Christopher M. Dent

China, Japan and regional leadership in East Asia

This book considers themes, evidence and ideas relating to the prospects for regional leadership in East Asia, with particular reference to China and Japan assuming ‘regional leader actor’ roles. Key issues discussed by the list of distinguished contributors include: • the extent to which there is an East Asian region to lead • China–Japan relations • different aspects of Japan and China’s positions in the East Asia region • how the seemingly inexorable rise of China is being addressed within the region • how China and Japan have explored paths of regional leadership through certain regional and multilateral organisations and frameworks • the position of certain ‘intermediary powers’ (i.e. the United States and Korea) with regards to regional leadership diplomacy in East Asia. Invaluably, the concluding chapter brings together the main findings of the book and presents new analytical approaches for studying the nature of, and prospects for leadership in East Asia.

The European Economy : The Global Context

1. Global and Regional Interdependence: The Context of the European Challenge 2. Regional Integration Chapter 3. Single Market, Single Money 4. EU Enlargement 5. Europe and the Triad 6. EU External Trade and Trade Relations 7. Internationalisation and Globalisation 8. Foreign Direct Investment 9. Technology and Innovation 10. The Human Dimension 11. The Environment

The Asian Development Bank and Developmental Regionalism in East Asia

Abstract The Asian Development Bank (adb) has made increasingly important contributions to Asias (and particularly East Asias) regionalism over recent years, and especially since Haruhiko Kuroda became the Banks president in February 2005. This paper argues that the adbs role here has become more significant because of the strong ‘developmental’ characteristics of East Asias new regionalism. This is not least because, as a regional development bank, the adb has a predilection for linking development, regionalism and capacity-building together when promoting regional co-operation and integration (rci) in Asia. We may refer to this as ‘developmental regionalism’, where rci activities are particularly orientated to enhancing the economic capacity and prospects of less developed countries with the view of strengthening their integration into the regional economy, and thereby bringing greater coherence to regional community building overall. This analysis is partly based on field research undertaken by the author involving a series of research interviews conducted amongst adb officials and with outside analysts of the organisation. It first examines the evolution of the Banks stance and policies on rci, and the impact made by President Kuroda and the newly formed Office of Regional Integration (orei) in this regard. The main developments of East Asias new regionalism are then outlined from finance and trade perspectives. Thereafter, an evaluation is made of the adbs contributions toward the emerging developmental regionalism in East Asia.

Renewable energy and East Asia's new developmentalism: towards a low carbon future?

Abstract East Asias renewable energy (RE) sector has grown faster than any other regions since the mid-2000s. It is argued that renewables formed an integral part of the regions new industrial policies and new developmentalism, which are founded on new configured forms of state capacity shaped in response to various challenges, primarily climate change, energy security, globalisation and global neo-liberalism. By studying the recent progress of East Asias RE sector, we gain useful insights into these key developments in East Asias political economy and the regions prospects for transition towards low carbon development. This analysis considers how and why different approaches to RE policy emerged in East Asia, to what extent the promotion and expansion of East Asias RE sector is part of a new industrial policy paradigm and new developmentalism, and what the study of East Asian policies on promoting renewable energy can tell us about the regions broader approach to low carbon development. Although the promotion of renewable energy has been a fundamental part of East Asias recent macro-development plans and new developmentalism generally, these same plans suggest that East Asian states will simultaneously continue to significantly promote high carbon and ecologically damaging industrial activities, thus undermining the low carbon credentials of East Asias new developmentalism. The path to meaningful low carbon development will be very long and will take many decades to achieve. However, it is contended that by maintaining and improving their various forms of state capacity over time, the East Asian states will be well positioned to sustain the significant growth of their renewable energy sectors and thereby further strengthen the low carbon development orientation of their new industrial policies, macro-development plans and strategic economic thinking.

Taiwan and the New Regional Political Economy of East Asia

Regional economic relations in East Asia have experienced a period of profound change since the 1997/98 financial crisis. Two developments are particularly notable. The first relates to the ASEAN Plus Three (APT) framework, under which an increasingly coalescent regional economic grouping has emerged in East Asia. Thus far, APT member states (Japan, China, South Korea and the ASEAN group) have devoted much energy to creating new mechanisms of regional financial governance, such as the Chiang Mai Initiative and Asian Bond Market Initiative. The second development concerns the expansion of bilateral free trade agreement (FTA) projects in East Asia and the Asia-Pacific. Many see this as a precursor to forging wider sub-regional or regional trade agreements. Both developments mark a potentially significant shift from regionalization to regionalism in East Asia, and thus “high politics” becomes de facto more important given regionalism is largely founded on inter-(nation-)state agreements. Beijings continued ardent contestation of Taiwans nation-statehood has hence limited Taiwans ability to engage as it would like in East Asias new regional political economy. This article considers the nature of regional political economy and applies it to the recent East Asian experience, which in turn provides an analytical framework for examining the significance of the APT framework and new FTA trend, and Taiwans position in relation to them. Special attention is paid to Taiwans prospects in East Asias new regional political economy.

