The Belt and Road Initiative(BRI)offers the prospect of trade integration between Asia and Europe.But it is subject to a number of risks,some of them are similar to those associated with the Trans-Pacific Partnership(...The Belt and Road Initiative(BRI)offers the prospect of trade integration between Asia and Europe.But it is subject to a number of risks,some of them are similar to those associated with the Trans-Pacific Partnership(TPP).East Asian trade liberalisation in the 1990s involved collaborative autonomy–a cooperative process of outward-looking unilateral liberalisation on a‘most favoured nation’(MFN)basis–rather than the creation of a regional free trade area.By contrast,the TPP has sought to create a free trade area,which would have led to trade diversion and have had other unsatisfactory features.The combination of BRI with the Regional Cooperation Economic Partnership(RCEP)might offer the possibility of outward-looking liberalisation,one which is neither dominated by China nor subject to the trade diversion of the TPP.This combination would bring strength and legitimacy to the BRI.展开更多
Singapore's remarkable economic development in the past five decades since independence has attracted much policy attention.This article first provides a brief overview of Singapore's economic development.The ...Singapore's remarkable economic development in the past five decades since independence has attracted much policy attention.This article first provides a brief overview of Singapore's economic development.The second part discusses Singapore's development strategies that are aligned with the Washington Consensus:globalisation,conservative fiscal and monetary policies,investments in education and infrastructure.It also discusses the policies adopted to further enhance the outcomes of such policies.The third part focusses on policies that are inconsistent with the prescriptions of the Washington Consensus:the visible hand of government direction of industry,the important role of state owned enterprises,as well as growth-enhancing social policies.It concludes with the present challenges facing the city-state.展开更多
A global renminbi(RMB)needs to be backed by a large,deep and liquid RMB market with a world-class Chinese government bond(CGB)market as its core.It also needs the support from a bigger and more open domestic stock mar...A global renminbi(RMB)needs to be backed by a large,deep and liquid RMB market with a world-class Chinese government bond(CGB)market as its core.It also needs the support from a bigger and more open domestic stock market.China’s CGB market is the sixth largest local currency sovereign bond market in the world.By transforming the non-tradable,captive central bank liabilities into homogeneous and tradable CGBs through cutting the still high Chinese reserve requirements by 1/3,the size of the CGB market can rise by 40%,boosting market liquidity while trimming distortions to the banking system.Also,policy bank bonds may attract foreign investor demand.Finally,a bigger and more open domestic A-share stock market also helps expand the RMB assets in the international investor portfolio.With both bigger bond and stock markets and their higher foreign ownerships following market opening,the combined sum of Chinese domestic bonds and A-shares held by foreign investors may increase five folds during 2018–2025,lifting the RMB asset position in global investor portfolios,facilitating a potential global RMB,while promoting a deeper and more efficient Chinese domestic capital market.This process of liberalising cross-border portfolio capital flows for non-resident investors may bring both risks and benefits to the Chinese economy.展开更多
This paper aims to examine and analyse the level of intra-industry trade on economy of ASEAN. These data obtained from the accurate and reliable source of ASEAN Trade Statistics databases. The importance of intra-indu...This paper aims to examine and analyse the level of intra-industry trade on economy of ASEAN. These data obtained from the accurate and reliable source of ASEAN Trade Statistics databases. The importance of intra-industry and measurement is also described. Moreover, the linkage of intra-industry trade and investment liberalization under the ASEAN Economic Community （AEC） is also explained. The effective enhancement schemed to increase the competitiveness of specific industries had been proposed to enhance ASEAN to be efficient production hub and network of region that lead to the ultimate goal of single market. The further studies can be applied to construct and estimate the econometric model and forecasting technique to confirm the empirical results.展开更多
This paper examines the roadmap of interest rate liberalisation in China,including the current dual-track interest rate system and the future benchmark rate system.It provides a theoretical foundation for China to dev...This paper examines the roadmap of interest rate liberalisation in China,including the current dual-track interest rate system and the future benchmark rate system.It provides a theoretical foundation for China to develop its own benchmark interest rate.A vector autoregression model is estimated to investigate the effectiveness of Chinese market interest rates,Shanghai Interbank Offered Rate(SHIBOR),and repo rates against different factors such as market size,volatility,transmission channels of monetary policy,and term structures of interest rates.The result shows that SHIBOR affects both the market and the economy.As SHIBOR promptly reflects the changes in currency markets,we argue that it has the potential to become China’s benchmark interest rate.展开更多
文摘The Belt and Road Initiative(BRI)offers the prospect of trade integration between Asia and Europe.But it is subject to a number of risks,some of them are similar to those associated with the Trans-Pacific Partnership(TPP).East Asian trade liberalisation in the 1990s involved collaborative autonomy–a cooperative process of outward-looking unilateral liberalisation on a‘most favoured nation’(MFN)basis–rather than the creation of a regional free trade area.By contrast,the TPP has sought to create a free trade area,which would have led to trade diversion and have had other unsatisfactory features.The combination of BRI with the Regional Cooperation Economic Partnership(RCEP)might offer the possibility of outward-looking liberalisation,one which is neither dominated by China nor subject to the trade diversion of the TPP.This combination would bring strength and legitimacy to the BRI.
