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The Political Economy of Sino-American Relations

A Greater China Perspective

Y.Y. Kueh

Publication Year: 1997

This volume draws on a wide range of international expertise to examine the nature of the US economic interaction with Greater China.

Published by: Hong Kong University Press, HKU


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pp. v-vi

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pp. vii-viii

This volume has its origin in the appreciation that one of the most significant relationships in the Asia-Pacific region in the 1990s is that between the United States and the dynamic economies of China, Taiwan and Hong Kong. It was with the intention of trying to analyse the recent trends and future prospects for Sino-American economic relations that Lingnan College's Centre for Asian...

List of Contributors

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pp. ix

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pp. 1-8

In the 1980s the Asia-Pacific region was the world's fastest growing region economically and its record to date in the 1990s, despite occasional hiccups in some countries, suggests that that status will be maintained in this decade as well. The impressive growth rates of recent years are founded both on heightened flows of trade and investment within the region and on an ever-...

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1. US-China Relations, 1995-97: From Crisis to Hope to Uncertainty

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pp. 9-27

In 1995-96, Sino-American relations reached what many observers regarded as their lowest ebb since the two countries' rapprochement in the early 1970s. The most immediate issue was Taiwan. In May 1995, the United States permitted Taiwan's president, Lee Teng-hui, to visit Cornell University, there to make a major public address. Beijing feared that this decision presaged a major change...

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2. China's Economic Reforms and Their Impact on US-China Trade Relations

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pp. 29-47

I welcome the invitation to present my 'assessment of the current state of the Chinese economic reform programme' and speculate on 'how the reforms are impacting on trade and economic relations with the United States'. It is, however, becoming increasingly difficult to say anything original about China's economic reforms. Almost any issue of our traditional economic journals now...

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3. Taiwan's Perspective on Sino-American Economic Relations

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pp. 49-60

The purpose of this chapter is to attempt to provide a perspective from Taiwan on recent developments in Sino-American economic relations. Since 1950, Sino-American economic relations have meant both the economic relations between Taiwan and the United States and the economic relations between China and the United States. So, it is logical for us to start our exploration with...

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4. The Role of Hong Kong in Sino-American Economic Relations

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pp. 61-92

Hong Kong has traditionally been a very important source of China's foreign exchange earnings. Prior to the 1980s, generally about one-quarter to one-third of the country's hard foreign currency earnings were generated from exports to Hong Kong. Tiny as the British enclave may be in geographic terms, and with a population of only six million, it has nonetheless always been a...

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5. The United States Versus Japan in Market Shares in Hong Kong and Taiwan

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pp. 93-104

The increasing importance of the Asia-Pacific rim countries, the East Asia countries in particular, in the world economy has been recognized by economists and governments all over the world. Many countries, both inside and outside Asia, have reset their economic policies accordingly in order to maximize their national interests through trading or investing in this prosperous ...

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6. United States Direct Investment in China: Basic Facts and Some Policy Issues

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pp. 105-134

In this chapter, I shall focus on the investment relation between China and the United States. A description and analysis of the statistics of US direct investment (01) in China will be presented,1 to be followed by a discussion of some policy issues and areas of disagreements between the two sides in the investment arena. ...

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7. Double-Edged Trade Effects of Foreign Direct Investment and Firm-Specific Assets: Evidence from the Chinese Trio

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pp. 135-161

It has been hotly debated in the literature whether foreign direct investment (FOI) is trade-reducing or trade-enhancing. Citing Japanese FOI towards Asian developing countries as an example, Kojima contended that while the traditional oligopolistic FOI (for example, US investment in Europe in chemicals and electronics during the 1950s) works to reduce trade between the home and host countries, the new form of 'labour-oriented' FOI (For example, Japanese ...

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8. The Impact of Renminbi Devaluation on Hong Kong and China Trade

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pp. 163-180

Since China launched its economic reforms and adopted the open-door policy in the late 1970s, it has become a significant factor in world trade. From 1979 to 1993, China's exports increased from US$13.7 billion to US$91.8 billion at more than 16 percent per year, a rate that would have been inconceivable before the adoption of the open-door strategy. As in other centrally planned economies, the price of foreign exchange had little effect on the volume of ...

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9. The Implications of China’s Admission to the WTO for Greater China

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pp. 181-203

The opening of China coincided with the emergence of severe labour shortages in Hong Kong and Taiwan and the need for the latter two economies to restructure. The export-oriented, labour-intensive industries of Hong Kong and Taiwan have moved to Guangdong and Fujian on a large scale. The economic integration of Greater China has been largely market-driven, and occurred without a multilateral institutional framework. The very intense ...

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10. Sino-Japanese Economic Relations and Their Implications for Sino-American Relations

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pp. 205-222

Sino-Japanese relations have developed significantly though not always smoothly since the establishment of diplomatic relations in 1972. In the next section, the basic patterns of the development process of Sino-Japanese economic relations are analysed in terms of trade, direct investment, official development assistance, and other flows. Following that, the present and ...

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11. US-China Trade Conflict and Its Implications for Australia’s Agricultural Trade

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pp. 223-242

The US-China trade conflict is characterized by persistent bilateral trade imbalances in China's favour since the early 1980s (see Table 11.1). According to US statistics, during the 1984-94 period, US exports to China rose at an annual average rate of only 6.2 percent, whereas Chinese exports to the United States grew at an annual average rate of 8.9 percent. As a result the US trade ...

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12. Sino-American Relations: An Asian Perspective

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pp. 243-275

Nations, like human beings, acting in their self-interest aim at maximizing their gains (or minimizing their losses) over a period of time subject, of course, to constraints. Within the national boundary, the government - as the 'guardian' of the national interest - acting within physical, social, economic and moral constraints, tries to 'maximize' its own objective function. In ...

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13. China in the World Economy

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pp. 277-289

Since the inception of economic reforms in the late 1970s, China's economic performance has been nothing short of spectacular. Between 1979 and 1994, China's real growth rate has averaged more than 9 percent annually (Figure 13.1). Agriculture has been decollectivized, the management of state-controlled firms has been decentralized, and property rights reforms have facilitated an ...


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pp. 291-299

E-ISBN-13: 9789882202474
Print-ISBN-13: 9789622094406

Page Count: 312
Publication Year: 1997

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Subject Headings

  • China -- Economic policy -- 1976-2000 -- Congresses.
  • China -- Foreign economic relations -- United States -- Congresses.
  • United States -- Foreign economic relations -- China -- Congresses.
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