The Rise and Role of the Renminbi as an International Reserve Currency

The IMF’s decision to formally include the renminbi as one of five hard currencies in its SDR basket, and the half-decade or so of liberalizing reforms leading into it, is likely to be recorded by economic historians with the corresponding level of attention that is devoted to the establishment of the Federal Reserve System almost-exactly a century ago.

Sourabh Gupta Senior Research Associate, Samuels Int'l Associates via CHINA US Focus http://ift.tt/1IFkcB2

Russia-Turkey Tussle Adds To Middle East Conundrum

Russian relations with NATO have tensed up as a result of Moscow’s intervention and squabble with Turkey, as the US re-weighs its core interests and level of involvement on the ground in the region.

Mandy Peng via CHINA US Focus http://ift.tt/1R0djwZ

China Prepares for an Expanded Reach

Chinese leadership’s recent engagements points to their persistent pursuit of its vision of connectivity named One Belt One Road (OBOR). New areas are now being added to the list.

Sajjad Ashraf Adjunct Professor, National University of Singapore via CHINA US Focus http://ift.tt/1YOJvCD

Poverty Remains the Arch Enemy in China

China’s goal of achieving “Xiao Kang” — or “moderately prosperous society” by 2020 aims to make sure that the remaining families still in poverty also step into the well-off society together with the rest of the nation. In President Xi Jinping’s words, “No one should be left behind.”

Fu Ying, NPC Spokeswoman via CHINA US Focus http://ift.tt/1ObS0Gg

Anti-Terrorism War in International Finance Begins

Effective cooperation among all nations to throttle terrorists’ means of fund-raising – particularly oil deals -- is urgently needed in the global war against terrorism. But that short-term goal must be followed by a long-term objective: stability in the Mideast region.

Wu Sike, Member on Foreign Affairs Committee, CPPCC via CHINA US Focus http://ift.tt/1V4YlEK

From California to Syria

Presently, public sentiment to minimize the risk of terror is on the rise, one of the factors prompting the US to reassess its strategic goals in the Middle East. The result is a more united front in the war against terrorism.

Shen Dingli Associate Dean, Fudan University via CHINA US Focus http://ift.tt/1S9MhSO

Raising Commitment to the World, and Pressure on Ourselves

The negotiations were tiresome, the jostling was tough and complicated. To save the common homeland of mankind, to guarantee the sustainable development of all countries, the conclusion of the Paris Agreement gives hope and expectation that we can overcome all sorts of difficulties, and we have the wisdom and courage to do so.

Chen Yonglong, Director, China Foundation for Int'l Studies via CHINA US Focus http://ift.tt/1V0n8JW

Chinese Renminbi, U.S. Dollar and ‘Hot Money’ Outflows

As China’s renminbi has been included in the IMF elite currencies and the Fed has started its rate hikes, conventional wisdom sees the RMB weakening and U.S. dollar strengthening as simple long-term trends. The realities are far more complex, however.

Dan Steinbock, Research Director, India China and America Institute via CHINA US Focus http://ift.tt/1JqBrAV

RMB’s New Role in International Currency System Reform

SDR status is only a fresh starting point for transforming China from a big financial entity into a strong financial powerhouse. By adding a currency from the developing world, the SDR much better reflects the functions of emerging economies in global economic and financial affairs.

Zhang Monan, Researcher, China Int'l Economic Exchanges Center via CHINA US Focus http://ift.tt/1YsVH0M

Developing Nations’ Path to Green Growth After Paris

The landmark climate deal negotiated last week in Paris is important first step. However, increased coordination and cooperation between developed and developing countries to enable these much-needed reforms is critical. This includes collective learning, building tools to help strengthen institutional capacity and develop green growth policy, expanding peer learning and knowledge sharing, and engaging private investors and public donors.

Yvo De Boer Director-General, Global Green Growth Institute via CHINA US Focus http://ift.tt/1TbE0fw

The West Philippine Sea Arbitration in Context of Great Power Competition

Legal fixation on West Philippine Sea islands limits Philippine action and fails to take into account evolving realities and dynamics, notably increasing U.S.-China competition that blurs and shifts alliances, compelling smaller powers to be more cautious and contributing to overall regional anxiety and instability.

Lucio Blanco Pitlo III Assistant Professorial Lecturer, De La Salle University via CHINA US Focus http://ift.tt/1QDVJyt

Out of Africa: An Elephant-Sized China-U.S. Opportunity – Ending the Ivory Trade

Economic development and consumer demand threaten a growing number of wildlife species. With China typically cited as the No. 1 consumer of ivory and other wildlife products, the government’s actions and a consumer culture change will be critical to conserving the world's wildlife.

Curtis S. Chin, Former US Ambassador to Asian Development Bank via CHINA US Focus http://ift.tt/1IY1Gnc

How Should China Continuously Release Its Social Capital?