文摘Singapore's remarkable economic development in the past five decades since independence has attracted much policy attention.This article first provides a brief overview of Singapore's economic development.The second part discusses Singapore's development strategies that are aligned with the Washington Consensus:globalisation,conservative fiscal and monetary policies,investments in education and infrastructure.It also discusses the policies adopted to further enhance the outcomes of such policies.The third part focusses on policies that are inconsistent with the prescriptions of the Washington Consensus:the visible hand of government direction of industry,the important role of state owned enterprises,as well as growth-enhancing social policies.It concludes with the present challenges facing the city-state.
文摘A global renminbi(RMB)needs to be backed by a large,deep and liquid RMB market with a world-class Chinese government bond(CGB)market as its core.It also needs the support from a bigger and more open domestic stock market.China’s CGB market is the sixth largest local currency sovereign bond market in the world.By transforming the non-tradable,captive central bank liabilities into homogeneous and tradable CGBs through cutting the still high Chinese reserve requirements by 1/3,the size of the CGB market can rise by 40%,boosting market liquidity while trimming distortions to the banking system.Also,policy bank bonds may attract foreign investor demand.Finally,a bigger and more open domestic A-share stock market also helps expand the RMB assets in the international investor portfolio.With both bigger bond and stock markets and their higher foreign ownerships following market opening,the combined sum of Chinese domestic bonds and A-shares held by foreign investors may increase five folds during 2018–2025,lifting the RMB asset position in global investor portfolios,facilitating a potential global RMB,while promoting a deeper and more efficient Chinese domestic capital market.This process of liberalising cross-border portfolio capital flows for non-resident investors may bring both risks and benefits to the Chinese economy.
文摘This paper aims to examine and analyse the level of intra-industry trade on economy of ASEAN. These data obtained from the accurate and reliable source of ASEAN Trade Statistics databases. The importance of intra-industry and measurement is also described. Moreover, the linkage of intra-industry trade and investment liberalization under the ASEAN Economic Community （AEC） is also explained. The effective enhancement schemed to increase the competitiveness of specific industries had been proposed to enhance ASEAN to be efficient production hub and network of region that lead to the ultimate goal of single market. The further studies can be applied to construct and estimate the econometric model and forecasting technique to confirm the empirical results.
文摘This paper examines the roadmap of interest rate liberalisation in China,including the current dual-track interest rate system and the future benchmark rate system.It provides a theoretical foundation for China to develop its own benchmark interest rate.A vector autoregression model is estimated to investigate the effectiveness of Chinese market interest rates,Shanghai Interbank Offered Rate(SHIBOR),and repo rates against different factors such as market size,volatility,transmission channels of monetary policy,and term structures of interest rates.The result shows that SHIBOR affects both the market and the economy.As SHIBOR promptly reflects the changes in currency markets,we argue that it has the potential to become China’s benchmark interest rate.
