: Brad W. Setser, Arpana Pandey
  • Publication Date: 01-2009
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: China reported $1.95 trillion in foreign exchange reserves at the end of 2008. This is by far the largest stockpile of foreign exchange in the world: China holds roughly two times more reserves than Japan, and four times more than either Russia or Saudi Arabia. Moreover, China's true foreign port- folio exceeds its disclosed foreign exchange reserves. At the end of December, the State Administration of Foreign Exchange (SAFE)—part of the People's Bank of China (PBoC) managed close to $2.1 trillion: $1.95 trillion in formal reserves and between $108 and $158 billion in “other foreign assets.” China's state banks and the China Investment Corporation (CIC), China's sovereign wealth fund, together manage another $250 billion or so. This puts China's total holdings of foreign assets at over $2.3 trillion. That is over 50 percent of China's gross domestic product (GDP), or roughly $2,000 per Chinese inhabitant.
  • Topic: International Relations, Debt, Economics, Emerging Markets, International Trade and Finance
  • Political Geography: Russia, United States, China, Israel, Asia, Saudi Arabia
  • Author: Dennis C. Blair, Carla A. Hills, Frank Sampson Jannuzi
  • Publication Date: 04-2007
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: President Richard M. Nixon reached out to the People's Republic of China thirty-five years ago to advance U.S. strategic interests by balancing the Soviet Union and reinforcing the split between two former communist allies. Nixon and his national security adviser, Henry Kissinger, briefed the Chinese on Soviet forces arrayed against China and also discussed the Vietnam War and Taiwan. Nixon and Kissinger sought to change the global U.S. stance from confrontation to détente and to extricate the United States from the Vietnam War. Their mission shifted the globe's geopolitical landscape.
  • Topic: International Relations, Foreign Policy
  • Political Geography: United States, China, Asia, Vietnam
  • Publication Date: 03-2005
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: When the leaders of Canada, Mexico, and the United States meet in Texas on March 23, they will be representing countries whose futures are shared as never before.U.S. trade with Mexico and Canada accounts for almost one-third of total U.S. trade. U.S. trade with its North American neighbors substantially exceeds its trade with the European Union, and with Japan and China combined. In the energy sector, Canada and Mexico are now the two largest exporters of oil to the United States. Canada alone supplies the United States with over 95 percent of its imported natural gas and 100 percent of its imported electricity. In 2005, the borders between Canada, Mexico, and the United States will be crossed almost 400 million times.
  • Topic: International Relations, Government, Regional Cooperation
  • Political Geography: United States, Japan, China, Canada, North America, Mexico
  • Author: Neil E. Silver
  • Publication Date: 04-2000
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The political dynamics of China-Japan relations have changed in reaction to three events: the demise of bipolar world politics, China's ''rise,'' and Japan's unexpected economic stall. These changed political dynamics have brought important challenges and consequences for the United States.
  • Topic: International Relations, Security
  • Political Geography: United States, Japan, China, Israel, East Asia, Asia