Singapore's Foreign Economic Policy: The Pursuit of Economic Security

Singapore has maintained one of the most effective foreign economic policies (FEP) of any small state, with the city-states proactivity in the domain of economic diplomacy demonstrated at multiple levels. This article contends that Singapores fundamental FEP objectives are oriented by its pursuit of economic security. Various key determinants of Singapores foreign economic policy are presented in setting the general context to the main discursive analysis. In addition to various geoeconomic and state-centred factors, Singapores deep security complex forms a crucial determinant in this respect. A framework for economic security analysis within the FEP context is developed and then applied to Singapores case.

Korean foreign direct investment in Europe: The determining forces

Abstract Koreas more complete integration into the world economy has been stunted by past government policies aimed at preserving comprehensive control over the domestic economy. This situation has recently changed owing to prevailing structural weaknesses in the Korean economy and the dictates of the global competitive environment. Consequently, the level of Korean overseas investment has escalated, particularly in Europe — the Triad region which has traditionally attracted limited inward FDI from Koreas large chaebol companies. This paper examines the determining forces that lie behind this trend. It is recognized that early Korean investments in the EU were principally driven by reactionary motives when confronted by actual or anticipated policy threats. While it is argued that the pretext for such investment has not significantly diminished, the imperatives of globalization together with emerging economic conditions in both east and west Europe have provided considerable incentives for more proactiv...

Full circle? Ideas and ordeals of creating a Free Trade Area of the Asia-Pacific

Abstract In 2004 and 2006, proposals were made at APEC summits to establish a Free Trade Area of the Asia-Pacific (FTAAP). This was an essentially a reworking of an idea first raised in the mid-1960s to create a Pacific Free Trade Area, or PAFTA. Although the PAFTA initiative never advanced, it helped lay the first organizational foundations for regional economic community building in the Asia-Pacific. The recent FTAAP proposal thus brings us full circle to the antecedent origins of APEC itself. If realized, an FTAAP would also create a free trade zone that would encircle the Pacific Rim economy and thereby subsume the regions now large number of bilateral and sub-regional free trade agreements (FTAs) into one unified agreement. Yet there are many inherent problems with establishing an FTAAP. These broadly relate to deconstructing the preferentialism of existing bilateral and sub-regional FTAs, achieving a consensus on the technical policy content and ideational principles on which an FTAAP would be based, and addressing various geopolitical issues such as reconciling the formation of a pan-regional Asia-Pacific FTA with an already fragile multilateral trading system. Growing interest in a ‘rival’ East Asia Free Trade Area project presents another geopolitical challenge. In considering these and other questions, it is concluded that many obstacles will remain in the path to realizing an FTAAP, and that this may not actually be a desirable objective to pursue for some time yet.

China's renewable energy development: policy, industry and business perspectives

China has been at the forefront of the recent global expansion of renewable energy (RE) activity. This study examines how the country has achieved its position as the worlds largest producer and exporter of RE products, and biggest power generator from renewables. More specifically, it explores the main motives driving RE development in China, how this is embedded in broader new development thinking on realising ‘ecological civilization’ goals, evolving government policies on strategic planning on renewables and the complex multi-layered landscape of Chinas RE business where various types of state-owned enterprises collaborate and compete among each other alongside a now large number of private companies, especially in equipment manufacturing.

Paths ahead for East Asia and Asia–Pacific regionalism

East Asia and the Asia–Pacific are core components of the global economy, and there have been important recent developments in the regionalism of both regions. After the 1997–1998 financial crisis, East Asian countries initiated more exclusive regional cooperation and integration ventures mainly through ASEAN Plus Three, but lately this process has stumbled. The Asia–Pacific Economic Cooperation (APEC) forum has also failed to make substantial progress. Attention has instead increasingly turned to free trade agreements (FTAs), yet these have hitherto been overwhelmingly bilateral in nature. There are still only a few truly regional FTAs in East Asia and the Asia–Pacific—and these are on a sub-regional scale. However, various frustrations over the messy and fractious pattern of heterogeneous bilateral agreements led to the recent initiation of ‘grand regional’ FTA talks. The Trans-Pacific Partnership (TPP) is an Asia–Pacific-based, United States-led project while the Regional Comprehensive Economic Partnership (RCEP) is an East Asia-centred project. Each contains highly diverse memberships and the successful conclusion of TPP and RCEP talks is not assured. It is argued that, if negotiated, the RCEP is more likely to advance meaningful and effective regionalism than the TPP due to the former ascribing more importance to regional community-building. Furthermore, bilateral FTAs already in force may over the long term transform into more comprehensive economic agreements that address new regional and global challenges such as energy security and climate change.