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2. ASEAN's medium- to long-term trade strategies and the direction of RoK-ASEAN cooperation
- Author:
- Sungil Kwak, Seungjin Cho, Jaewan Cheong, Jaeho Lee, Mingeum Shin, Nayoun Park, and So Eun Kim
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- In recent years, the U.S.-China hegemony competition has intensified, dividing the world into two blocs. ASEAN has long culti-vated its position on the international stage by maintaining a certain distance between the United States and China. In that sense, ASEAN is the best partner for Korea to ef-fectively respond to the divided world. Therefore, this study seeks the directions of cooperation with ASEAN in supply chain, digital trade, climate change response, and health and development cooperation in line with changes in the international order.
- Topic:
- Climate Change, Development, Economics, International Cooperation, Trade, and ASEAN
- Political Geography:
- China, Asia, North America, and United States of America
3. Network and Text Analysis on Digital Trade Agreements
- Author:
- Kyu Yub Lee, Cheon-Kee Lee, Won Seok Choi, Jyun-Hyun Eom, and Unjung Whang
- Publication Date:
- 02-2023
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- We use the Trade Agreements Provisions on Electronic Commerce and Data and their corresponding texts to undertake network and text analysis on trade agreements with digital trade chapters to identify which countries are important in the network and how similar or different their texts of digital trade chapters are. centrality values reflect which countries are influential in the network, while values of similarity assess the level of similarity between the texts of digital trade chapters concluded by these countries. Centrality and similarity are complementary in assessing the relative positions of countries in the network, where the number of linkages between countries is significant in centrality and the quality of digital trade chapters is critical in similarity. We interpret this to mean that a country with a high degree of centrality is likely to be a rule-promoter in the network, whereas a country with a high degree of similarity is likely to be a rule-maker. The brief highlights three key findings from network and text analysis of digital trade agreements: (1) The U.S. has been the best rule-maker but not the best rule-promoter, whereas Singapore has been the best rule-promoter but not the best rule-maker. (2) China is a rule-maker, but to a weaker extent than the U.S., and Korea is a rule-promoter, although it is less active than Singapore. (3) Japan and Australia have served as both rule-makers and rule-promoters. Identification of countries’ relative positions in the network of digital trade agreements would be useful at the start of talks on digital trade policy.
- Topic:
- Science and Technology, Treaties and Agreements, Digital Economy, and Trade
- Political Geography:
- Japan, China, South Korea, Australia, and United States of America
4. China's Green Transition Policies and Its Implications for Korea
- Author:
- Won Seok Choi
- Publication Date:
- 02-2023
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- In China, carbon emissions from the energy and heat producing sector account for 53.4% of total emissions, with industry (28.6%) and transportation (8.9%) being the main carbon emission sectors. Therefore, various green transition policies in energy, industry and transportation are being pursued in Chinese cities. In Chinese cities, the promotion of rooftop-distributed photovoltaic power generation, among renewable energy sources, is evaluated to be capable of intensive development, reducing power peak load, and inducing residents to consume green energy. Policies are being implemented in urban industries to reduce pollution and carbon emissions, increase energy use efficiency, improve resource use levels, and improve green manufacturing systems. In the transportation sector, China's policies to reduce emissions, expand the supply of new energy vehicles, and strengthen green transportation technology are representative. Consequently, this study summarizes the policy implications, areas of Korea-China cooperation, and risk factors of China's green transition promotion plan for its Chinese cities.
- Topic:
- Transportation, Industry, Carbon Emissions, Energy, and Green Transition
- Political Geography:
- China, Asia, and South Korea
5. Strategies of Multinational Companies Entering China in the Era of U.S.-China Competition and Implications for Korea
- Author:
- Sang Baek Hyun, Ji Young Moon, Min-suk Park, Jonghyuk Oh, and Yunmi Oh
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- With the integration of resources and markets around the world sparked by the trend of globalization, multinational companies have continued to grow at a rapid pace. In particular, global manufacturers have maintained their competitiveness by distributing resources more efficiently while establishing a global value chain with China as their main production hub. However, measures taken by the U.S. to block China’s access to technology and supply chains in some high-tech industries have prompted discussions on reorganization of the global supply chain, placing these multinational companies in an uncertain situation concerning their operations in China. At a time when competition between the U.S. and China is intensifying, it is necessary to look at the response strategies of global companies that have entered China and seek effective countermeasures for Korean companies.
