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  • Author: Ming Zhang
  • Publication Date: 03-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar (USD) and advance domestic structural reform. RMB internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic. RMB internationalization has exerted significant influence on not only the Chinese economy but also other emerging market economies. RMB internationalization complicates domestic monetary policy, exacerbates the currency mismatch on China's international balance sheet and increases both the scale and volatility of short-term capital flows. It offers emerging economies another alternative for pricing domestic currency and investing foreign exchange reserves. Its overall impact on the international monetary system's stability will depend on how the capital account is liberalized and the consistency and transparency of Chinese monetary policy. This paper concludes with five recommendations for Chinese policy makers to promote RMB internationalization in a sustainable way that is conducive to international stability.
  • Topic: Development, Economics, Government
  • Political Geography: United States, China
  • Author: John Whalley
  • Publication Date: 02-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded in September 2013, is a trial for China's new round of “reform and opening up” (China.org.cn 2008). The SPFTZ has promised liberalization on capital account and trade facilitation as its main objectives. This paper discusses reasons why China needs such a pilot zone after three decades of economic development, examines the differences between the SPFTZ and other free trade zones (FTZs) and highlights the developments of the SPFTZ since its inception. The SPFTZ's initial impressions are assessed, especially its impact on the opening of China's capital account and financial liberalization. The hope is that the success of the SPFTZ, and more pilot policies replicated in China, will give rise to a more balanced Chinese economy in the following decade.
  • Topic: Development, Economics
  • Political Geography: China
  • Author: Carol Graham, Shaojie Zhou, Junyi Zhang
  • Publication Date: 06-2015
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The past two decades in China brought unprecedented rates of economic growth, development, and poverty reduction. Indeed, much of the reduction in the world’s extreme poverty rates during that time can be explained by the millions of people in China who exited poverty. GDP per capita and household consumption increased fourfold between the years 1990 and 2005.1 China jumped 10 places forward on the Human Development Index from 2008 until 2013, moving up to 93 of 187 countries, and life expectancy climbed to 75.3 years, compared to 67 years in 1980.
  • Topic: Development, Economics, Health, Human Welfare
  • Political Geography: China
  • Author: Nicola Casarini
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: With the One Belt One Road (OBOR), arguably Beijing’s major diplomatic outreach in decades, a process towards greater Sino-European connectivity has been put in place. The implementation of the OBOR in Europe has focused so far on financing infrastructure projects, in particular railways in Southeast Europe and ports in the Mediterranean Sea. This has been complemented by growing monetary linkages between the People’s Bank of China and European central banks through the establishment of currency swap agreements and yuan bank clearing – so-called “offshore renminbi hubs” – with the aim of lowering transaction costs of Chinese investment and bolstering the use of the Chinese currency. While there are undoubtedly great economic opportunities, China’s OBOR initiative also presents the EU with a major political challenge. There is the risk, in fact, that a scramble for Chinese money could further divide EU member states and make it difficult for Brussels to fashion a common position vis-à-vis Beijing. Furthermore, China’s economic penetration into Europe may lead – if not properly managed – to a populist backlash as well as a strain in relations with Washington. All these elements should be taken into consideration by EU policymakers, as China’s OBOR makes inroads into the Old Continent.
  • Topic: Development, International Trade and Finance, Bilateral Relations, Infrastructure
  • Political Geography: China, Europe
  • Publication Identifier: 978-88-98650-64-4
  • Publication Identifier Type: DOI
  • Author: Andrea Ghiselli
  • Publication Date: 04-2015
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: Developments at both the doctrinal and operational level suggest that the 'post-modernisation' of China's PLA Navy (PLAN) has started. Issues such as the maritime disputes in the East and South China Seas and how to create a network of bases or 'footholds' outside Asia might slow down or temporarily halt this process. However, as China's economic presence expands on a global scale, its security interests and those of the international community will overlap increasingly with one another. Consequently, once its transformation has been completed, the PLAN is likely to become a global and cooperative force.
