China’s Strategic Adjustments Impact on the World, Region and Vietnam

After the eighteenth Congress of the Chinese Communist Party, China adjusted its diplomatic strategy and transformed its pattern of economic development. This has had and will continue to have both a positive and a negative impact on the international financial institutions and the regional and glob...

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Bibliographic Details
Published inChina report (New Delhi) Vol. 53; no. 3; pp. 367 - 385
Main Author Thuan, Nguyen Quang
Format Journal Article
LanguageEnglish
Published New Delhi, India SAGE Publications 01.08.2017
SAGE PUBLICATIONS, INC
Subjects
Banking
Communist parties
Competition
Dependency theory
Developing countries
Economic development
Financial institutions
Global economy
International economic relations
International finance
Investments
LDCs
Legislatures
Trade
China
Europe
OBOR
Vietnam
China
strategic adjustments
ASEAN
economic dependence
AIIB
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Summary:After the eighteenth Congress of the Chinese Communist Party, China adjusted its diplomatic strategy and transformed its pattern of economic development. This has had and will continue to have both a positive and a negative impact on the international financial institutions and the regional and global economy. The ‘One Belt, One Road’ (OBOR) strategy, combined with the Asian Infrastructure Investment Bank (AIIB) and the internationalisation of the yuan, is the main focus, and exerts a strong impact on the existing international financial institutions as well as the economic relations between China and many other countries in the world. It has attracted many developed and developing countries to join the AIIB. It also has made many emerging economies become closely linked to China. Moreover, it contributes to the emergence of many ‘asymmetric’ pairs of economic relations between China and its neighbours. China is now connected with Europe through an overland route as well as through the boosting of economic, trade and investment ties between Asia and Europe. Furthermore, while Europe has been concerned about China’s unfair competition and the dependence on Chinese investment, ASEAN has increasingly deepened the mutual economic dependence between itself and Beijing. A negative outcome of this is the rising economic dependence on China of quite a few ASEAN member states, including Vietnam.
ISSN:0009-4455
0973-063X
DOI:10.1177/0009445517711522