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China’s iherb promo code June 2020role in the East Asian economic development has grown increasingly important since China becomes a rapidly rowing market for other regional economies. China’sparticipation is essential to the progress of the East Asian economic integration. Due to itsgreat diversity, East Asian trade and investment arrangements have to be gradual andfleible. The foundation of East Asian FTA have been gradually built up beyond iherb promo code June 2020“functionalintegration” as observed in intra-regional FDI flow, a new regional network ofroductionand services. A pragmatic approach is to negotiate East Asian FTA on the bases of threeFTAs of China-ASEAN, Japan-ASEAN, and Korea-ASEAN, the combination of which arelikely to serve the iherb promo code June 2020modality of the future East Asian FTA. The three separate agreements need to be integrated into one by harmonizing various degrees of liberalization ofagricultural sector, labor mobility, rule of origin and other factors.Keywords: Economic Integration, China, ASEAN, FTAJEL classification: F15, F421. INTRODUCTION China has achieved great success byaintaining high economic growth for morethan two decades following implementing reform and opening its doors to the outsideworld policy in1978. Generally, China’s global interest began as external economicrelations closely linked it to the world iherb promo code June 2020market, which in turn caused China to become anofficial member of GATT/WTO. A 15-year bid and hard negotiation did not dampen itsinterest and discourage its effort.Immediately after 2001 accession to the WTO, China started to regional* Professor, Director of Institute of Asia-Pacific Studies, Chinese Academy of Social Sciences. He served asmember of EAVG (2000-2001), member of China-ASEAN official expert group (2001) and also member ofTask Force of ASEM on new close economic partnership (2003-2004). Currently, he is the chair of theExpert Group for Feasibility Study on EAFTA.170 YUNLING ZHANGstrategy, which seemed generally based on such assessments: WTO accession isessentially in China’s global interests, but world market fragmentation as a result ofnumerous regional trade arrangements (RTAs) rendered it insufficient. China also needsto participate and promote its own RTAs.Geographically, China belongs to the East Asian region where it has fundamentalinterests and where its main economics and political influence lies. The Chineseeconomy has increasingly integrated with East Asian economies through a trade -investment network. This tells why China started negotiations on its first RTA in theast Asian region with ASEAN.Based on its dynamic economic growth, China’s role in the regional economicdevelopment has become increasingly important since China becomes a growing marketfor other regional economies. Thanks to its active participation and promotion, EastAsian cooperation has achieved noticeable progress. China’s participation and activerole is essential to the progress of the East Asian cooperation.This article intends to analyze China’s iherb promo code June 2020economic interest in East Asia, its regionalstrategy and role in the East Asian cooperation process.2. CHINA AND THE EAST ASIAN ECONOMYChinese economy has achieved steadily high growth for more than a decade, ince990s. Although external market change affect the economy as exports play animportant role in generating growth, the strong push on domestic demand mobilized byactive fiscal policy, as well as increasing inflows of FDI have saved the economy from aspiraling downturn despite declining external demand.China has sustained higher economic growth higher than those of the East Asianregion as a whole, that means that China has a significant positive impact on the egionalconomy. China’s contribution to the regional economies has been mostly throughincreased regional trade.  According to a World Bank report “other East Asian economieshave been finding their niches within China’s markets and increasing their shares ofChina’s imports.”1In 1990s, all East Asian economies increased their export share in the Chineseiherb promo code June 2020market. This trend has become more striking in recent years. For example, exports toChina from East Asian 8 economies accounts for almost 40% of their total exportgrowth, with growth rate more than 30%. The share of exports to China rom theseeconomies rose from 8% in 1990 to 16% in 2002, higher than to Japan, and closing tothe United States.2 Based on large FDI inflow, China is emerging as a major trade and Kathie Krumm and Homi Kharas (ed.), East Asia Integrates-a rade Policy Agenda for Shared Growth,orld Bank and Oxford University Press, 2004, p.xxii.2 The World Bank, East Asia Update, p.15. CHINA AND EAST ASIAN ECONOMIC INTEGRATION AND COOPERATION 171production hub for the East Asian region. The strength of China’s imports comes fromtwo sources: one is increased domestic demand due to the expansion of consumption;another is the surge of exports, i.e. imports for exports. From the future perspective,heincrease in internal demand will be more significant along with rising level of Chineseincome since there is a clear positive linear linkage between import increase and per unitof GDP in China.For many economies in the region, like Japan, Korea, Taiwan, China’s importbecomes a key factor in sustaining economic growth.3Note: The share represents the export China’s market has great potential. Experts estimate that by 2020, China’s foreigntrade size may nearly equal that of the U.S. and significantly exceed Japan. For morethan half of its imports, China will rely on East Asia. By 2005, China became Asia’slargest individual importer. Importantly, China will play a critical role in recyclingcapital through its trade balance in the East Asian region. According to the simulationdone by Holst, Aziz and Liu, in the next two decades, China will ontinue to gain hugerade surplus with the US and the EU while at the same time, large trade deficit withEast Asia.4

