DOCSLIB.ORG

Globalization and China: a Cultural

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Globalization and China: a Cultural Image Courtesy: Foreign Policy C3S Issue Map- IX Globalization and China: A Cultural Dimension Aishwarya S. Menon Research Intern Chennai Centre for China Studies (C3S) November 07 2019 Hewlett-Packard About the Author Aishwarya S. Menon is presently pursuing a Master’s degree in International Relations and is an intern at Chennai Centre for China Studies. Her research areas include culture, globalization, soft power, women’s rights, human rights, media, environment and climate change. About C3S The Chennai Centre for China Studies (C3S), registered under the Tamil Nadu Societies Registration Act 1975 (83/2008 dated 4th April 2008), is a non-profit public policy think tank. We carry out in depth studies of developments relating to China with priority to issues of interest to India such as geopolitical, economic and strategic dynamics of India-China relations, Chinas internal dynamics, border issues, Chinas relations with South Asian countries, prospects of trade, the evolution of Chinese politics and its impact on India and the world, ASEAN and SAARC relations, cultural links, etc. C3S attempts to provide a forum for dialogue with China scholars in India and abroad and give space for the expression of alternate opinions on China related topics.. Additionally, events, lecture discussions and seminars are organised on topics of current interest. What is an Issue Map? C3S launches its Issue Map initiative. The reports under this series analyse the status and developments of current scenarios in detail. They attempt to aid the reader to get a more comprehensive idea of the issue being addressed through a detailed illustration in the form of images, data and facts. Issue Maps are available for download as PDFs. Introduction The process of globalization in China is rather unique, especially when it comes to the country's culture. Chinese culture has always been dynamic historically and today, it is gradually becoming an amalgamation of two sets of contrasting principles that is, localism versus globalism and traditionalism versus modernism. With the international system moving towards multi-polarity and greater interdependence, the People's Republic of China (PRC) has assessed that possessing a robust economy alone will not suffice in accomplishing her national interest and goals. This realization by the PRC prompted the former Chinese President Hu Jintao, to emphasize the need to augment Chinese culture and strengthen the country's "soft power" in his keynote address to the 17th National Congress of the Communist Party of China (CPC) back in 2007.1 Following his monumental speech, global initiatives towards Chinese cultural promotion gained more momentum and continues to be a matter of great importance to the Chinese State even to this day. The PRC has been one of the more politically stable and economically strong countries in the world and has garnered much success in terms of its economic and military strategy which constitutes hard power. However, the People’s Republic of China’s drive to become a frontrunner in the international system has made achievement of soft power in the form of "its culture (in places where it is attractive to others), its political values (when it lives up to them at home as well as abroad), and its foreign policies (when others see them as legitimate and having moral authority)”(Nye 2011;183),2is one of the major goals that need to be fulfilled with much perseverance. This article seeks to describe how China defines its own culture and explains China's view on globalization as well as how they plan to provide an alternative to the existing Western notions of globalization. The aim is to examine relevant policies, plans, and initiatives of the Hu and Xi governments, both domestic and international, to understand how the global reputation or “Chinese Image” and soft power hold is being created by attempting to answer the following questions: ● How has the Chinese culture been viewed by the world in the past? ● How has the Chinese State carried out the “Easternization” of global culture, with Chinese culture at the forefront while aiming for soft power augmentation? ● Will China see as much success in cultural dominance as in the case of its economic dominance in the international system? ● What are some of the bottlenecks that