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Some commentators argue that China deliberately pursues the "debt trap diplomacy" to project undue political influence over smaller countries that borrow from it under the Belt and Road Initiative. Our recent book, which includes a survey of stakeholders, examines the facts and myth surrounding this thesis.

Our simulation of an econometric model suggests that the net benefit of TPP11 is positive. There is, therefore, a case for going ahead with TPP11.

The resurrected and renamed TPP, or the CPTPP, is a "high quality agreement" in terms of content and economic impacts. The ratification rule has been revised, which should facilitate the signing of the final agreement.

Chinese President Xi Jinping has since 2013 advocated for an "Asia-Pacific Community with a Shared Future" (APCSF). This concept has rekindled debates on regional integration. The article begins by critiquing conventional Eurocentric theories of community-building while highlighting fundamental features of the Asia-Pacific approach. It recounts erstwhile proposals put forward by Japan, Australia, and America, drawing comparisons with the emerging Chinese vision. The APCSF envisions an inclusive intergovernmental society of cooperative yet interdependent economies in the Asia-Pacific. Unlike the notion of Indo-Pacific, the idea of Asia-Pacific countries belonging to a community has deeper economic and psychological roots. Furthermore, what sets the APCSF apart from previous proposals is its solid foundation that aligns with its ambitious goals. It can draw upon existing initiatives such as the Regional Comprehensive Economic Partnership for Trade Liberalisation and the Belt and Road Initiative for enhancing connectivity. Consequently, the APCSF stands a better chance of eventual realisation.

Chapter 1: Introduction and Overview -- Chapter 2: The Evolution of Global Oversight Institutions: From the Library Group to the Group of Twenty -- Chapter 3: International Monetary and Economic Development Architecture: Complementarity between Global and Regional Institutions -- Chapter 4: Promoting Development Bank Complementarity in Asia -- Chapter 5: Reforming the Global Reserve System -- Chapter 6: The Evolving International Monetary System: Will Dollar Hegemony Outlive the Digital Revolution -- Chapter 7: Managing the Decentralising International Trade Architecture -- Chapter 8: Strengthening the International Financial Regulation Architecture.

This book focuses on the recent rise of new regional economic institutions such as the Chiang Mai Initiative Multilateralisation, the Asian Infrastructure Investment Bank, and the Regional Comprehensive Economic Partnership, which were established, in part, as a result of dissatisfaction of dynamic emerging markets with global economic institutions such as the IMF, the World Bank, and the GATT/WTO. The latter were formed by advanced economies in the West, after the historic Bretton Wood Conference of 1944. In doing so, the book addresses how this recent round of decentralisation, defined as the co-existence of "senior" global institutions and a plethora of newly-established regional institutions, has affected global economic governance, and the delivery of global public goods. It also poses the question if this has led to the fragmentation of global economic governance. The book adds value to existing literature by using a benefit-risk analytical framework to study the decentralisation process. Unlike the "contested multilateralism" argument used by some authors which focuses on the costs of decentralisation, the authors argue that benefits must also be considered. It also describes and analyses the establishment of global and regional international economic institutions and the evolving relationships between the two. Third, the authors argue that this decentralisation process will continue in the postpandemic period and recommend policies to reset the relationship between global and regional institutions. And lastly, the book discusses proposals to reform the international monetary system including the global reserve system with a view to reducing the hegemony of the US dollar. Throughout the book, the role for Asia is also identified, and elaborated on. Dr Pradumna B. Rana is a Senior Fellow at the Centre for Multilateralism Studies of the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore. He was previously the Senior Director of the Asian Development Bank's Office of Regional Economic Integration which spearheaded the ADB's support for Asian economic integration. Dr Xianbai Ji is Assistant Professor at the School of International Studies, Renmin University of China (RUC) where he is also a Distinguished Young Scholar.

AbstractPolitical scientists have crafted intricate taxonomies to classify nations beyond liberal democracy, positioning these societies along an authoritarian continuum. Despite the pivotal role of journalists in accelerating political dynamics, there exists a lack of comparative research on media governance in these regimes. Consequently, this study scrutinizes the media governance ecosystems in Vietnam and Singapore. Vietnam is a one-party authoritarian state, whereas Singapore represents a hybrid political system. However, both countries exhibit a stable and uninterrupted rule by the respective ruling party. Our research uncovers the nuances of Singapore's media regulation, which embeds trusted stakeholders with financial interests in key press roles to reinforce the implicit political norms. Conversely, Vietnam employs a more direct, coercive, and state-centric approach. Media actors in both nations occasionally test the boundaries of acceptable discourses, with each government's responses being shaped by specific contexts and broader history. Reforms in Vietnam, embracing privatization and commercialization, mirror Singapore's integration of capitalism, public ownership, and commercial interests when governing media. These findings highlight diverse yet effective authoritarian media governance strategies, unique features, and commonalities in both systems. Overall, media structures in these Southeast Asian countries have undergone profound evolutions towards more sophisticated regulatory tools to manage societal and political transformations.

Since 2013, the Belt and Road Initiative has become China's signature foreign economic policy campaign. While there have been debates on the initiative's implementation and implications, an emerging consensus suggests that the export of capital-intensive infrastructure is a key driving factor of China's financial statecraft. For Southeast Asian countries, such Chinese efforts are useful in plugging their domestic infrastructure gaps, not least in the remote parts of their territory. Against this backdrop, this article examines arguably two of the most prominent Chinese infrastructure projects in Malaysia – the East Coast Rail Link (ECRL) and the Malaysia-China Kuantan Industrial Park (MCKIP). It posits three inter-related arguments. Firstly, unlike conventional analyses which commonly treat the Chinese state as a singular, unitary actor, both the central and provincial governments in China's multi-layer state structure have played important roles and demonstrated different characteristics in Chinese infrastructure overture towards Malaysia. Secondly, one observes contrasting patterns of well-coordinated state-business relations in the ECRL project versus loose, decentralised state-business relations driven largely by Guangxi province and market forces for the MCKIP. Thirdly, the implementation of both the ECRL and the MCKIP has been heavily constrained by the political-institutional environment of Malaysia as the host country, illustrating that Chinese financial statecraft, in the form of infrastructure provision, generates considerably less impact than what popular rhetoric suggests. (Pac Rev / GIGA)