{"title":"Conclusion","authors":"R. Jenkins","doi":"10.1093/oso/9780198738510.003.0013","DOIUrl":"https://doi.org/10.1093/oso/9780198738510.003.0013","url":null,"abstract":"By way of conclusion, this chapter focusses on two issues. The first is how China’s relations with Sub-Saharan Africa (SSA) and Latin America and the Caribbean (LAC) are likely to be affected in the future by recent changes in the Chinese economy and its internationalization. Since 2012, the Chinese economy has been characterized by a ‘New Normal’ of slower economic growth and a rebalancing of the economy towards increased domestic consumption and less reliance on investment and exports. China also launched the One Belt, One Road (OBOR) initiative in 2013, which seeks to link China with other Asian countries and Europe through major investment projects. The second issue concerns the continuing tensions that derive from the asymmetric economic relations between China and the two regions and whether steps will be taken to resolve them.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131353259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Going Global","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0004","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0004","url":null,"abstract":"The chapter documents the growth of Chinese outward direct foreign investment (OFDI) and overseas projects carried out by Chinese contractors. The chapter discusses some of the problems in measuring Chinese OFDI. It shows the continuing importance of state-owned enterprises in China’s Go Global policy and discusses whether the international expansion of Chinese firms is primarily state driven or market driven. It shows that although political objectives played a role in the early expansion of Chinese firms, strategic economic factors and commercial objectives have played the most important roles in recent years. Resources and markets have been major drivers of the internationalization of Chinese firms. Chinese firms have also been involved in strategic-asset-seeking investment in developed countries.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126199923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The World’s Wallet?","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0005","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0005","url":null,"abstract":"China’s economic success has led to the accumulation of the world’s largest foreign exchange reserves. The chapter discusses the role played by Chinese sovereign wealth funds in reinvesting reserves abroad, as well as the growth of foreign lending by the Chinese banks and the expansion of export credit, with particular attention to the activities of the China Development Bank and the China Exim Bank. Chinese aid has been particularly controversial, with widely differing claims regarding the volume of aid that China gives. The chapter discusses the scale of aid and the key features of the way in which Chinese aid is organized. It identifies the main drivers of Chinese financial flows, distinguishing between the different types. It concludes with a discussion of the wider implications of the growth of Chinese finance for development finance and the access of countries which have been marginalized by traditional lenders.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126389439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Social, Political, and Environmental Impacts in Sub-Saharan Africa","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0008","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0008","url":null,"abstract":"Some of the most controversial aspects of China’s economic presence in Sub-Saharan Africa (SSA) relate to the social, political, and environmental impacts. Many of the claims that are made are based on anecdotal evidence, and there is a need for more systematic research on these aspects. In terms of social impacts, the chapter discusses employment, wages, working conditions, and labour rights. Political issues addressed include claims that China’s involvement supports authoritarian regimes, encourages corruption, and leads to conflict and political instability. These claims are not generally supported, and SSA countries have benefitted from the increased policy space that Chinese involvement gives them. The environmental effects of both increased exports to China and the activities of Chinese firms in SSA are analyzed. Contrasting case studies illustrate the negative impacts of China on forestry, and the positive effects of Chinese support for wind and solar power.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126574863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Workshop of the World","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0002","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0002","url":null,"abstract":"The chapter describes the rapid growth of Chinese manufacturing since 1979, and its increasing share of global industrial output. The chapter analyses the factors that have made the manufacturing sector so competitive internationally, considering the role of wages and productivity, economies of scale and scope, the exchange rate and government subsidies. It highlights several characteristics of China’s manufactured exports, including the significant role played by foreign firms, the high levels of import content (although this has been declining over time), and technological upgrading. These characteristics reflect the integration of China into a regional production network in East Asia. The chapter concludes with a discussion of the ways in which China’s expansion has helped reduce the prices of manufactured goods and has affected the manufacturing production and exports of other countries.