 China plays a unique role in creating a new production network in EastAsian region by exporting to developed countries since its exports are highly integrated3 Korea refers to Republic of Korea. China refers to People’s Republic of China, while Taiwan representsan economic region in this paper. David Roland-Holst Iwan Aziz, Li Gang Liu., “Regionalism and globalism: East and Southeast Asiantrade relations in wake of China’s WTO accession”, ADB Institute Research Paper the productions of other East Asian economies through FDI-trade networks.Nevertheless, the challenge to this recycle pattern iherb promo code June 2020has become evident. China hasincreasing pressure from the US and EU to be a processing and assembly center of theregion exporting to the world.Table 1. China’s Trade Balance Scenario in 2020 (In billion US dollars as 1997 dollars)Chinese economy will continue to maintain its dynamic growth trend for anotherdecade or two.5 While China will rely on the external market to support its economicgrowth, the internal factors will certainly play a more important role in generatingeconomic dynamism. Among others, there are at least three potentials that will besustained for about two coming decades: general improvement of income level,urbanization, as well as “the western development strategy.” Seeing from all positivefactors, it should be reasonably optimistic about China’s economic sustainability for thecoming two decades. Thus, China may continue to be an important engine for regionaleconomic growth in the future.As a developing country, China may not like Japan as a major FDI resource for theregion in the near future even though its FDI outflow will increase significantly. Asmentioned above, what is significant is the network based on exchange of trade ndapital in East Asian region, is that China plays the role as a regional hub. The networkhas and continues to impact East Asia’s economic future development since it hascreated a kind of “parallel development” for the region which seems ifferent from thetraditional “flying geese model” that based on the vertical ad hierarchic transfer oftechnology.6 This was called as a phenomenon of “bamboo capitalism” in East Asiasince this culminating feature of FDI-driven supply chain has created diverse and vibrantlocal industries around the East Asian region. The further supply chains (the root system)are decomposed and extended geographically, the faster and more profuse will be theproliferation of new enterprises. 7iherb promo code June 2020 China is considered to be “a central player in5 For the optimistic conclusion, see Wanda Tseng and Markus Rodlauer ed.), China: Competing in theGlobal Economy, IMF, Washington D.C, 2003, p.23.ionalism and Globalism: East and outheast Asiantrade relations in wake of China’s WTO accession”, ADB Institute Research Paper Series No. XX, JanuaryStudy shows that the benefits created by a larger scale FTA are greater than a smallerone. The reason for China chose CAFTA as a start is mainly following an “easier first”practical approach on the one hand, and the geo-political interests on the other hand.9China and ASEAN have shared increasing interests in trade and economic relations.From China side, a FTA with ASEAN could facilitate Chinese companies’ entrance intothe ASEAN market, and in general. It is also an experiment in participating andpromoting regional integration and cooperation after joining WTO. China is moreconfident in signing an FTA with ASEAN partners than with Japan or Korea since itshares greater similarity with ASEAN contries. Political gains are also important forChina since a closer economic relationship (CEP) helps to smooth the comprehensiverelations between the two sides, which has significant dimension in creating a peacefulenvironment surrounding China. Table 2 shows the positive result of CAFTA for allinvolved. These are only static gains based on the CGE model. The dynamic gains aremuch greater.With new industrial adjustments in China and the East Asian region, as well ascorresponding FDI allocation, China and ASEAN have established a new relationshipbased on the regional production network. This, to some extent, helps to mitigate the10 A Report submitted to the ASEAN-China Expert Group on Economic Cooperation, by Joint ResearchTeam, 27 September, 2001 CHINA AND EAST ASIAN ECONOMIC INTEGRATION AND COOPERATION 175similarity between the industrial structures of China and ASEAN and hence to increasecooperative capacity between the two sides.However, China’s increasing competition has also meant challenges to ASEANcountries. China’s cheap products ranging from labor intensive to capital-intensiveproducts have exerted significant competitive pressure on ASEAN companies,especially small and medium sized ones. ASEAN’s export increases to China do notnecessarily represent its competitiveness, but are rather a result of the division of thelabor in the production network created by multinational companies. This may be

unstable if FDI strategy restructures. Due to some similarity of exports, they alsocompete on the third market. Although generally, China’s export surge did not reducethe export increase of other developing economies, for some products, ompetitionexists.The US, Japan and EU are the three major export markets for both China andASEAN. For example, ASEAN’s share in these three markets decreased from 5.6% in1996 to 5.5% in 1999 while China’s share increased from 4.2% to 5.4% in the sameperiod.11 The main reasons why ASEAN’s share has remained stagnant in these markets

are the decrease in Japan’s imports and the decline of ASEAN’s own export capabilityas a result of the financial crisis. iherb promo code June 2020China’s exports of textiles and garments to the abovemajor three markets have increased significantly. As a matter of fact, the real impactcomes from NAFTA. The main beneficiary of the NAFTA is Mexico, whose export ofgarments grew at an average annual rate of 33% in the 1990s and which has finallyreplaced China’s first place in the USA’s import of arments.12 Now, both the US andEU have taken restrictive measures to control China’s exports of textiles and clothing.This may release the competition pressure to ASEAN.FDI flow to China has contributed significantly to China’s economic dynamics andcompetitiveness. China is regarded as a competitor of ASEAN in attracting foreigninvestments. Seeing from the trends before the financial crisis, both FDI flows to Chinaand ASEAN increased significantly. The contraction of FDI to ASEAN recent years isclearly a result of the negative impact of the financial crisis. FDI flows to China havesteadily increased since the early 1990s. However, before the financial crisis, the rate ofFDI increment in ASEAN grew faster than that to China. The declining confidence offoreign investment in East Asia caused by the financial crisis caused the share of FDIflowing into developing countries to greatly decrease. The contraction of FDI to ASEANwas not just caused by the decrease of investment from developed countries, but also bysharp decline of the intra-ASEAN investment. The positive trend of FDI flow toASEAN gradually resumed following the improvement to the economic and politicalenvironment. Considering investments to China and to ASEAN are generally based ondifferent strategies, FDI to China seems not to create a clear iherb promo code June 2020substitutive effect.

 

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