- Topic:
- Economics, Multinational Corporations, Manufacturing, and Competition
- Political Geography:
- China, Asia, South Korea, North America, and United States of America
6. Why the proposed Brussels buyers club to procure critical minerals is a bad idea
- Author:
- Cullen Hendrix
- Publication Date:
- 05-2023
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Concerned about critical mineral supply chains and its own strategic vulnerabilities, the European Union is advancing a buyers club to procure minerals critical to the clean energy transition, such as bauxite, cobalt, lithium, and nickel. The European Union is deeply dependent on imports of both raw and processed critical minerals and materials and thus highly exposed to global price volatility. The door appears to be open for the United States or other EU trading partners and like-minded countries to join this club. Decarbonization is not the only impetus behind the proposed Brussels buyers club. Both the European Union and United States view China’s dominance of critical mineral supply chains as a national security issue, because these minerals are key inputs to modern military technology. Hendrix agrees that supply chains for critical minerals desperately need widening to meet projected global demand and tackle climate change mitigation, but he warns that a purchasers club would not be a step in the right direction. A buyers club would be prone to free riding, set up distributive conflicts within the European Union, and reduce the share of climate mitigation benefits accruing to critical mineral–producing countries, many of which are developing and middle-income economies.
- Topic:
- Economics, National Security, European Union, Supply Chains, and Minerals
- Political Geography:
- China and Europe
7. Will China's impending overhaul of its financial regulatory system make a difference?
- Author:
- Martin Chorzempa and Nicolas Véron
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- China's reshuffle of its financial supervisory architecture announced in March, like previous changes, appears incremental rather than radical. It will not, however, resolve the main challenge hobbling China’s financial system, which is not linked to specific choices of supervisory architecture but rather to the unfinished transition from a state-directed to a market-based financial system and the way the Chinese Communist Party's pervasive role creates obstacles to good corporate governance of individual financial firms and to the independence of supervisory authorities. Too often, political authorities and sometimes the supervisors themselves intervene directly in financial firms’ decisions to allocate capital and credit, occasionally resulting in failures of risk control and risk management. The authors argue that Chinese reformers should aim at a clearer and more rigorous division of responsibilities, in which financial firms manage financial opportunities and risks, and supervisors are exclusively focused on their respective public policy mandates.
- Topic:
- Economics, Regulation, Finance, and Corporate Governance
- Political Geography:
- China and Asia
8. China’s subsea-cable power in the Middle East and North Africa
- Author:
- Dale Aluf
- Publication Date:
- 05-2023
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- In a new Scowcroft Middle East Security Initiative issue brief, “China’s subsea-cable power in the Middle East and North Africa,” Aluf analyzes China’s campaign to make countries in the region more dependent on Chinese networks, while reducing its own dependence on foreign cables. For a country that seeks to alter the internet’s physical form and influence digital behavior while exerting supreme control over information flows, China’s growing presence in the Middle East and North Africa’s cable industry is significant because Beijing has the power to shape the route of global internet traffic by determining when, where, and how to build cables.