China has to overcome to achieve its goal towards cultural globalization and soft power maximization? An Overview of Chinese Culture and the Chinese View on Globalization Image Courtesy: Global Times The Chinese culture as we know it today is one that has endured a tumultuous history at times. The Chinese government is now relentlessly working towards reviving the cultural nuances of the ancient past, all while simultaneously evolving into the postmodern era. In order to fully understand the modern-day Chinese culture, it is important to explore deeply into Chinese history, the minds of the Chinese people as well as the Chinese state itself to understand how the Chinese view themselves in relation to other cultures apart from their own, and see how the Chinese culture has taken shape in the more recent years. The People’s Republic of China currently holds the tag of the “world's most populated country”, consisting of 1.4 billion3 people, sharing a common national identity while belonging to multiple ethnic groups both within China as well as abroad. Nevertheless, the one tag she proudly claims even to this day is being “the oldest living civilization” on the planet. 4 It is important to note that China has a significant history of isolationism5, and for the most part preferred to be cut off from other countries. The Ming dynasty was the period when it was not in China’s best interest to form long-lasting friendly relations with those beyond her borders as the Confucian scholars became powerful in Chinese society. One of the main principles of Confucianism is ‘ethnocentrism’, (a belief or attitude that one’s own culture is better than all others; William Graham Sumner, 1906)6, which could have possibly led the Confucian scholars to influence the regulations thereby banning foreign trade and penalizing foreign travel.7 This history of isolationism and perpetual change in dynasties may have resulted in the West, who chiefly dominated the twentieth century, to write off China and the Chinese culture as relatively backward in terms of being uncivilized, having ancient customs and traditions, and rudimentary thinking when it came to innovation, “inexcusable hygiene”, proliferating population, and an aversion to interacting with other cultures.8 However, these prejudices, misunderstandings and preconceived notions held by the West were gradually nullified by the Chinese over time, revealing the true extent of influence that the Chinese have on their neighbours and now, the international system at the global front. Traditionally, China has been known to perceive herself as the “Zhōngguó” meaning “the Central Country” or “Tian Xia” meaning “The Middle Kingdom” (Kingdom between Heaven and Earth), an indication of how significant she viewed herself to be throughout history.9 As far as the ethnic and cultural identity is concerned the Chinese, now at around 1.4 billion in strength, comprising of 56 recognized ethnic groups, that is Han, the majority ethnic group (92%) and the 55 other nationalities classified as minority ethnic groups (8%), occupy different regions. 10 Despite having socio-cultural as well as linguistic variations, these groups coexist with each other as uniformity is relatively established by the Chinese Government in the form of standardizing the Chinese language, Mandarin (into “Putonghua”), in the education system based on the concept of "One State, One People, One Language”. This was implemented to ensure a sense of unity, peace and development were established between the ethnic majority and minority within Mainland China.11 Within the Chinese borders, the Xi government is striving to restore and “strengthen the cultural heritage” and “cultural confidence” among the Chinese people, especially the youth, after realizing that the “Young peoples' values would determine society's future values”.12 With each passing decade, Chinese culture has spread throughout East and Southeast Asia in the form of Chinese philosophy, music, dance, culinary skills, paintings, architecture, religion, social structure, administration, and most importantly the Chinese language and literature. There are not only cultural ties but also human ties between China and these countries.13 It is also important to note that historically, foreigners or “the barbarians”14 in the eyes of the Chinese were mostly viewed as subservient, unethical, treacherous, unpredictable, and uncivilized. Whether this