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ID:
072620
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| Publication |
2006.
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| Summary/Abstract |
This paper seeks to examine the integration of the evolving bond markets in the Chinese Mainland (CM) and Hong Kong (HK). To tap the international pool of capital, the CM government and CM enterprises have issued foreign currency bonds in HK and other developed markets. Since 1998 offshore CM bonds offered to the public have not been denominated in HK dollars probably because of concerns over the stability of HK's linked exchange rate and the differential credit ratings of the two economies. Even though HK has become increasingly well equipped to handle the clearing, settlement and custody of local and foreign currency bonds across its borders, it needs to continue to lobby for and attract CM government and corporate issues of foreign currency bonds (and Rmb bonds, if this were to be permitted) if it is to establish itself as a regional bond centre in Asia.
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| 2 |
ID:
072619
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| Publication |
2006.
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| Summary/Abstract |
Since 1979, when Mainland China began to open up its economy, a process of economic integration has been going on between Hong Kong and Mainland China. The return of Hong Kong to Mainland China in 1997 speeded up the integration process. China's entry into the World Trade Organization (WTO) at the end of 2001 further intensified the integration process. In June 2003, CEPA (Closer Economic Participation Arrangement) was signed between Mainland China and Hong Kong, which set a further important milestone in the economic integration between them. In June 2004, the concept of regional economic integration was inaugurated in the Pan-Pearl River Delta Regional Cooperation and Development Forum. This article attempts to review the economic integration process after the signing of CEPA. Issues related to the implementation of CEPA are also examined and discussed. It is hoped that both the Hong Kong business sector and potential foreign investors can have a comprehensive picture of CEPA so that they can design appropriate actions to benefit most from CEPA.
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| 3 |
ID:
072622
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| Publication |
2006.
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| Summary/Abstract |
After the collapse of the two communist multinational states, the Soviet Union and Yugoslavia, the fact that China survives as the only communist multinational state poses an interesting question: why does China remain intact and how long will it be able to survive in its present state? This paper tries to address these questions. The analysis is centred on three areas: the formation and characteristics of China's ethnic minorities and their role in this multinational state; the relevant domestic politics including institution building and polices; and the influence of external conditions such as international law and realpolitik. The preliminary finding is that in fact only two minority groups in two regions, Tibetans in Tibet and Uygurs in Xinjiang, have the real potential of secession, but it is very unlikely that China as a multinational state will disintegrate in the near future because the internal environment and international politics do not constitute adequate conditions for that to happen.
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| 4 |
ID:
072621
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| Publication |
2006.
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| Summary/Abstract |
Since China's great leap into space in late 2003 with their first taikonaut reaching orbit and safely returning to Earth, much attention has been given to the question regarding the future of China's space program. Concerns abound about the Chinese military's role in the space program but hope remains that China's space program will follow a path to a peaceful multilateral exploration of outer space. This paper looks at a possible future for the Chinese space program, one in which the People's Liberation Army (PLA) retains tight control over the direction of the program.
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