Publications of Wong MNC Center Staff, Advisory Board Members, and Research Fellows

East Asian Integration: Goods, Services, and Investment

Lili Yan Ing, Martin Richardson, and Shujiro Urata, eds.

The recent rise of anti-globalization is putting trade liberalization under seige. This book sheds light on East Asian integration issues like rules of origin, non-tariff measures, and service and investment barriers with the goal of identifying how East Asia should shape their trade, investment, and industrial policies to produce better integration.

The Era of Chinese Multinationals: Competing for Global Dominance

Lourdes Casanova and Anne Miroux

Chinese multinationals have grown in size and increased their global presence, often with Chinese government backing. Chinese companies have become top players and formidable competitors for Western companies in many fields and brought about disruptive changes in the global economy in areas like investment, innovation, and trade. Through general analysis and case studies, this book examines the rise of Chinese multinationals and details their corporate characteristics and how they compete with Western multinationals.

“Why Unsustainable Chinese Infrastructure Deals Are a Two-Way Street.”

Matt Ferchen and Anarkalee Perera

Warnings about China’s debt-trap policy, pursuant to which it allegedly signs unsustainable deals with countries involved in its Belt and Road Initiative to obtain assets, became prevalent after 2018 following the Sri Lanka’s Hambantota Port fiasco. This narrative assumes China has a strategic plan when the reality may be far more complex.

“Building a market economy through WTO-inspired reform of state-owned enterprises in China.”

Weihuan Zhou, Henry Gao, and Xue Bai

Regarding Chinese state capitalism, which seems to be strengthening with state-owned enterprise reform, there is a prevalent view that existing rules under the World Trade Organization (WTO) framework are inadequate for addressing it. This article questions the validity of this perspective through a careful examination of WTO agreements and jurisprudence. It specifically contends that countries can exploit current WTO rules pertaining to subsidies and China-specific obligations to tackle issues stemming from China’s state capitalism.

"Beware of Chinese bearing gifts: Why Chinese Direct Investment Poses Political Challenge in Europe and the United States"

Sophie Meunier

Chinese outward foreign direct investment (FDI) in the European Union (EU) and United States (US) has soared, provoking many anxieties about its effects and, in some cases, a backlash. Two factors explain the intensification of concern. One is that Chinese outward FDI (OFDI) is relatively new. The other is that Chinese OFDI (COFDI) is from China, resultingly unique, and therefore deserves special treatment.

Chinese outward foreign direct investment (COFDI): A primer and assessment of the state of COFDI research

Jean-Marc F. Blanchard

This chapter, entitled "Chinese outward foreign direct investment (COFDI): A primer and assessment of the state of COFDI research," provides an overview of Chinese outward foreign direct investment (COFDI). In this vein, it reviews the evolution of COFDI from the late 1970s through the present and contemplates the potential implications of China’s Belt and Road Initiative.

“China and the “Belt and Road Initiative” (BRI): Contested multilateralism and innovative institution-building"

Wei Liang

What drives China’s Belt and Road Initiative (BRI)? Why did China decide to create new ‘parallel’ multilateral institutions instead of utilizing existing ones to pursue its objectives? This chapter provides a qualitative assessment of China’s multifaceted influence as donor, financer and investor, and more importantly, a new institution designer in BRI countries. By examining China’s Belt and Road Initiative, I argue that China might be challenging aspects of US dominance or preferences in some cases, but is still supportive of the neoliberal international order.

“Chinese Direct Investment in Europe: Economic Opportunities and Political Challenges”

Sophie Meunier

Over the past decade, China has become one of the largest senders of foreign direct investment (FDI) in the world, including in the European Union (EU). Why did this rapid surge happen and how did European countries react politically to this new phenomenon, which some have presented as unprecedented and even dangerous? After surveying the recent evolution of Chinese FDI in Europe, this chapter analyzes the match between Chinese demand for European assets and European supply of assets after the outbreak of the euro crisis.

East Asian Integration: Goods, Services and Investment

Lili Yan Ing, Martin Richardson, and Shujiro Urata

The growth of world trade has been stagnant in recent times; trade liberalization now has been challenged. The recent rise of anti-globalization calls for a better integration in East Asia. How should East Asia manage its openness? This book provides profound analyses on rules of origins, non-tariff measures, restrictiveness in services, and investment. It gives insight into how East Asian countries should shape trade, investment, and industrial policies to create better integration.

China's Belt and Road Initiative: Changing the Rules of Globalization

Ilan Alon, Wenxian Zhang, and Cristoph Lattemann

Since the introduction of the Belt and Road initiative (BRI), first proposed in late 2013, international scholars have begun to study this new policy and its implications in the global age. While the BRI provides new opportunities for China in terms of regional cooperation and global development, many also raise concerns about China’s intentions of using economic means to achieve strategic and foreign policy objectives.