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Greater China: the Next Economic Superpower?

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Greater China: the Next Economic Superpower? Washington University in St. Louis Washington University Open Scholarship Weidenbaum Center on the Economy, Murray Weidenbaum Publications Government, and Public Policy Contemporary Issues Series 57 2-1-1993 Greater China: The Next Economic Superpower? Murray L. Weidenbaum Washington University in St Louis Follow this and additional works at: https://openscholarship.wustl.edu/mlw_papers Part of the Economics Commons, and the Public Policy Commons Recommended Citation Weidenbaum, Murray L., "Greater China: The Next Economic Superpower?", Contemporary Issues Series 57, 1993, doi:10.7936/K7DB7ZZ6. Murray Weidenbaum Publications, https://openscholarship.wustl.edu/mlw_papers/25. Weidenbaum Center on the Economy, Government, and Public Policy — Washington University in St. Louis Campus Box 1027, St. Louis, MO 63130. Other titles available in this series: 46. The Seeds ofEntrepreneurship, Dwight Lee Greater China: The 47. Capital Mobility: Challenges for Next Economic Superpower? Business and Government, Richard B. McKenzie and Dwight Lee Murray Weidenbaum 48. Business Responsibility in a World of Global Competition, I James B. Burnham 49. Small Wars, Big Defense: Living in a World ofLower Tensions, Murray Weidenbaum 50. "Earth Summit": UN Spectacle with a Cast of Thousands, Murray Weidenbaum Contemporary 51. Fiscal Pollution and the Case Issues Series 57 for Congressional Term Limits, Dwight Lee February 1993 53. Global Warming Research: Learning from NAPAP 's Mistakes, Edward S. Rubin 54. The Case for Taxing Consumption, Murray Weidenbaum 55. Japan's Growing Influence in Asia: Implications for U.S. Business, Steven B. Schlossstein 56. The Mirage of Sustainable Development, Thomas J. DiLorenzo Additional copies are available from: i Center for the Study of American Business Washington University CS1- Campus Box 1208 One Brookings Drive Center for the Study of St. Louis, Missouri 63130-4899 ~\Vclshington American Business Phone: (314) 935-5630 ~1\tR.'ffi 1.... 'T t.a.l' Washington University • St. Louis Greater China: The Next Economic Superpowerl Murray Weidenbaum Preoccupied with political challenges in Europe and the Middle East and with economic competition from I apan, most Americans are ignoring a powerful longer-term trend in Southeast Asia: the rise of the greater China economy. Paced by a rapid rate of investment and given the abundance of trained human cap­ ital, the Asian rim has become the fastest growing part of the world, averaging over five percent a year in ~eal eeonomic growth. That trend is generally expected to continue at least for the rest of this decade and perhaps well into the twenty-first century .1 Without underestimating the strategic role of the I apanese economy in the Asian rim, there is another way of looking at economic develop­ ments in this key region. Over the years, scholars in the United States have referred to the Chinas as a multiple - two Chinas, three Chinas, and more. They have in mind the fact that several of the major economies of this re­ gion have a predominantly Chinese population and an unusual degree of interaction is evident: In addition to mainland China, the overall Chinese economy includes such other rapidly growing areas as Taiwan, Hong Kong, Macao, and Singapore. This category also includes other key locations where business executives, traders, and financiers of Chinese background ~ make important economic contributions. Ac­ I I cording to some estimates, Chinese companies Murray Weidenbaum is Mallinckrodt Distinguished 0 University Professor and Director of the Center for Copyright 1993 by the Center for the Study of the Study of American Business at Washington American Business. University in St. Louis, Missouri. This paper draws on research supported by the William H. Donner All rights reserved. Foundation. 1 in Malaysia, Thailand, Indonesia and the Phil­ endowments of land, resources, and labor ippines make up about 70 percent of the private (mainland China). A talking doll, to take a sector in those countries. 2 modest example, may be designed in Hong The "Chinese-based economy" has resisted Kong, contain a computer chip made in Tai­ the global recession which in recent years has wan, and be assembled in China. plagued virtually every advanced industrial na­ tion. This informal economy is currently the world leader in terms of economic growth, in­ Transnational networks are the backbone dustrial expansion, and exports. It contains an of the East Asian economy. array of potential consumers that far exceeds the markets in Europe or the Western Hemi­ sphere. The informal Chinese economy differs from Within the Asian rim, this dynamic pattern the more official economies which usually are contrasts with the recent slowdown in the pace dominated by large multinational firms. Of the of Japanese economic and financial activity. world 1 s 500 leading industrial companies in the Japan Is foreign direct investment flows reached world in 1991, only one, Chinese Petroleum, a peak of $67 billion in 1989 and have been de­ was part of the greater China economy (it is clining since. The 1991 total came to a modest Taiwanese, and is in 166th place). In compari­ $41 billion, lower than the 1988 rate. Japanese son, 13 Korean companies make the list; the direct investment in Asia declined simultane­ largest, Samsung, is the 18th largest industrial ously, from a peak of a little over $8 billion in firm listed in the Fortune tabulation. 