ethnocentric view is held by the people of China even today, is something that is subject to various factors like class, education, exposure, censorship, media portrayals, migration and so on, most of which are regulated or monitored closely by the Chinese Government and those who lead it. Image Courtesy: Audley Travel For most of the modern era, the West, especially the United States of America and the United Kingdom with their "Ameri-globalization" and "An-globalization" (Niall Ferguson; 2002)15 respectively, had a huge role to play in how the world regarded any culture; the most important one of them all being the Chinese culture. Everything about China and her rich heritage was reduced to the Great Wall of China, Pandas, Bruce Lee, and red lantern-lit restaurants serving cheap Chinese takeout with
Load more

Recommended publications
  • A Method of Teaching English Speaking Learners to Produce Mandarin-Chinese Tones
    Graduate Theses, Dissertations, and Problem Reports 2018 A Method of Teaching English Speaking Learners to Produce Mandarin-Chinese Tones Hui Shi Follow this and additional works at: https://researchrepository.wvu.edu/etd Recommended Citation Shi, Hui, "A Method of Teaching English Speaking Learners to Produce Mandarin-Chinese Tones" (2018). Graduate Theses, Dissertations, and Problem Reports. 6633. https://researchrepository.wvu.edu/etd/6633 This Dissertation is protected by copyright and/or related rights. It has been brought to you by the The Research Repository @ WVU with permission from the rights-holder(s). You are free to use this Dissertation in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you must obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Dissertation has been accepted for inclusion in WVU Graduate Theses, Dissertations, and Problem Reports collection by an authorized administrator of The Research Repository @ WVU. For more information, please contact researchrepository@mail.wvu.edu. A Method of Teaching English Speaking Learners to Produce Mandarin-Chinese Tones Hui Shi Dissertation submitted to the College of Education and Human Services at West Virginia University in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Curriculum & Instruction/ Literacy Studies Sam Stack, Ph.D., Chair Ugur Kale, Ph.D. Heiko Everwien ter Haseborg, Ph.D. Joy Faini Saab, Ed.D. Xiangying Jiang, Ph.D. Department of Curriculum & Instruction/ Literacy Studies Morgantown, West Virginia University 2018 Keywords: Mandarin-Chinese Tones, tonal and non-tonal language, pedagogy, tonal production Copyright 2018 Hui Shi ABSTRACT A Method of Teaching English Speaking Learners to Produce Mandarin-Chinese Tones Hui Shi Learning Mandarin Chinese tones is a big challenge for English speaking learners.
    [Show full text]
  • Governing Council 2013 - 2014
    GOVERNING COUNCIL 2013 - 2014 Michael H. Wilson Constituency: Ex Officio Appointed: July 1, 2012 Degrees and Honours: BA, Trinity College, University of Toronto, 1959 P.C., Member of the Queen’s Privy Council for Canada, 1979 CC, Companion of the Order of Canada, 2010 LLD, (Hon) Doctor of Laws Notes: July 2010, Chairman, Barclays Capital Canada Inc. Michael Wilson is the Chairman of Barclays Capital Canada Inc. Based in Toronto, Mr. Wilson joined the firm on June 14, 2010 and is currently responsible for managing Barclays Capital’s client relationships in Canada. Previously, Mr. Wilson was Ambassador of Canada to the United States of America from March 13, 2006 to October 9, 2009. Prior to taking up his position as Canada’s 22nd Ambassador to the United States, Mr. Wilson was Chairman of UBS Canada, an operating division of UBS AG. Before joining UBS in July 2001, Mr. Wilson was responsible for RBC Financial Group's Institutional Asset Management business. He also served as a Vice Chairman of RBC Dominion Securities, responsible for senior client relationships and advice to both Canadian and international companies and governments. Following his ervice in government, Mr. Wilson launched Michael Wilson International in 1993 to offer corporate clients advice on international trade and related issues. Mr. Wilson was elected to the House of Commons in 1979. In September 1984, he was appointed Minister of Finance and remained in that position until May 1991. He then became Minister of Industry, Science and Technology and Minister for International Trade. In this latter position he had responsibility for the NAFTA negotiations.
