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| 1 |
ID:
113696
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| Publication |
2012.
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| Summary/Abstract |
The role of China in East Asia's recovery from the recent global financial and economic crisis highlights China's position as an engine of growth for this region. From the viewpoint of China, there are many potential gains from entering into free trade agreements (FTAs) with its neighbors, who collectively form a large and fast-growing market. In this paper, we qualitatively and quantitatively assess the four main permutations of China's FTAs with East Asian major economies: China-ASEAN, China-Japan, China-Korea and ASEAN+3. We compare the effects of these FTAs on China's output and welfare. Our comparative analysis shows that China will gain from all three bilateral FTAs, while gaining the most from the ASEAN+3. Because forming a region-wide FTA, such as the ASEAN+3, is expected to be gradual and difficult, China should continue to engage in bilateral FTAs as a medium-term and alternative strategy. However, in the long term, China should pursue a region-wide FTA.
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| 2 |
ID:
090112
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| Publication |
2009.
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| Summary/Abstract |
The current global financial and economic crisis is giving new life to initiatives that promote closer economic integration among East Asian countries. A significant example is the ASEAN-China Free Trade Area (ACFTA), which is set to come into effect around 2010. ACFTA aims to boost trade between two economies that are partners as well as competitors: ASEAN and China. In the present paper, we use insights from customs union theory in a qualitative analysis considering whether ACFTA would benefit both sides. We also apply a computable general equilibrium model to perform a quantitative analysis of the same issue. Both our qualitative and quantitative analyses provide grounds for guarded optimism regarding ACFTA's prospects as a vehicle for strengthening the economic partnership between ASEAN and China.
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| 3 |
ID:
111870
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| Publication |
2012.
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| Summary/Abstract |
The current global economic crisis has alerted East Asian countries to the risks of excessive dependence on exports to the United States and EU. This shared sense of vulnerability is likely to promote regional economic integration. In particular, intra-regional trade is now viewed as a new potential engine of growth. The ASEAN-Korea Free Trade Area (AKFTA) is a concrete example of this general trend. This paper qualitatively and quantitatively examines the economic feasibility and desirability of AKFTA - qualitatively using the theory of economic integration and quantitatively by applying a CGE model. Our analysis provides some grounds for optimism about AKFTA's prospects.
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