- Topic:
- Security, Diplomacy, Politics, Science and Technology, Partnerships, and Innovation
- Political Geography:
- China, Middle East, Asia, and North Africa
9. Beyond launch: Harnessing allied space capabilities for exploration purposes
- Author:
- Tiffany Vora
- Publication Date:
- 04-2023
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- The “United States Space Priorities Framework,” released in December 2021, confirmed the White House’s commitment to American leadership in space.1 Space activities deliver immense benefits to humankind. For example, satellite imaging alone is crucial for improvements in daily life such as weather monitoring as well as for grand challenges like the fight against climate change. Such breakthrough discoveries in space pave the way for innovation and new economies on Earth. Exploration is at the cutting edge of this process: it expands humankind’s knowledge of the universe, transforming the unknown into the supremely challenging, expensive, risky, and promising. US allies and partners accelerate this transformation via scientific and technical achievements as well as processes, relationships, and a shared vision for space exploration. By integrating these allied capabilities, the United States and its allies and partners set the stage for safe and prosperous space geopolitics and economy in the decades to come. However, harnessing the capabilities of US allies and partners for space exploration is complex, requiring the balance of relatively short-term progress with far-horizon strategy. Space exploration has changed since the US-Soviet space race of the 1960s. In today’s rapidly evolving technological and geopolitical environment, it is unclear whether the processes, relationships, and vision that previously enabled allied cooperation in space, epitomized by the International Space Station (ISS), will keep pace. Here, China is viewed as the preeminent competitor for exploration goals and capabilities—as well as the major competitor for long-term leadership in space.2 This development drives fears of space militarization and weaponization, prompting protectionist legislation, investment screening, and industrial policies that can disrupt collaboration among the United States and its key allies and partners.3 Further complication stems from the rise of commercial space, with opportunities and challenges due to the decentralization, democratization, and demonetization of technologies for robotic and crewed space exploration. This paper serves as a primer for current US space exploration goals and capabilities that will be critical to achieving them. It highlights arenas where US allies and partners are strongly positioned to jointly accelerate space exploration while also benefitting life on Earth. This paper concludes with recommended actions—gleaned from interviews with international experts in space exploration—for the US government as well as allied and partner governments to increase the number and impact of global stakeholders in space exploration, to remove friction in collaboration, and to guide the future of space toward democratic values.
- Topic:
- Security, Defense Policy, NATO, National Security, Science and Technology, European Union, Partnerships, and Space
- Political Geography:
- China, Europe, and Asia
10. China in Sub-Saharan Africa: Reaching far beyond natural resources
- Author:
- Amin Mohseni-Cheraghlou and Naomi Aladekoba
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- This work empirically examines China’s growing footprint in Sub-Saharan Africa’s investment, trade, cultural, and security landscape over the past two decades. It highlights China’s increasing appetite for Sub-Saharan Africa’s natural resources and growing young labor force—identifying the region’s consumer market as an important destination for Chinese goods and services over the next few decades. The analysis identifies more than 600 Chinese investments and construction contracts in Sub-Saharan Africa (SSA), valued at over $303 billion, signed between 2006 and 2020. Four sectors attract 87 percent of China’s investment and construction in the region: energy at 34 percent; transport, 29 precent; metals, 13 percent; and real estate, 11 percent. This is very similar to the Middle East and North Africa Region, where the energy sector attracts close to 50 percent of China’s investment, followed by transport, 19 percent; real estate, 15 percent; and metals, 6 percent. In terms of trade, this work shows that between 2001 and 2020, China’s merchandise trade with the region increased by a whopping 1,864 percent—surpassing SSA’s trade with both the United States and the European Union. In other words, from 2001 to 2020, China’s share in total merchandise trade in SSA rose from 4 percent to 25.6 percent, while during the same period, the shares of the United States and the EU in SSA’s total trade declined by 10 percentage points and 8 percentage points, respectively. The report also takes a look at China’s arms trade with the region. Twenty-two percent of SSA’s arms imports are sourced from China, making China the region’s second-largest supplier of arms and military equipment, with Russia in the lead (24 percent). Finally, the report highlights the fact that the size of Chinese migrants in Africa is estimated at one to two million, with around one million permanently residing in the region. The largest numbers are in Ghana, South Africa, Madagascar, Zambia, and the Democratic Republic of the Congo.This work is the first in a series of empirical analyses that will be conducted on China’s presence in developing economies and low-income countries.
- Topic:
- Natural Resources, Economy, Business, Economic Growth, Macroeconomics, Trade, and Inclusion
- Political Geography:
- Africa, China, Asia, and Sub-Saharan Africa