    [Show full text]
  • Preventing Deglobalization: an Economic and Security Argument for Free Trade and Investment in ICT Sponsors
    Preventing Deglobalization: An Economic and Security Argument for Free Trade and Investment in ICT Sponsors U.S. CHAMBER OF COMMERCE FOUNDATION U.S. CHAMBER OF COMMERCE CENTER FOR ADVANCED TECHNOLOGY & INNOVATION Contributing Authors The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Copyright © 2016 by the United States Chamber of Commerce. All rights reserved. No part of this publication may be reproduced or transmitted in any form—print, electronic, or otherwise—without the express written permission of the publisher. Table of Contents Executive Summary ............................................................................................................. 6 Part I: Risks of Balkanizing the ICT Industry Through Law and Regulation ........................................................................................ 11 A. Introduction ................................................................................................. 11 B. China ........................................................................................................... 14 1. Chinese Industrial Policy and the ICT Sector .................................. 14 a) “Informatizing” China’s Economy and Society: Early Efforts ...... 15 b) Bolstering Domestic ICT Capabilities in the 12th Five-Year Period and Beyond ................................................. 16 (1) 12th Five-Year
    [Show full text]
  • Daily Life for the Common People of China, 1850 to 1950
    Daily Life for the Common People of China, 1850 to 1950 Ronald Suleski - 978-90-04-36103-4 Downloaded from Brill.com04/05/2019 09:12:12AM via free access China Studies published for the institute for chinese studies, university of oxford Edited by Micah Muscolino (University of Oxford) volume 39 The titles published in this series are listed at brill.com/chs Ronald Suleski - 978-90-04-36103-4 Downloaded from Brill.com04/05/2019 09:12:12AM via free access Ronald Suleski - 978-90-04-36103-4 Downloaded from Brill.com04/05/2019 09:12:12AM via free access Ronald Suleski - 978-90-04-36103-4 Downloaded from Brill.com04/05/2019 09:12:12AM via free access Daily Life for the Common People of China, 1850 to 1950 Understanding Chaoben Culture By Ronald Suleski leiden | boston Ronald Suleski - 978-90-04-36103-4 Downloaded from Brill.com04/05/2019 09:12:12AM via free access This is an open access title distributed under the terms of the prevailing cc-by-nc License at the time of publication, which permits any non-commercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited. An electronic version of this book is freely available, thanks to the support of libraries working with Knowledge Unlatched. More information about the initiative can be found at www.knowledgeunlatched.org. Cover Image: Chaoben Covers. Photo by author. Library of Congress Cataloging-in-Publication Data Names: Suleski, Ronald Stanley, author. Title: Daily life for the common people of China, 1850 to 1950 : understanding Chaoben culture / By Ronald Suleski.
    [Show full text]
  • How Does Globalization Affect Educational Attainment? Evidence from China∗
    How does globalization affect educational attainment? Evidence from China∗ Maggie Y. Liu† December 2017 Abstract This paper investigates how changes in trade policy, both by China and its trading partners, affect rates of high school completion in Chinese prefectures between 1990and 2004. I separate the effects of trade policy changes into: (1) reductions in tariffs and trade policy uncertainty abroad; and (2) reductions in Chinese tariffs on intermediate, final, and capital goods. Exploiting spatial variation across 324 Chinese prefectures and temporal variation across 15 age cohorts, I employ a difference-in-difference empirical specification and verify the results with semi-parametric methods. Robust empirical findings suggest that increases in high school completion were more pronounced inpre- fectures with larger reductions in Chinese tariffs on unskilled-labor-intensive inputs, Chinese tariffs on foreign capital goods, and tariffs abroad on skilled-labor-intensive goods. At the same time, increases in high school completion were attenuated in pre- fectures facing larger reductions in trade policy uncertainty abroad regarding unskilled- labor-intensive goods. JEL classification: F16, F61, J24, J61. Keywords: Human Capital; Globalization; Technology Adoption; Skill Premium; WTO. ∗I am grateful to Anna Maria Mayda for her continuous guidance and encouragement. I am also thankful for the insightful feedbacks from Giovanni Facchini, Rodney Ludema, and Caglar Ozden at various stages of this project. I also thank Jim Albrecht, Mary Ann Bronson, Caitlin Brown, Claire Brunel, Garance Genicot, Roger Lagunoff, Arik Levinson, Aaditya Mattoo, Ferdinando Monte, Martin Ravallion, Susan Vroman, and Mathis Wagner for their helpful discussions and comments. All errors are mine. †Department of Economics, Smith College.