1989 to less than $6 billion in 1991. The Chinese-based economy consists in Moreover, Japanese banks have tended to re­ large measure of midsize family-run firms, duce their participation in the international rather than the huge corporations characteristic banking market. The $53 billion reduction in of Japan, Western Europe, and the United their foreign banking assets in the second States. Transnational networks seem to be the quarter of 1992 was the largest recorded to natural accompaniment of the Chinese trading date.3 Of course, in absolute terms, Japan tradition. These channels for the movement of continues to be the dominant economy in Asia information, finance, goods, and capital help to and will continue to hold that position for many explain the relative flexibility and efficiency of years. the numerous ongoing informal agreements and transactions that bind together the various parts of the Chinese-based trading area. The Nature of the Chinese-Based From Guangzhou to Singapore, from Kuala Economy Lumpur to Manila, this influential network - often based on extensions of the traditional Despite the current Japanese dominance of clans - has been described as the backbone of the region, the Chinese-based economy of Asia the East Asian economy. A substantial amount is rapidly emerging as a new epicenter for in­ of cross-investment and trade takes place, often dustry, commerce, and finance. This strategic on a family basis. Frequently, these business area contains substantial amounts of technology ties involve "overseas" Chinese who are deal­ ing with people in the province of China from and ~anufacturing capability (Taiwan), out­ which they or their ancestors migrated s~dtng entrepreneurial, marketing, and ser­ vices acumen (Hong Kong), a fine communica­ (tongbao or compatriots).4 tions network (Singapore), a tremendous pool To be sure, government is often heavily in­ of fmancial capital (all three), and very large volved in the ownership if not the operation of 2 3 many specific ~nterprises. In Taiwan, the The Close Connections KMT (the Nationalist Party or Kuomintang) is the largest property owner, with widespread Several economic indicators, ranging from business interests. In mainland China, in addi­ modest to basic, illustrate the close connection tion to numerous private ventures (often in among the "Chinas." Eight years ago, the. spe­ collaboration with foreign investors), govern­ cial economic zone of Xiamen in mainland ment owns a great variety of enterprises. China booked 10 telephone calls a month to These range from the central government's gi­ Taiwan. Currently, such calls are averaging ant steel mills to local government factories. 60,000 a month and the number continues to The trading companies, which engage in a vari­ rise. In 1987, fewer than 7,000 Taiwanese ety of commercial, banking, and manufacturing visited the mainland. The current rate is ap­ activities, are owned by governmental units, proximately 1 million a year. Bilateral trade, ranging from the army to a local county. s which can legally be conducted only through third countries, was about $1.5 billion in 1987. The current figure is about $6 billion, a four­ 1hree-.fifths of all foreign investment fold increase. In addition, about 4,000 Taiwan enterprises have set up factories in China, in China has been made by Hong Kong's mainly in the south. In the aggregate, more Chinese entrepreneurs. than 5,000 Taiwanese companies have invested approximately $5 billion in the China main­ land.? The close connection between public and The current state of interdependence be­ private sectors and the greater China economy tween mainland China and Hong Kong is even is illustrated by the operations of the Shanghai more striking. Each is the other's largest Far East Container Company. This joint ven­ trading partner and largest source of external ture between Shanghai, Hong Kong, and investment. Three-fifths of all foreign invest­ Taiwan involves enterprises in all three areas to ment in China has been made by Hong Kong's produce steel containers in Shanghai. An even Chinese entrepreneurs. 8 greater extension of capitalism occurred in June A recent example of this development is the 1992, when the city of Wuhan allowed $60 million project on the part of Hong Kong­ Hongtex Development Company, a Hong Kong based Tian An China Group to construct a firm, to buy a 51 percent share of Wuhan No. large commercial and office building in the 2 Printing and Dyeing Company. This transac­ heart of Changzhou, an industrial city in tion marked the first time a "foreign" company Jiangsu province.
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