As the labor supply declines and labor cost increases, China must strengthen the supply front to really create new supply and efficiency dividends through reform. Reform on the supply front requires the improvement of capital-formation efficiency for the next five years.

Zhang Monan, Researcher, China Int'l Economic Exchanges Center via CHINA US Focus http://ift.tt/22cqyOI

Great Expectations for the Renminbi

The International Monetary Fund’s recent decision to add the Chinese renminbi to the basket of currencies that determine the value of its reserve asset, the Special Drawing Right, has captured headlines around the world. But the SDR itself has not exactly dominated discussions – much less transactions – since its creation in 1969. So does the decision really matter?

Zhang Jun, Professor, Fudan University via CHINA US Focus http://ift.tt/1IalP9F

Greater Expectations for G20 Hangzhou Summit

China’s new developmental strategy of “innovative, coordinated, green, open and sharing” economic growth is echoed in the theme for the G20 Hangzhou Summit, demonstrating that a new world economic growth strategy is gradually taking shape. Efforts will be focused on four elements: innovation, improvement upon global governance, promotion of international trade and investment as well as inclusive and concerted development.

He Yafei Vice Minister, Overseas Chinese Affairs Office of the State Council via CHINA US Focus http://ift.tt/1O7HOKn

Beijing and Washington Brace for Central Asia 2016

China has increased is trade, investment, and loans in Central Asia, and although China and the U.S. differ regarding democracy promotion, human rights, and Russian security activities in the region, they can work together on economic integration, countering terrorism, and combating drug trafficking.

Richard Weitz, Senior Fellow, Hudson Institute via CHINA US Focus http://ift.tt/1ZbmZWu

China-Africa Cooperation in the New Normal is a Blessing for Whole World

While Chinese demands for raw materials and bulk stocks such as oil and gas has decreased at the country’s economy evolves, Beijing continues to be vested in Africa’s development and trade with the region. That commitment is not only a boost for world peace, stability and development but supports the smooth implementation of America’s African strategy.

He Wenping, Senior Fellow, Chahar Institute via CHINA US Focus http://ift.tt/1ZbmZWo

Will the Advent of Justin Trudeau Revitalize Canada-China Relations?

As the U.S. moves to recalibrate its own relationships with a rising China on trade, the environment and security issues, its neighbors and allies are forging their own path on building economic, political, and cultural ties.

Hugh Stephens Senior Fellow, Asia Pacific Foundation of Canada via CHINA US Focus http://ift.tt/1Ot4PYI

New Vision for China’s Foreign Policy

Beijing’s global outlook is strategically forward-looking, inclusive and peaceful. It not only serves as the theoretical foundation for the development of China’s foreign affairs, but also helps inject fresh Chinese wisdom in building a new type of international relations.

Wu Zhenglong, Research Fellow, China Foundation for Int'l Studies via CHINA US Focus http://ift.tt/1MenmGD

How to Look at Today’s China

The first Chief Executive of Hong Kong SAR C.H. Tung argues that the success of modern day China is not accidental. While globalization contributes to China’s success, the country’s ability to ensure a smooth leadership transition and sound policy-making, the diligence of its people, as well as the expansion of freedom liberating the entrepreneurial and innovative spirit of its citizens are key internal reasons for what Tung describes as “China’s miracle.”

Tung Chee Hwa Chairman, China-United States Exchange Foundation via CHINA US Focus http://ift.tt/1lKsVaK

China’s Rejection of South China Sea Arbitration Is Lawful and Justifiable

While China’s action falls within common international legal practice, Manila’s unilateral pursuit of its claims violates the rule and spirit of its agreements with Beijing on how to resolve such disputes, and threatens the peaceful order of the region. China and other claimants are all developing countries with economic and social uplift as their main task, and should settle their disputes with direct negotiation as outlined in ASEAN agreements.

Wang Hanling Director of National Center for Ocean Affairs and the Law of the Sea via CHINA US Focus http://ift.tt/1TKvVhS

Cyber Strategies of Great Powers: US-China Interactions and Cooperation

Both countries should promise not to carry out attacks on financial institutions and entities that underpin the global economy, share information on third-party threats to the financial sector, encourage and incentivize the banking industry to make the strictest rules for ensuring information safety, and strengthen resilience against various forms of cyber attacks.

Lu Chuanying Research Fellow, Shanghai Institute for Int'l Studies via CHINA US Focus http://ift.tt/1NrJsXW

ASEAN Is Not Another EU

With the mix of development of ASEAN’s member countries, high levels of economic integration are a distant dream, and there are even more challenges for political and security policy coordination as well as socio-cultural fusion. But creation of the ASEAN Community is a big step forward in the integration process, and offers potential for its members and trade partners beyond.

Zhang Xuegang Deputy Director for Southeast Asia and Oceania Studies, CICIR via CHINA US Focus http://ift.tt/1TEBxu9

Strengthened China-Africa Cooperation: A Possible Escalation of China-U.S. Competition?