    [Show full text]
  • The Globalization Strategy of a Chinese Multinational: Huawei in Mexico*
    The Globalization Strategy of a Chinese Multinational: Huawei in Mexico* Huawei: Trayectoria global y estrategia para México de una empresa multinacional china Jordy micheli** Jorge carrillo*** ABSTRACT Huawei, a multinational company from China, represents a form of globalization that dif fers from classical internationalization patterns. It began operations in Mexico only 14 years after its founding in China; this represented one more step in its initial strategy of expanding into emerging economies. This article, using information gathered from interviews and observa- tions that took place during 2014, outlines a general description of Huawei's international- ization strategy, and examines its assembly and logistical operations, as well as its processes of customization and innovation. Keywords: 1. internationalization, 2. telecommunications, 3. customization, 4. Huawei, 5. Mexico. RESUMEN La empresa multinacional de origen chino Huawei representa un caso de globalización que dif iere de los patrones clásicos de internacionalización. El inicio de operaciones de esta compa- ñía en México tuvo lugar sólo 14 años después de haber sido fundada en su país y representó un paso más en su estrategia inicial de crecer en economías emergentes. En este artículo, mediante información recabada por entrevistas y visitas que se llevaron a cabo durante 2014, se desarro lla una descripción sintetizada de la estrategia de internacionalización de Huawei y se explora la or- ganización del ensamblado y la logística, así como de la customización y la innovación. Palabras clave: 1. internacionalización, 2. telecomunicaciones, 3. customización, 4. Huawei, 5. México. Date of receipt: April 29, 2015. Date of acceptance: December 7, 2015. * Text and quotations originally written in spanish.
    [Show full text]
  • CHAPTER 1 INTRODUCTION: from the MIDDLE KINGDOM to a GLOBAL POWER There Is an Old Chinese Saying That Three Men of Three Generat
    CHAPTER 1 INTRODUCTION: FROM THE MIDDLE KINGDOM TO A GLOBAL POWER There is an old Chinese saying that three men of three generations, son, father, and grandfather were walking on a path, and all saw a flag waving. The son remarked, “A flag waving.” The father said, “No, it is wind blowing.” But the grandfather declared, “It’s your heart moving.” The wisdom in the saying is that we tend to view a natural or social phenomenon either from a substantial or a relational perspective. When you look at things substantially, you tend to focus on static rather than dynamic conditions, as in how the son saw the flag waving (Emirbayer, 1997). When you take a relational perspective, you may not only detect the nature of a phenomenon, but also its external facets embedded in a broader relational context (Diani & McAdam, 2003 p.126). The dichotomous relationship between these two ways one may perceive the experience of life is ever more relevant today. “The key question confronting sociologists in the present day is not ‘material versus ideal,’ ‘structure versus agency,’ ‘individual versus society,’ or any of the other dualisms so often noted; rather, it is the choice between substantialism and relationalism” (Emirbayer, p. 282). Social scientists have devoted a great deal of attention to understanding China’s fundamental transformation over the past three decades. In terms of speed and scale, China’s transformation is 1 historically unprecedented. From the relational perspective which characterizes this book, the macro structure and pattern of China’s transformation can be explained as embedded in massive micro-situations and transactions between terms or units that are preeminently dynamic in nature, as unfolding and ongoing processes rather than as static ties among inert substances (Emirbayer, 1997 p.289).
