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21. Hong Kong Under One Country Two Systems: Promises and Realities

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, and International Trade and Finance
Political Geography:
Russia, United States, China, Europe, Israel, East Asia, and Asia

22. Russia's Image of China and Russian-Chinese Relations

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, and International Trade and Finance
Political Geography:
Russia, United States, China, Europe, Israel, East Asia, and Asia

23. Taking APEC Seriously

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 and International Trade and Finance
Political Geography:
United States and Asia

24. Permanent Normal Trade Relations for China

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 and International Trade and Finance
Political Geography:
United States, China, Europe, and Asia

25. The International Financial Architecture

Author:
Jeffrey A. Frankel
Publication Date:
06-1999
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The recent financial crises in many emerging market economies have raised anew questions about the appropriate exchange-rate regime and the use of capital controls as policy instruments. The use of both mechanisms should be tailored to each country's unique circumstances. Fixed exchange-rate mechanisms, such as dollarization (adopting the dollar as legal tender in place of the national currency), are suited to small open economies or those desperate to import monetary stability. Larger economies, such as the European Union (EU) and the United States, should allow their currencies to float. Intermediate regimes that fall between fixed- and floating-rate regimes—such as bands, baskets, and crawls (See Figure 1 for definitions)—are still appropriate for some countries. Certain well-targeted restrictions on the composition of capital flows might be appropriate for some emerging-market countries as temporary measures when inflows are particularly high.
Topic:
Economics and International Trade and Finance
Political Geography:
United States and Europe

26. Time to Reinvent APEC

Author:
Edward Lincoln and 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, and International Trade and Finance
Political Geography:
United States and Asia

27. Globaphobia: The Wrong Debate Over Trade Policy

Author:
Robert Z. Lawrence and Robert E. Litan
Publication Date:
10-1997
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The outcome of the fast-track debate that opened this month will determine whether the United States continues to lead the world toward a more open global economy or whether, for the first time since the end of World War II, it sends the opposite message.
Topic:
Foreign Policy, Globalization, International Political Economy, and International Trade and Finance
Political Geography:
United States