China: an International Journal

China: An International Journal
Volume 4, Number 1, March 2006

CONTENTS

Research

    Knight, Nick, 1947-
  • Reflecting on the Paradox of Globalisation: China's Search for Cultural Identity and Coherence
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    Subject Headings:
    • Culture and globalization -- China.
    • Politics and culture -- China.
    • China -- Civilization -- American influences.
    • China -- Intellectual life -- 1976-
    Abstract:
      China's intellectuals have responded to the cultural impact of globalisation in various ways. Some have welcomed it, regarding it as the harbinger of cultural changes that will modernise China and lead to democratic reform. Many more have expressed hostility and alarm, fearing increased individualism and consumerism. China's leaders have nevertheless determined to further expose the country to global forces, confident that the Chinese state is sufficiently robust to counter threats to its sovereignty in the cultural realm. However, the paradoxical tendencies of globalisation — cultural homogenisation and cultural fragmentation — will constitute a significant challenge to the leadership in defining and guarding what it understands 'Chinese' culture to be.
    Wu, Ying, 1955-
  • The RMB Exchange Rate and Monetary Sterilisation in China
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    Subject Headings:
    • Foreign exchange rates -- China.
    • China -- Foreign economic relations -- United States.
    • United States -- Foreign economic relations -- China.
    • Monetary policy -- China.
    Abstract:
      In contrast to previous economy-overheating episodes, foreign capital inflow among other factors constitutes one of the fundamental causes for the recent investment boom and economic overheating in China. The foreign reserves component in the monetary base has overtaken the domestic credit component in exerting a dominant influence on the money supply. Nevertheless, the conventional course of sterilisation implemented by the monetary authorities has not been sufficiently effective in mopping up the extra credit that foreign capital inflow brings in. Monetary sterilisation in China has been only partial and incomplete.
    Zhang, Jikang.
    Liang, Yuanyuan.
  • The Institutional and Structural Problems of China’s Foreign Exchange Market and Implications for the New Exchange Rate Regime
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    Subject Headings:
    • Foreign exchange rates -- China.
    • China -- Foreign economic relations -- United States.
    • United States -- Foreign economic relations -- China.
    • Banks and banking, Central -- China.
    • Monetary policy -- China.
    Abstract:
      After briefly reviewing the historical development of China's foreign exchange market, this article examines the structural characteristics of the inter-bank market, describes its current structural problems as well as its institutional constraints and explores the delicate relationship between improving the foreign exchange market structure and reforming the RMB exchange rate regime. The inter-bank market is characterised by lack of market depth, limited transaction types and restricted participation with highly concentrated trading. The compulsory foreign exchange purchase and sales system distorts market supply and demand while the rigid exchange rate regime reduces the role of the Central Bank to one of passive intervention.
    Chantasasawat, Busakorn.
  • Burgeoning Sino-Thai Relations: Heightening Cooperation, Sustaining Economic Security
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    Subject Headings:
    • China -- Foreign economic relations -- Thailand.
    • Thailand -- Foreign economic relations -- China.
    Abstract:
      Sino-Thai bilateral relations during the Cold War were formed out of mutual concerns over security issues. Now they have entered an era of long-term economic partnership. The political and economic desires of both countries appear to be mutually beneficial. The China-ASEAN FTA, in particular, is fostering strong trade ties. Thailand, nevertheless, must find a balance between its relations with the United States and China, and also prepare for a flood of cheap Chinese goods. A number of Thai manufacturing sectors will become vulnerable. Nevertheless, this is an opportunity for them to improve their efficiency and encourage new research and development.

Comments and Notes

    Wong, John.
    Zhang, Yang.
  • Hong Kong’s CEPA with China: Round Two
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    Subject Headings:
    • Commercial law -- China -- Hong Kong.
    • China -- Foreign economic relations.
    • Hong Kong (China) -- Foreign economic relations.
    Ribble, W. Leigh.
  • Why Did the Rural Cooperative Funds Fail?: A Look at Changde, Hunan Province
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    Subject Headings:
    • Rural credit -- Law and legislation -- China -- Changde Xian.
    • Banks and banking, Cooperative -- Law and legislation -- China -- Changde Xian.
    • Agriculture -- China -- Changde Xian -- Finance.
    Wong, Cham Li.
  • Corporatism and the Agricultural Reform in China: A Comparison with Hong Kong
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    Subject Headings:
    • Agriculture -- Economic aspects -- China.
    • Agriculture and state -- China.
    • Agriculture, Cooperative -- China -- Hong Kong.
    • Agriculture and state -- China -- Hong Kong.

Books Received

China-Asean Relations

    Tok, Sow Keat.
  • China-ASEAN Relations, April 2005 to September 2005: Chronology of Events
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    Subject Headings:
    • China -- Foreign relations -- Southeast Asia -- Chronology.
    • Southeast Asia -- Foreign relations -- China -- Chronology.



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