    [Show full text]
  • 2015-2016 Biographies of the Governing Council
    GOVERNING COUNCIL 2015 - 2016 Michael H. Wilson Constituency: Ex Officio Appointed: July 1, 2012 Degrees and Honours: BA, Trinity College, University of Toronto, 1959 P.C., Member of the Queen’s Privy Council for Canada, 1979 CC, Companion of the Order of Canada, 2010 LLD, (Hon) Doctor of Laws Notes: July 2010, Chairman, Barclays Capital Canada Inc. Michael Wilson is the Chairman of Barclays Capital Canada Inc. Based in Toronto, Mr. Wilson joined the firm on June 14, 2010 and is currently responsible for managing Barclays Capital’s client relationships in Canada. Previously, Mr. Wilson was Ambassador of Canada to the United States of America from March 13, 2006 to October 9, 2009. Prior to taking up his position as Canada’s 22nd Ambassador to the United States, Mr. Wilson was Chairman of UBS Canada, an operating division of UBS AG. Before joining UBS in July 2001, Mr. Wilson was responsible for RBC Financial Group's Institutional Asset Management business. He also served as a Vice Chairman of RBC Dominion Securities, responsible for senior client relationships and advice to both Canadian and international companies and governments. Following his ervice in government, Mr. Wilson launched Michael Wilson International in 1993 to offer corporate clients advice on international trade and related issues. Mr. Wilson was elected to the House of Commons in 1979. In September 1984, he was appointed Minister of Finance and remained in that position until May 1991. He then became Minister of Industry, Science and Technology and Minister for International Trade. In this latter position he had responsibility for the NAFTA negotiations.
    [Show full text]
  • Final Chien and Wu Formatted
    The Transformation of China’s Urban Entrepreneurialism: The Case Study of the City of Kunshan By Shiuh-Shen Chien, National Taiwan University Fulong Wu, University College London Abstract This article examines the formation and transformation of urban entrepreneurialism in the context of China’s market transition. Using the case study of Kunshan, which is ranked as one of the hundred “economically strongest county-level jurisdictions” in the country, the authors argue that two phases of urban entrepreneurialism—one from the 1990s until 2005, and another from 2005 onward—can be roughly distinguished. The first phase of urban entrepreneurialism was more market driven and locally initiated in the context of territorial competition. The second phase of urban entrepreneurialism involves greater intervention on the part of the state in the form of urban planning and top-down government coordination and regional collaboration. The evolution of Kunshan’s urban entrepreneurialism is not a result of deregulation or the retreat of the state. Rather, it is a consequence of reregulation by the municipal government with the goal of territorial consolidation. Introduction There is no doubt that local authorities the world over play a crucial role in promoting economic development in the context of globalization (Harvey 1989; Brenner 2003; Ward 2003; Jessop and Sum 2000). On the one hand, globalization may cause huge unexpected job loss when investors decide to shut down their companies and move out. Capital flight may also create opportunities in a different site. To deal with these challenges and opportunities, local authorities become entrepreneurial in improving their regions, in the hopes of accommodating more business investment and attracting more quality human capital.
    [Show full text]
  • Globalization and the Human Condition Institute on Globalization and the Human Condition
    INSTITUTE ON GLOBALIZATION AND THE HUMAN CONDITION INSTITUTE ON GLOBALIZATION AND THE HUMAN CONDITION INSTITUTE ON GLOBALIZATION AND THE HUMAN ATION 2004 From the Discourse of “Sino-West” to “Globalization”: Chinese Perspectives on Globalization GHC 04/1 March 2004 HUMAN ATION AND THE AND ATION GLOBALIZ ON INSTITUTE CONDITION HUMAN THE AND ATION CONDITION INSTITUTE ON GLOBALIZ GLOBALIZ ON INSTITUTE CONDITION WORKING PAPER SERIES Yu Keping China Center for Comparative Politics Institute on Globalization GLOBALIZATION AND AUTONOMY and the HUMAN CONDITION MONDIALISATION ET AUTONOMIE KTH 234, 1280 Main St W, McMaster University, Hamilton, ON L8S 4M4 (905) 525-9140 Ext. 27556 http://www.humanities.mcmaster.ca/~global/ Preface Professor Yu Keping is the Director of the China Center for Comparative Politics and Economics (CCCPE) of Beijing University, a leading institution in the study of comparative political economy in the People’s Repub- lic of China. He graciously accepted my invitation to join the Globalization and Autonomy research project as an expert adviser shortly after the project began in 2002. In this working paper, Professor Yu Keping speaks about the emergence and growth of debates and discussions of globalization in China. He notes that these debates have grown in significance as the People’s Republic has moved to open its economy and to ‘reform’ its internal economic structures. He discusses some of the different views of globalization found in the Chinese academy and adds that some scholars wish to confine the concept to economic developments. Others speak of the political and cultural globalizing processes and of their potential threat to Chinese political autonomy and cultural distinctiveness.
