In Good Debt

China's outstanding foreign debt was more than$2.29 trillion at the end of the third quarter of 2020,up 7.6 percent from the end of the second quarter,according to the State Administration of Foreign Exchange(SAFE).     

MARKET WATCH

China remains an attractive destination for foreign investments,despite signs that capital inflow is tapering off.China’s textile manufacturers are generating handsome returns,but uncertainties still loom large.The country’s funds spill red ink due to less-than-favorable stock market outcomes.The sovereign wealth fund China Investment Corp.cashes in on its expanding global presence.The Chinese search giant Baidu.com gains momentum thanks to robust traffic growth and business diversification.     

From Financial Assets to Financial Statecraft: the case of China and emerging economies of Africa and Latin America

Over the past few decades, China has accumulated over US$3.4 trillion of official foreign exchange reserves as it rises to become a global power. Do China's financial assets increase its ability to pursue its national interests internationally? With the globalisation and rising influence of Chinese state-owned enterprises, state-owned banks and sovereign wealth fund, as well as China's growing clout in several regional groupings, it is clear that China does possess the necessary mechanisms to assert its financial power. This article examines the efficacy and limitations of these mechanisms in Africa and Latin America, in the economic and political domains. In the economic domain, China has consistently used foreign oil contracts and acquisitions to secure direct oil flow from developing nations. An analysis of recent cases shows that while China is able to successfully harness its financial power in its pursuit of oil, it needs to fulfil its promises to the satisfaction of the recipient countries in order to maintain the value of its offers. In the political domain, China has used its financial assets to purchase diplomatic allegiance from various African and Latin American countries in support of its One-China policy. Studying both successful and unsuccessful cases reveals that while China is generally able to use its financial power in third-world countries against Taiwan successfully, its national goals have, in recent years, shifted to the economic realm, even with countries that still recognise the Taipei government.     

The development of corporate governance in China

Over the last decade there have been significant economic reforms in China. Foreign investment is encouraged and there are increasing numbers of joint ventures with foreign partners. The stock exchanges of Shanghai and Shenzen have developed quite rapidly, and the expansion of China's economy and the growing importance of foreign investment has implications for the development of corporate governance structures in China. The internationalization of institutional portfolios ensures that there is a cross‐border interest in corporate governance, and that China's steps in developing corporate governance will be watched with interest. In this paper, we will explore the existing cultural aspects of China, the structure of share ownership in China, recent developments that have taken place in China's capital markets, including the growing foreign influence, and their implications for corporate governance developments. We compare and contrast the influences on corporate governance in the West with those in China. We conclude that any model of corporate governance which develops in China is likely to embody the special role of the state and certain idiosyncratic cultural aspects of China, whilst taking on certain of the characteristics of an Anglo‐Saxon corporate governance model.     

MARKET WATCH

Major Economic Figures In January 2010 CPI In January,the consumer price index(CPI),a main gauge for inflation,rose 1.5 percent from a year earlier,the highest growth in nearly two years.     

Discussion of 'The Rise of China in Chinese Eyes'

In a response to Yan Xuetong's paper, 'The Rise of China in Chinese Eyes', Ted Osius (writing in August 1999) discusses Dr Yan's perspective on Chinese history and the question of whether China's rise will be peaceful. Mr Osius argues that, while we cannot know for certain what China's future holds, the Clinton‐Gore Administration has been clear in its goal of integrating China into the leadership ranks of the world community.     

Rethinking the Chinese World Order: the imperial cycle and the rise of China

Looking to China's imperial history to understand how China as a great power will behave in the twenty-first century, some scholars have rediscovered the concept of the traditional Chinese world order coined by John K. Fairbank in the 1960s in the reconstruction of the benevolent governance and benign hierarchy of the Chinese Empire, and portrayed its collapse as a result of the clash of civilizations between the benevolent Chinese world order and the brutal European nation-state system. China was forced into the jungle of the social Darwinist world to struggle for its survival. As a result, China's search for power and wealth is to restore justice in an unjust world. China's rise would be peaceful. This article finds that while imperial China was not uniquely benevolent nor uniquely violent, the reconstruction of China's imperial past to advance the contemporary agenda of its peaceful rise has, ironically, set a nineteenth century agenda for China in the twenty-first century to restore the regional hierarchy and maximize China's security by expanding influence and control over its neighborhoods.     

Beijing's new thinking on security strategy

Beijing is refocusing its foreign strategy in the Asian Pacific region. This article examines Beijing's new thinking on security strategy in the post‐Cold War Asian‐Pacific region. Drawing from the recent strategic debate in China, the author discusses three defining areas in the new security strategy: military strategy, defense development strategy, and foreign policy and security strategy. It is argued that thinking in security strategy has become more regional oriented, sophisticated and compatible with foreign policy. The implication of China's defense modernization for regional security is controversial. In the short run, China's military posture will not change balance of power at the regional level, but it will significantly affect outcomes of future territorial conflicts on China's periphery. In the long run, Beijing's role in Asian‐Pacific security remains uncertain.     