  • Topic: Security, Development
  • Political Geography: China
  • Author: Xiao Fang
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: China and Central Europe have experienced similar transitions over time and have a constructive role to play in the international system, taking on responsibility for development. Cooperation between China and Central and Eastern European Countries is conducted via the “16+1” mechanism, the Silk Road Economic Belt and 21st century maritime Silk Road, known as the “Belt and Road initiative.” Central European countries are EU member states and emerging economies. They are located at a geographically strategic juncture and form part of the East Asia–Transatlantic value chain. The 16+1 mechanism is helping China and Central European countries establish high level annual meetings and is encouraging the private sector, business, people-to-people exchanges. The Belt and Road initiative is providing new financing facilities, and a dialogue with the European Commission on investment plans is being launched. Studies and working groups are emerging to help set strategies, build mechanisms, allocate resources and implement policies. This article argues that the Chinese approach, i.e. the 16+1 mechanism and Belt and Road initiative, is platforms paving the way for China–Central Europe cooperation.
  • Topic: Development, Economics, Politics, Geopolitics
  • Political Geography: China, Central Europe
  • Author: Agnes Szunomar
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: China is increasingly perceived in Central and Eastern Europe as a country which could bring economic success to the countries of the region through the development of trade relations and the growing inflow of Chinese investment. Within the region, Hungary is regarded as occupying a prominent position by Chinese people and the government for several reasons. Chinese relations have historically been good: over the past decade Hungarian governments have committed themselves to developing the relationship. This trend was further confirmed after the global economic crisis of 2008, when Hungary started looking for new opportunities in its recovery from recession. The “Eastern opening” policy was initiated after the crisis and partly because of it. Officially, this policy puts more emphasis on further developing Chinese–Hungarian relations than was previously the case, including increasing trade and investment. However, the outcomes of the policy – such as the construction of the Budapest–Belgrade railway line – can be evaluated in different ways.
  • Topic: Development, Economics, International Trade and Finance, Politics
  • Political Geography: China, Central Europe
  • Author: Peter Ondris
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: While numerous specialist studies about Chinese communities have been published in other countries in the region, this is not the case in Slovakia. Therefore there is a general lack of information about the Chinese community in Slovakia. The objective of this study is, at least partially, to fill this gap. While in many cases, i.e. in Central and Eastern Europe, businesses run by Chinese migrants have contributed to the economic stabilization of the region, including in Slovakia. It should be noted that the number of Chinese people in Slovakia has in the last ten years decreased as a percentage of the foreigners living legally in Slovakia. One could assess this as being a consequence of Slovakia’s EU membership and its adoption of European legislation. The Slovak government has adopted policies to try to change the nature of Chinese migration to Slovakia and attract more educated people and businessmen.
  • Topic: Development, Economics, International Trade and Finance, European Union, Multilateral Relatons
  • Political Geography: China, Eastern Europe, Hungary, Central Europe, Slovakia
  • Publication Date: 07-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: China’s coal consumption fell marginally in 2014, the first such drop this century, in large part as a result of its policies to address its severe air pollution, develop renewable and alternative energy, and transition its economy away from heavy industry. China should take advantage of its current circumstances to adopt an aggressive national coal consumption cap target and policy to peak its coal consumption as soon as possible, no later than its next Five Year Plan (2016–2020), so that it can peak its CO2 emissions by 2025. It can achieve this target by building upon its existing achievements in developing clean energy such as wind and solar power, and by prioritizing renewable energy development over coal in its western expansion. China can help lead a transition to clean energy that will contribute greatly to global efforts to keep warming to no more than 2°C, and can serve as a model for other developing countries.
  • Topic: Climate Change, Development, Energy Policy, Industrial Policy
  • Political Geography: China
  • Author: Timmons Roberts, Guy Edwards
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: China's rapidly increasing investment, trade and loans in Latin America may be entrenching high-carbon development pathways in the region, a trend scarcely mentioned in policy circles. High-carbon activities include the extraction of fossil fuels and other natural resources, expansion of large-scale agriculture and the energy-intensive stages of processing natural resources into intermediate goods. This paper addresses three examples, including Chinese investments in Venezuela's oil sector and a Costa Rican oil refinery, and Chinese investment in and purchases of Brazilian soybeans. We pose the question of whether there is a tie between China's role in opening up vast resources in Latin America and the way those nations make national climate policy and how they behave at the United Nations Framework Convention on Climate Change (UNFCCC) negotiations. We focus on the period between the 2009 Copenhagen round of negotiations and the run-up to the Paris negotiations scheduled for 2015, when the UNFCCC will attempt to finalize a successor agreement to the Kyoto Protocol.
  • Topic: Agriculture, Development, International Trade and Finance, Oil, Natural Resources, Foreign Direct Investment
  • Political Geography: China, Latin America