    [Show full text]
  • East Asia- Arctic Relations: Boundary, Security and International Politics
    EAST ASIA- ARCTIC RELATIONS: BOUNDARY, SECURITY AND INTERNATIONAL POLITICS PAPER NO. 5 — DECEMBER 2013 Canada’s Northern Strategy and East Asian Interests in the Arctic P. Whitney Lackenbauer and James Manicom CANADA’S NORTHERN STRATEGY AND EAST ASIAN INTERESTS IN THE ARCTIC P. Whitney Lackenbauer and James Manicom Copyright © 2013 by The Centre for International Governance Innovation The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of The Centre for International Governance Innovation or its Operating Board of Directors or International Board of Governors. This work is licensed under a Creative Commons Attribution — Non-commercial — No Derivatives License. To view this license, visit (www.creativecommons.org/ licenses/by-nc-nd/3.0/). For re-use or distribution, please include this copyright notice. This project has been made possible thanks to generous funding from The Centre for International Governance Innovation (CIGI) and the Japan Foundation, as well as the kind support of the Asia-Pacific Foundation of Canada, Yukon College, the Balsillie School of International Affairs, the Japan Futures Initiative, Renison University College at the University of Waterloo and the University of Saskatchewan. Cover photo: The submarine USS Annapolis (SSN 760) rests in the Arctic Ocean after surfacing through three feet of ice during Ice Exercise 2009 on March 21, 2009. The two-week training exercise, which is used to test submarine operability and war-fighting capability in Arctic conditions, also involves the USS Helena (SSN 725), the University of Washington and personnel from the Navy Arctic Submarine Laboratory. US Department of Defense photo by Petty Officer First Class Tiffini M.
    [Show full text]
  • China's Exchange Rate Debate **
    China’s exchange rate debate ** James Laurenceson* & Fengming Qin, China’s exchange rate debate. East Asia Economic Research Group† Discussion Paper No. 1, August 2005 (revised September 2005), School of Economics, The University of Queensland. Queensland. Full text available as: PDF - Requires Adobe Acrobat Reader or other PDF viewer. Abstract This paper reviews and critically comments on the policy debate surrounding China’s exchange rate regime. There are presently two key issues – firstly, whether the RMB has become significantly undervalued, and secondly, whether China would benefit from adopting a flexible exchange rate regime. We find little rigorous evidence in support of the first proposition. With respect to the second, the consensus view is that a flexible exchange rate is desirable as it would support macroeconomic stability by providing greater monetary independence. Most absent in this position is convincing evidence that exchange rate stability is associated with macroeconomic instability, either in the context of China or broader international experience. The consensus position also appears to understate many of the benefits that accrue to China as a result of having a stable exchange rate, as well as many of the costs associated with moving to greater flexibility. We conclude that while adopting a flexible exchange rate regime may pass the cost/benefit test sometime in the future, for now the focus ought to firmly be on domestic financial reform. Key words – exchange rate, China JEL Codes – E58, F31 James Laurenceson * Fengming Qin The School of Economics School of Economics The University of Queensland Shandong University Brisbane Queensland 4072 China Australia Ph – (+617) 3365 6085 j.laurenceson@economics.uq.edu.au _______________________ * Corresponding author ** This paper was originally presented at the 17th annual conference of the Association for Chinese Economic Studies (Australia) held at the University of Western Australia, Perth, July 7-8th 2005.
    [Show full text]