MARKET WATCH

Defending the Yuan Recent complaints from the United States about the Chinese yuan have escalated.Chinese Premier Wen Jiabao said China is an advocate of free trade and opposed the idea of taking aggressive measures to force another country's currency to either depreciate or appreciate.     

WTO and China's Financial Services Sector

Financial services, particularly securities markets, insurance and commercial banking, have played a crucial role in China's post-1978 economic reforms. China has so far established a market structure and a legal framework, and has a growing understanding of how financial services operate in the modern world economy. We will review China's progress in financial services reforms over the last 22 years, describe the commitments China has made to gain WTO entrance, and then evaluate the potential benefits and costs to China's financial sector of WTO accession. We conclude that even with the substantial challenges presented by greatly increased post-WTO foreign competition, China will benefit from the WTO because of a number of factors including a growing pool of well-trained personnel, lessons learned from domestic and foreign development experiences, increasing Chinese economic strength, and continual advancement of China's financial infrastructure.     

我国外商投资立法模式及重构

外商投资法是调整在国家协调经济贸易运行过程中发生的关于外商投资企业的经济关系的法律规范的总称。我国外资立法模式选择需注意结合我国实际情况，同时与WTO相应法律规则相一致。在WTO体制下我国外资立法的重构以及立法的体系化过程中必须建立统一的外资基本法典，明确的外资基本法不仅是外资立法体系构建的基础，也是修改和完善外资立法的相关法律规范的必要条件。     

Discussion of 'Four Contradictions Constraining China's Foreign Policy Behavior'

Chinese foreign policy behavior is constrained by different sets of contradictions, but at the same time these contradictions serve to inspire and focus Chinese foreign policy, both in negative and positive ways. As China transitions to a developed country that is fully integrated into regional and global economic, political and security regimes, these contradictions may become less salient, however. With the growth of China's comprehensive national power, the Chinese will come to view their country less as a poor nation and more as a great power and thus this dual-identity syndrome should diminish in importance as a factor constraining China's foreign policy behavior over time. The contradictory impetus behind Chinese foreign policy that derives from the desire to benefit from pursuit of 'open-door' policies and the compulsion to protect state sovereignty will similarly likely become less important as China's power grows, but only if there is mutually acceptable settlement to the Taiwan problem and Beijing's confidence in its ability to secure its territorial integrity is enhanced. A stronger, more confident China will also likely become more actively involved in regional and global issues on a pragmatic, rather than principled basis. Finally, while bilateral ties will remain important to Beijing, its participation in multilateral fora will no doubt increase, including in the security sphere, as it becomes more experienced and self-assured in multilateral interaction. Ultimately, bilateral and multilateralism may take on the role of parallel tracks in Chinese diplomacy with little tension between them.     

Conditionality and Path Dependence in Chinese Lending

China's long insistence on non-interference in sovereign states' domestic affairs has contributed to a widely held impression that China also lends abroad without attaching policy conditions. In this article, we debunk the notion that China's bilateral lending is entirely devoid of conditionality, by showing that it involves elements of political conditionality, embedded conditionality and cross-conditionality, stemming from the varying concerns of Chinese foreign policy-makers and state-linked lenders. We then draw on the path-dependence literature to explore the possibility that there may also be more indirect forms of conditionality associated with Chinese lending practices. By ‘emergent conditionality’, we refer to structural lock-in effects that may cumulatively restrict or redirect recipient countries' policy-making choices similarly as more direct conditionality would do, even if the PRC government officially shuns conditionality.     

China as a latecomer: Toward a global logic of the open policy

The paper reviews a number of substantive issue‐areas in China's foreign economic sector (the foreign trade system, industrial and geographical targeting, foreign investment regulations, and the foreign exchange regime), finding that conventional mercantilist accounts of China's recent success in world markets are overstated. In fact, the paper argues that the most salient changes occurring in China's foreign economic sector are now in many respects beyond the immediate control of the state. In this vein, it is argued that most scholars have seriously underestimated the structuring impact of the international political economy on China's reform and opening. Indeed, the paper maintains that there is a ‘global’ logic to the evolution of the Open Policy, just as others have identified an ‘economic’ or ‘political’ logic to foreign trade reform, the creation of the SEZs, liberalization of investment laws, the loosening of foreign exchange controls, and other such changes. The paper concludes, therefore, that there is much about the course of China's reform and deepening integration into the world economy that can be understood as a function of its position as a latecomer in the international system.     