While new agreements mean the two countries areas of interest will more often overlap and even clash, there is also new impetus for cooperation, such as in preserving peace and security in Africa, developing the African market and building Washington and Beijing’s respective global leadership roles.

Mandy Peng via CHINA US Focus http://ift.tt/1NjSyWu

Getting Below Two Degrees Celsius

As long as booming economic growth is seen as the key to enduring legitimacy and political success, it may be politically impossible to avoid catastrophic global warming. There are no “American” or “Chinese” emissions. There are simply carbon emissions.

Ben Reynolds Writer and Foreign Policy Analyst in New York via CHINA US Focus http://ift.tt/1U6xreZ

Who Are Behind Volatile Global Oil Prices?

When achieving a stable global economy supercedes local and political interests, and a sustainable rebound in the global oil prices begins to emerge, this will soothe the chaos in the geopolitical sphere, the price wars among the oil-producing countries, the sluggish investment and consumption in the world economy, the capital market’s negative judgment about the future business growth and the “liquidity trap” in the monetary policy.

Sun Lijian Associate Professor, Fudan University via CHINA US Focus http://ift.tt/1RBD2ux

The Paris Attack’s Impacts on the U.S. Immigration Policy

The debate about unauthorized immigrants and legal immigrants has until now mostly focused on their impact on US employment and economic growth. However, after the Paris terrorist attack, the issue has evolved into a national-security issue, stirring arguments about America’s core values as a presidential election looms.

Chen Jimin Associate Research Fellow, CPC Party School via CHINA US Focus http://ift.tt/1QqqrcP

Central Asian Bazaars as A Soft Power of Beijing

China has emerged as the key trading partner of Central Asia—an accomplishment that is greatly due to Dordoi Bazaar’s success in the region. However, Beijing still has much work to do in order to improve its public image and shorten its soft power deficit in the Central Asian region.

Kemel Toktomushev Research Fellow, University of Central Asia via CHINA US Focus http://ift.tt/1Nd7OEE

After the Boom

'Development' is often spoken of as an end-in-itself, part of an inevitable march toward progress and modernity. What happens if we pause to take stock of the recent history of this development mantra--and examine who it benefits, who it excludes, and the price China and the United States pay for 'progress'?

Casey Walker Novelist, Instructor at Cooper Union in New York City via CHINA US Focus http://ift.tt/1XLPCqL

Fight Against Terrorism Needs Support from Small Sovereign States

The global community needs the participation of countries where the IS and other terror groups have made their bases, with the help and backing of the broad masses of Muslim people in the region. Outside force has proven to be inadequate to eliminate the violence and the root causes behind it, and serious nation-building is required.

Wu Zurong, Research Fellow, China Foundation for Int'l Studies via CHINA US Focus http://ift.tt/1NtCGUT

Jostling of Two Types of World Orders

Competing visions, one with the UN as its spiritual center and the US counterview with itself at the heart of a unipolar world, are vying to shape the world’s future. The US remains the sole superpower in the world, but its attempt to remain the driving force in global governance is doomed to fail in a changing, multipolar world.

Yin Chengde Research Fellow, China Foundation for Int'l Studies via CHINA US Focus http://ift.tt/1RoKIQL

China’s Online Financial Sector Comes of Age

Last month, China’s leaders revealed details of the 13th Five-Year Plan, which will guide the economy’s trajectory until 2020. Gone are the directives to expand industrial production at a breakneck pace that characterized previous five-year plans. Now, the focus is on achieving sustainable long-term growth, underpinned by domestic consumption, a stronger services sector, entrepreneurship, and innovation.

Liu Mingkang BCT Distinguished Research Fellow, Chinese University of Hong Kong via CHINA US Focus http://ift.tt/1YJtn79

Xi Jinping’s Anti-Corruption Crusade Reaches Africa

Since the 1990’s, Sam Pa subsequently amassed a huge fortune by helping shady African autocrats sell their petroleum and minerals to China. Sam Pa was most of all a source of “rents” for several dozen corrupt politicians and officials in the resource-rich areas of Africa. However, Sam Pa’s arrest last month has put an end to his corruption.

Robert I. Rotberg, Fellow, Woodrow Wilson Int'l Center via CHINA US Focus http://ift.tt/1SvHvx4

China on Course for Capital Account Liberalization

Now that the IMF has made the RMB its fifth reserve currency, new attention is being paid to the risks associated with cross-border capital flow. Managing these risks requires active participation in global governance and rules making, in particular global exchange rate reform, balance of payment adjustment regime, capital flow management and the reform and coordination of monetary and financial policies on a global scale.

Zhang Monan, Researcher, China Int'l Economic Exchanges Center via CHINA US Focus http://ift.tt/1Ttp3Ww