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  • Author: Rachel McCulloch, Chad P. Bown
  • Publication Date: 06-2005
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The bilateral relationship with China has become a major focus of U.S. trade policy. This paper examines recent U.S. policy toward imports from China, highlighting important explicitly and implicitly discriminatory elements. Discriminatory restrictions on U.S. trade with China protect competing domestic industries as well as non-Chinese foreign suppliers with an established presence in the U.S. market. Unlike discriminatory U.S. treatment of Japan in the 1980s, in which "gray-area" measures like voluntary export restraints were prominent, most U.S. actions toward China are fully consistent with current WTO rules, including the special terms of China's 2001 WTO accession. However, as with earlier discriminatory actions directed primarily at Japan, U.S. trade policy toward China is likely to have complex effects on global trade flows and may produce outcomes far different from those intended.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, China, Asia
  • Author: Catharin Dalpino, Juo-yu Lin
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: Over a span of several years, China's relations with the nations of Southeast Asia have shifted in quiet increments. The accumulated effect, however, has been profound. A concerted diplomatic effort to woo countries of the Association of Southeast Asian Nations (ASEAN), which now includes all countries in the region excepting East Timor, has reaped multiple benefits for Beijing. It is beginning to alter the political balance in the region as alignments with extra-regional powers are shifting, however subtly. In some aspects, the change is more dramatic. Economic relations have expanded rapidly; for example, trade between China and Southeast Asia is seventeen times larger today than it was twenty-five years ago.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: China, Beijing, Asia, Southeast Asia
  • Author: Richard Bush
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: On the face of it, relations between China and Taiwan have improved significantly since the saber-rattling of 1999 and 2000. Economic relations have never been better. Two-way trade is around $40 billion annually, and the Mainland has become Taiwan's largest export market, displacing the United States. Taiwan companies continue to invest in the PRC at record rates, in order to keep their products competitive through cheaper Chinese labor. The product mix of Taiwan factories on the mainland is shifting from items like shoes and toys to high-end goods like semi-conductors and notebook computers. As machinery moves, so do people, and the number of Taiwan people living most of the time in the PRC is hundreds of thousands. With this growing economic interaction come shared interests and better mutual understanding. Neither side would benefit from conflict, and both know it. The chance of growing tensions seems low.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, Taiwan, Asia
  • Author: Wilson Wong
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: In the more than five years since Hong Kong returned to Chinese sovereignty, it has suffered economical, social, and political decline. The root cause of this decline, and the key variable for the next five years, is institutional weakness. Specifically, the Hong Kong government must address the dual problems of poor performance and low capacity in order to reverse the decline and get Hong Kong back on track for economic growth and institutional development.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: Asia
  • Author: Edward Lincoln
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: One of the discouraging problems in Northeast Asia over the past decade has been the lengthy malaise in the Japanese economy and the inability of government, business, and the public to forge effective solutions. In the decade since 1992, the average annual real (inflation-adjusted) economic growth rate has been only one percent—positive but very low and punctuated by four recessions in which gross domestic product (GDP) fell for at least two consecutive quarters. The financial sector is weighed down under an enormous amount of non-performing loans that has only grown larger over time. Meanwhile, Japan has become the first industrial country since the 1930s to experience deflation—a decline in the overall price level.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: Japan, Asia, Northeast Asia
  • Author: Jae Ho Chung, Zhang Ye
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The Sixteenth Congress of the Chinese Communist Party (CCP) was convened during November 8-15, 2002. The Congress reconfirmed the Party's strong commitment to the three key tasks of achieving modernization, accomplishing national unification, and safeguarding world peace and development. The outgoing CCP General Secretary Jiang Zemin, on behalf of the Fifteenth Central Committee, emphasized the need for further political changes at the grassroots and presented the target of quadrupling China's gross domestic product (GDP) by 2020. Jiang also projected that China's armed forces would possess fewer but better troops “ with Chinese characteristics. ”
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: China, Asia
  • Author: Richard Bush, Dean Nowowiejski, Tomatsu Nakano
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: Most signs during the late summer and early fall of 2002 pointed to progress on the Korean peninsula. North Korean leader Kim Jong Il had finally grasped, it appeared, the need for international moderation and domestic reform. The United States seemed ready to respond in kind. But with the visit to Pyongyang in October of U.S. Assistant Secretary of State James Kelly – the first high-level contact since the Bush Administration came into office – the situation quickly unraveled. Instead of offering the “bold initiative” that was reportedly in the works, Kelly confronted his interlocutors with evidence that their government had mounted a new, clandestine uranium-based nuclear program. The North Koreans refused to disavow the program and insisted on their right to nuclear weapons. Kelly responded that the United States would not engage the DPRK unless and until it abandoned the program. The status of the 1994 U.S.-DPRK Agreed Framework, which had capped North Korea's plutonium-based program in return for international assistance in meeting its civilian energy needs, was uncertain at best. The Korean Peninsula Energy Development Organization (KEDO), the mechanism for providing that aid, stopped heavy fuel oil shipments to North Korea at the end of 2002 at American insistence.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, Asia, Korea, Sinai Peninsula
  • Author: Catharin Dalpino, Richard Bush
  • Publication Date: 04-2003
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: This is the third edition of the Northeast Asian Survey, sponsored by the Center for Northeast Asian Policy Studies of the Brookings Institution. Following this review of developments in the region during 2002, the bulk of the volume is composed of essays that provide mid-term perspectives on internal dynamics in China, Hong Kong, and Japan, on the crisis on the Korean peninsula, and on relations between China and Taiwan and on China and Southeast Asia. All the authors have been affiliated with the Brookings Institution during the 2002-03 year. Most were CNAPS Visiting Fellows or Brookings Federal Executive Fellows.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: China, Taiwan, Asia, Southeast Asia, Hong Kong, Northeast Asia