Four Contradictions Constraining China's Foreign Policy Behavior

Beijing's foreign policy behavior is constantly tested by a set of conflicting variables. China views itself as a major power and wants to play a role accordingly in the world arena, while it always lacks an adequate material basis to do so. The open-door policy requires China to be fully integrated into international society, while strong concern over sovereignty makes it difficult for Beijing to embrace some of the mainstream values. China believes in a set of principles in international affairs, while consideration of its national interests causes Beijing to make a pragmatic compromise from time to time. Beijing has long been accustomed to dealing with others in bilateral settings while the post-Cold War era is witnessing a rise of mulilateralism in international politics, which is bringing more and more pressure on China's traditional diplomacy. These variables will continue to constrain China's foreign policy behavior while their influence will decline as a result of rapid change with China both materially and conceptually.     

Foreign Policy Implications of Chinese Nationalism Revisited: the strident turn

This paper revisits the debate about foreign policy implications of Chinese nationalism in the context of China's increasingly confrontational and assertive behavior in recent years. It argues that while the Chinese government made effective efforts to control popular nationalism and Chinese foreign policy was therefore not dictated by emotional nationalistic rhetoric before 2008, it has become more willing to follow the popular nationalist calls to take a confrontational position against the Western powers and to adopt tougher measures in maritime territorial disputes with its neighbors. This strident turn is partially because the government is increasingly responsive to public opinion, but more importantly because of the convergence of Chinese state nationalism and popular nationalism calling for a more muscular Chinese foreign policy. Enjoying an inflated sense of empowerment supported by its new quotient of wealth and military capacities, and terrified of an uncertain future due to increasing social, economic and political tensions at home, the communist state has become more willing to play to the popular nationalist gallery in pursuing the so-called core national interests. These developments have complicated China's diplomacy, creating a heated political environment to harden China's foreign policy.     

China's Rise in Southeast Asia: implications for the United States

During the past few decades, China's economic success has permitted it to pursue a greater role on the international stage. China is recognized both as a regional and aspiring global power. Nowhere is this more evident than within Southeast Asia, where China's more active diplomacy is reflected in growing trade relations, proposals for stronger security ties, and the signing of numerous cooperative agreements on issues as varied as environmental protection, drug trafficking, and public health. As a whole, the region has received China's activism with both enthusiasm and trepidation. China has expended significant effort to assuage the fears of its neighbors by adopting a foreign policy approach that is active, non-threatening, and generally aligned with the economic and security interests of the region. This positive diplomacy has clearly yielded some success, most notably in the trade realm, where China is rapidly emerging as an engine of regional economic growth and integration that may well challenge Japanese and American dominance in the next three to five years. In the security realm, China's diplomacy, while rhetorically appealing to regional actors, has yet to make significant inroads in a regional security structure dominated by the United States and its bilateral security relationships. Most significantly, however, if China is to emerge as a real leader within Southeast Asia, it will also need to assume more of the social and political burden that leadership entails. As China continues to advance itself as a regional leader, its policies on issues such as health, drugs, the environment and human rights will face additional scrutiny not only for their impact on the region but also for the more profound question they raise concerning the potential of China's moral leadership. For the United States, China's greater presence and activism suggest at the very least that it cannot remain complacent about the status quo that has governed political, economic and security relations for the past few decades. Shared leadership within Southeast Asia will likely include China in the near future, with all the potential benefits and challenges that such leadership will entail.     

中国的超额外汇储备：基于BP账户的实证分析

对中国超额外汇储备成因的解释主要有重商主义和预防性动机两种观点。重商主义与经常帐户差额和债权性储备,预防性动机与资本帐户差额和债务性储备存在内在联系。从国际收支表中经常帐户和资本帐户名义差额对外汇储备增量贡献上看,重商主义和预防性动机交替发挥主要作用,对外汇储备存量的累积贡献上看重商主义成为主要因素。两个帐户的实际差额对外汇储备的增量和存量贡献则都表明重商主义是我国超额外汇储备的主要成因。     

主权财富基金及其政府治理初探

本文介绍了主权财富基金这一新兴金融力量的概念,简述了它的发展特点和发展原因,并对典型国家主权财富基金管理模式进行了描述和分析,进而总结了主权财富基金与各国政府(或议会)、财政部、中央银行和投资机构之间的关系。最后,文章就国外政府对其主权财富基金的治理方式做了介绍和分析,认为财政投资的信息公开和有效的监督有助主权财富的收益,政府治理是主权财富基金更好发展的重要一环。     

论阿佤山通道的形成及其在我国对外交往交流中的地位和作用

阿佤山是指以佤族为主、多民族聚居、集地理历史概念为一体、跨我国与缅甸联邦两国边境地区的一个地理单元。这一特点决定了阿佤山是我国与东南亚、南亚许多国家交往交流的重要通道和陆上捷径,是我国西南地区对外交往交流的重要门户之一,由此,文章提出阿佤山通道这一概念,并认为认识阿佤山通道的形成及其在我国对外交往交流中的地位和作用,对我国实施"一带一路"发展战略,云南建筑面向南亚东南亚辐射中心,构筑对外开放新高地必将具有积极的作用。