China’s Policymaking for Regional Economic Cooperation by Yang Jiang

By Yang Jiang

Utilizing first-hand interview facts, Yang Jiang unearths the main traits of China's alternate and monetary politics after its WTO accession. particularly, she highlights the effect of competing household pursuits, executive businesses and diverse principles on China's overseas financial coverage.

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China’s Policymaking for Regional Economic Cooperation

Utilizing first-hand interview information, Yang Jiang finds the most important developments of China's alternate and monetary politics after its WTO accession. particularly, she highlights the impact of competing family pursuits, executive organizations and diversified rules on China's overseas fiscal coverage.

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Why was the Chinese agricultural sector unable to prevent the government from ‘sacrificing’ it? The next section will 40 China’s Policymaking for Regional Economic Cooperation reveal that the answer is not as simple as merely because China is an authoritarian state. Manufacturing The picture of Sino-ASEAN trade in manufactured goods was complicated. Generally, China and ASEAN economies (except Singapore) had similar levels of development, but China had a comparative advantage over ASEAN in labour-intensive products.

The steady progress of completing the FTA was also impressive. It was formally initiated at the Fourth ASEAN–China (also called ‘10+1’) Summit in Singapore in November 2000, when the then Chinese Premier Zhu Rongji proposed that a free trade relationship be established between China and ASEAN, the first of this kind in China’s history of economic diplomacy. Swift actions were then taken on both sides, in particular by China, to realise this initiative. 3 At the next summit, in Phnom Penh, Cambodia, on 4 November 2002, the leaders signed the Framework Agreement on 32 China’s Policymaking for the China–ASEAN FTA 33 the Comprehensive Economic Cooperation between ASEAN and China (hereafter the Framework Agreement), which came into force on 1 July 2003.

75 In Zhu Rongji’s time, MOFTEC was in charge of foreign economic issues, while the State Economic and Trade Commission (SETC) under the State Council was in charge of short-term domestic economic and internal trade issues, and the Central Planning Commission in the Party system was in charge of long-term domestic macroeconomic policies. Both commissions officially had a higher rank than MOFTEC, and were the usual venue for domestic opposition to be expressed. In order to reflect the state’s determination to make China a market economy, MOFTEC was restructured into MOFCOM in 2003, the SETC was abolished and the Central Planning Commission was restructured into the NDRC, which was intended only to play an advisory role in China’s economic policymaking.

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