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China's External Relations And Their Economic Impact China Asean Relations : Perspectives, Prospects And Implication For Northeast Asia Interests

2107 words - 8 pages

China's External Relations and Their Economic ImpactCHINA-ASEAN RELATIONS Perspectives, prospects and implication for northeast asia interestsIntroductionASEAN Plus Three is a forum that fosters cooperation between the Association of Southeast Asian Nations (ASEAN) members and the three Asian giants - China, Japan and South Korea.The ASEAN +3 proposal has generated buzz and support around Asia. This is because the creation of ASEAN +3 would enable free trade among member-nations due to its preferential trade agreements (PTA). It benefits all member countries due to three important factors (i) it promotes vertical foreign direct investment linkage between Japan/Korea and ASEANmember countries, (ii) the markedly high expected growth rate of the Chinese economy, and (iii) the economic diversity among members of ASEAN +3 group.First, foreign direct investment (FDI) link between Southeast Asian countries (ASEAN) and Northeast Asian countries (Japan and Korea) would be helped effectively by the ASEAN+3 proposal. The FTA would also help the flow of FDI from the Northeast to the Southeast.Second, China's growing economy could compete head to head with ASEAN countries but not in every sector. Complementary areas can be encouraged. The FTA will ensure that there will be no tension between China and the ASEAN member-nations. Trade creation due to the FTA should offset any loss ASEAN countries incur.Third, there is a marked diversity among the ASEAN+3 countries in terms of natural resources, technological advancement and industrial structures. The ASEAN+3 would minimize the trade diversions.The significance of ASEAN +3 is many countries are involved in various preferential trade agreements (PTA) or free trade agreements (FTA) but only a few PTAs or FTAs operate within Asia. The idea of establishing ASEAN +3 is to create a greater East Asia trade and economic grouping.The main goal in creating ASEAN+3 is to help all members cope up with the pace of globalization and benefit from the economic developments of the region. The agreement affects many areas such as capital flow, exchange rates, international trade and others.The ASEAN+3 Free trade agreement will generally promote the welfare of member countries particularly in the region's economic ties and developments.China's Economic RiseChina has achieved great strides in the economic department. It has quickly revolved into a global economic superpower from a poor country. It is now considered as the manufacturing haven in the world. It has grown tremendously in the past years but not without undergoing birthing pains as it transitions to a purely socialist economy to capitalism.The economic rise of China is one of the most important events of the late 20th and early 21st centuries. This is because China is a powerhouse comprised of 1.35 billion people. If the population continues to grow, the economic map of the world will be changed.From the late 1970s until now, China's main focus has been centered on...

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