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130952191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Voracious Dragon?","authors":"R. Jenkins","doi":"10.1093/oso/9780198738510.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780198738510.003.0003","url":null,"abstract":"Economic growth in China has had a major impact on global commodity markets. The Chapter documents the significance of China in terms of its share of global consumption and world imports of a number of commodities, as well as China’s dependence on such imports. This shows that there is considerable variation between different commodities, with China being particularly important for minerals and metals. Chinese demand has had an impact on commodity prices and was one factor that contributed to the commodity boom of 2002–11. Non-price aspects of Chinese involvement are also discussed, including Chinese strategies to secure resources; Chinese policies to encourage processing at home; and the specific characteristics of the Chinese market in terms of social and environmental standards.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133602708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Transformation of the Chinese Economy","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0001","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0001","url":null,"abstract":"The chapter presents an analysis of the growth of the Chinese economy since the late 1970s, and the various phases of economic reform during that period. It shows the ways in which China became increasingly integrated with the global economy through trade and inward investment, and later, by outward foreign direct investment. Key aspects of the economic reforms discussed are those of the financial sector that led to the creation of the policy banks, and enterprise reform, leading to changes in the management of state-owned enterprises and the growth of the private sector. Developments in the Chinese labour market affecting employment, wages, and productivity are also considered. Finally, the negative environmental impacts of China’s rapid economic growth and the responses to it are discussed.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134397829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"China’s Economic Expansion in Sub-Saharan Africa","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0006","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0006","url":null,"abstract":"The chapter documents the growth of economic relations between China and Sub-Saharan Africa (SSA), focussing on trade, foreign direct investment, Chinese construction and engineering projects, loans, and aid. The chapter highlights the way in which these are sometimes combined in resources-for-infrastructure deals. It shows the variety of different actors involved in these relationships, including state and non-state actors, on both the Chinese and African sides. It then discusses the role of strategic diplomatic, strategic economic, and commercial objectives in the growing Chinese involvement in SSA. It also addresses questions of African agency and the interests of African actors in economic relations with China. The impact of political, strategic economic and commercial factors on different types of economic relations is then analyzed econometrically.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122250687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"China’s Economic Impacts on Sub-Saharan Africa","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0007","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0007","url":null,"abstract":"The chapter considers three key aspects of China’s economic impact on Sub-Saharan Africa (SSA). First, the direct and indirect effects of increased Chinese demand for commodities, which benefitted a number of SSA economies in the short and medium term, are looked at. China’s major contribution to development in the region has been through financing and building infrastructure. Finally, the impact on SSA manufacturing is analyzed. Despite concerns about the negative impact on domestic industry, it only appears to be a major problem in South Africa. However, optimistic views of the potential for Chinese firms to contribute to industrialization in the region appear over-optimistic. The chapter also includes case studies of the impact of China’s economic involvement in Angola, Ethiopia, and South Africa, which represent three different types of Sino-African relations.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131960894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"China’s Economic Impacts on Latin America","authors":"R. Jenkins","doi":"10.1093/OSO/9780198738510.003.0010","DOIUrl":"https://doi.org/10.1093/OSO/9780198738510.003.0010","url":null,"abstract":"The chapter considers three aspects of China’s economic impact on Latin America and the Caribbean (LAC). It looks first at the direct and indirect effects of increased Chinese demand for commodities, which benefitted a number of LAC economies in the short and medium term. China’s role in financing and building infrastructure in the region has been less significant than in Sub-Saharan Africa (SSA). The impact on manufacturing has been of much greater concern, with all the main countries in the region facing increased competition in the domestic market, and those that had developed significant exports of manufactures also losing out in third markets. Three case studies of Brazil, Mexico, and Chile illustrate different patterns of economic relations between China and Latin America.","PeriodicalId":135688,"journal":{"name":"How China is Reshaping the Global Economy","volume":"22 6S 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115945958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}