  • Author: Carol Graham, Paul Robert Masson
  • Publication Date: 11-2002
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: In recent years, the international financial system has faced tremendous challenges, from the Asia, Russia, and Brazil crises in the late 1990s, to Argentina's default and ensuing economic collapse in 2002 to new worries about a possible default in Brazil. An increasing number of observers are questioning the way the international financial institutions manage these crises. An alternative approach that is endorsed in principle by many—including Horst Köhler, the new managing director of the International Monetary Fund (IMF)—is a move toward more selective lending with fewer conditions, with the decision to lend based on a more general and ultimately political assessment of the recipient government's capacity to deliver on its promises. Argentina provides a potential test bed for this approach.
  • Topic: International Organization, International Trade and Finance
  • Political Geography: Russia, Asia, Brazil, Argentina, South America, Latin America
  • Author: Robert Litan, Michael Pomerleano, V. Sundararajan
  • Publication Date: 07-2002
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
  • Topic: Economics, Emerging Markets, Government, International Trade and Finance
  • Political Geography: Russia, New York, Turkey, Asia, Argentina
  • Author: Naoko Munakata
  • Publication Date: 12-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: On October 22, 2000, Japanese Prime Minister Yoshiro Mori and Singapore Prime Minister Goh Chok Tong agreed to formal negotiations for the Japan-Singapore Economic Agreement for a New Age Partnership (JSEPA) in January 2001, in light of the September 2000 report from the Japan-Singapore Free Trade Agreement (JSFTA) Joint Study Group. It was the first time Japan entered into negotiations concerning regional economic integration. With a strong emphasis on the need to address the new challenges globalization and technological progress pose; the Joint Study Group explored a possible .New Age FTA. between the two countries, which Prime Minister Goh proposed in December 1999. Thus, for Japan the JSEPA marked a major turning point in promoting regional economic integration.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, Japan, China, Europe, Israel, Asia
  • Author: Kazuo Sato
  • Publication Date: 01-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The November 1998 state visit to Japan by Chinese President Jiang Zemin was historically significant in that it was the first visit to Japan by a Chinese head of state. However, many people, including policymakers in Japan, had the impression that the visit not only failed to promote Japan-China relations, but actually strengthened anti-Chinese sentiments among the Japanese public. Nevertheless, both governments treated the Japan-China Joint Declaration On Building a Partnership of Friendship and Cooperation for Peace and Development—issued by the two governments on the occasion of visit—as a third important bilateral document, following the 1972 Joint Communiqué and the 1978 Treaty of Peace and Friendship. The two sides repeatedly have stressed that all problems should be handled in line with these three documents. There is a belief, especially among policymakers, that the 1998 Joint Declaration will be the bilateral framework upon which a strong partnership will be built for at least the first decade of the 21st century.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, Japan, China, Europe, Israel, East Asia, Asia
  • Author: Chungsoo Kim
  • Publication Date: 09-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: This paper analyzes the Korean public mindset on the country's external economic relations in general, and its efforts of market opening in particular, with the Japan-Korea Free Trade Area (JKFTA) as the case in point.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, China, Europe, Israel, East Asia, Asia
  • Author: Li Xiaoping
  • Publication Date: 08-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The television services of China have undergone dramatic changes since the policy of open door economic reform was introduced in the late 1970s. Few research studies, however, have been conducted in the United States and other Western countries on what, specifically, these changes are, and how they affect the lives of Chinese people and shape the media's role in Chinese society. This paper will outline the significant structural changes in the Chinese television industry, particularly at China Central Television (CCTV); it will also analyse the phenomenon of a highly popular program, 'Focus', (Jiao Dian Fang Tan) and its impact on Chinese politics and society. Based on this analysis, this paper will discuss relevant issues surrounding mainland Chinese media, including its editorial freedom and independence, expanding impact on policymaking, and, finally, its future role in the continued liberalization and democratization of China.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, China, Europe, Israel, East Asia, Asia
  • Author: Chris Yeung
  • Publication Date: 06-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The return of Hong Kong to Chinese rule captured the attention of the entire world. While most people conceded that the untried formula of “one country, two systems” was the best possible option for the people of Hong Kong, there were persistent doubts and anxiety about its viability and the sincerity of Beijing in honoring its promises. Whether or not the policy would work was definitely in the eye of beholder.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, China, Europe, Israel, East Asia, Asia
  • Author: Alexander Lukin
  • Publication Date: 06-2001
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: Discussion and debate about Russian-Chinese relations is on the rise and attracts the attention of experts and policy-makers around the world. From the Russian perspective, the importance of developing relations with its neighbor is determined by several considerations: shared interests and concerns about the international situation, the need to secure a peaceful international environment for economic development, worries about the future of the Russian Far East, and advantages from trade and economic cooperation with the fastest growing Asian economy. Russian approaches to China differ among various groups, political trends and individual experts; moreover, they exist not in vacuum, but within the framework of more general perceptions of the international situation and Russia's position therein. Based on these perceptions, it can be expected that Russia will develop closer relations with China for the foreseeable future. However, since the official Russian attitude toward China strongly depends on Russia's relations with the West, especially with the United States, US policy towards Russia and China will significantly influence the future Russian-Chinese partnership.
  • Topic: Security, Foreign Policy, International Trade and Finance
  • Political Geography: Russia, United States, China, Europe, Israel, East Asia, Asia
  • Author: Edward J Lincoln
  • Publication Date: 12-2001
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: The Asia Pacific Economic Cooperation forum (APEC) has been a modestly useful government-to-government forum that has brought together nations from around the Pacific Rim since its inception in 1989. Sadly, hopes that APEC would provide a valuable arena in which to pursue the goal of open markets for trade and investment have fizzled. As the trade agenda has weakened, interest in APEC around the region has waned, and some nations have turned their attention to other regional or bilateral agendas.
  • Topic: International Cooperation, International Trade and Finance
  • Political Geography: United States, Asia
  • Author: Paul Masson, Michael Pomerleano, Robert E Litan
  • Publication Date: 06-2001
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: Foreign direct investment in financial firms in emerging markets surged in the 1990s, although not equally in all places. The main beneficiaries: Latin America and Central Europe, with Asia a distant third. This conference report summarizes findings on the impacts—mainly positive—of this significant inflow of funds and managerial and technical know-how, as well as recommendations for policies toward foreign direct investment (FDI) in the future. The main recommendation: countries with restrictions generally should relax them, even when their own financial systems are weak. At the same time, foreign entry gives rise to new policy challenges, supervisory and competitive, which emerging markets need to confront both unilaterally and with cooperation from source country governments.
  • Topic: Emerging Markets, International Trade and Finance, Third World
  • Political Geography: Asia, Latin America, Central Europe
  • Author: Nicholas R. Lardy
  • Publication Date: 05-2000
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: In what has been described as its most important vote this year, the U.S. Congress will soon decide whether to provide permanent normal trade relations to China. A vote is required because, after 14 years of negotiations, China is poised to enter the World Trade Organization (WTO). Assuming China concludes its bilateral negotiations with the European Union by June or July, entry is likely before the end of the year. The cornerstone principle of the World Trade Organization is that members provide each other unconditional Most Favored Nation trade status, now called Permanent Normal Trade Relations (PNTR) in U.S. trade law. Current U.S. law precludes granting PNTR to China; as a result President Clinton has asked Congress to amend the law. A negative vote would have no bearing on China's entry into the World Trade Organization, but it would mean that U.S. companies would not benefit from the most important commitments China has made to become a member. Gaining the full range of benefits is particularly important in light of the large and growing deficit the United States faces in its trade with China (Figure 1). A positive vote would give U.S. companies the same advantages that would accrue to companies from Europe, Japan, and all other WTO member states when China enters the World Trade Organization. It would also provide an important boost to China's leadership, that is taking significant economic and political risks in order to meet the demands of the international community for substantial additional economic reforms as a condition for its WTO membership. A positive vote would strengthen bilateral economic relations more generally. That may help place a floor on the broader bilateral relationship, which continues to face critical challenges on security issues, stemming largely from tensions between China and Taiwan, and on human rights issues.
  • Topic: International Relations, International Trade and Finance
  • Political Geography: United States, China, Europe, Asia
  • Author: Edward Lincoln, Kenneth Flamm
  • Publication Date: 11-1997
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: APEC, the Asia-Pacific Economic Cooperation forum, provides an opportunity for 18 countries with strong trade and investment ties to discuss a wide range of economic issues. APEC has scored two tangible achievements to date: a sweeping but vaguely worded 1994 pledge by its member states to open up to free trade and investment by 2010 and 2020, and a central role in the negotiation of the 1996 Information Technology Agreement (ITA). However, APEC is in danger of fading. When this year's summit begins on November 19, the United States must push for major reform of the APEC bargaining process if the organization is to have any chance of realizing its ambitious trade reform targets.
  • Topic: Foreign Policy, Economics, Emerging Markets, International Organization, International Trade and Finance
  • Political Geography: United States, Asia