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The transformation in the political economy of China's economic relations with Japan in the era of reform
Prior to the signing of the Long-Term Trade Agreement (LTTA) in 1978, management of China's economic relations with Japan was centrally planned. The LTAA agreement, however, allowed the two countries to develop special bilateral economic relations, with China relying heavily on Japan for capital and technology to fuel its modernisation drive and Japan depending on China's energy and raw materials to enhance its economic security. But China's marketoriented reforms led to a transformation of economic relations between the two countries. Balanced bilateral trade became difficult to sustain as China's oil production stagnated, and it became impossible to meet the huge demand for purchase of Japanese capital goods. As China reoriented its development strategy to adjust the balance between its different sectors, implementation of the LTTA agreement became harder to maintain. More generally, China's global economic interdependence increased with internationalisation of the Chinese economy, contributing to Japan's relative decline as a trading partner for China. Marketisation transformed the management of China–Japan economic relations, with decentralised economic interests becoming the driving force in the pattern of bilateral trade flows. From the mid-1980s, labour-intensive products replaced energy as China's major exports to Japan. With the rapid development of Japanese foreign direct investment (FDI) in China, changes in bilateral trade patterns became closely associated with industrial restructuring in each country. This paper focuses on how China's market-oriented reform and internationalisation led to changed economic relations with Japan. Reorientation of China's development strategy was associated with acceptance of the notion of international economic interdependence; this contributed to the internationalisation of the Chinese economy but also to the erosion of Japan's position as China's predominant trading partner. Internationalisation also strengthened the division of labour in China based on the principle of comparative advantage and further shaped the pattern of bilateral trade between China and Japan. As China–Japan bilateral economic links expanded, adjustments to domestic interests in one country increasingly resulted in the need for adjustments in the other, at times contributing to bilateral economic friction, such as trade and FDI disputes. Dealing with these disputes tested management of the China–Japan economic relationship which became increasingly driven by decentralised market forces that made control via a centralised bilateral mechanism such as the LTTA agreement no longer feasible. The need to develop multilateral rules-based institutions to govern bilateral economic interchange became acute.
BASE
Managing Bilateral Economic Differences
The 1978 Long Term Trade Agreement between the People's Republic of China & Japan called for a special bilateral relationship between the two countries, but China's market-oriented reforms & internationalization have affected economic relations with Japan. With China's recognition of international economic interdependence, especially within the Asia Pacific region, & China's shift in its mix of goods, labor, & investments, Japan is no longer China's predominant trading partner. Domestic interests in both countries have affected exports, leading to trade friction. A centralized bilateral mechanism has proved to be unfeasible in the face of decentralized market forces. Japan & China have enormous differences in lifestyles, values, decision-making practices, & politics, but these may lessen as China approaches Japan & the West economically. A multilateral, rules-based framework in which Japan participates can facilitate China's integration into the world economy & resolve Sino-Japanese friction. 5 Tables. M. Pflum
China's Economic Relations with Japan Before Reform
In: Current politics and economics of Asia, Band 7, Heft 3, S. 243-265
ISSN: 1537-8055, 1056-7593
Perspectives of China's Relations with Japan
In: Current politics and economics of Asia, Band 7, Heft 2, S. 125-142
ISSN: 1537-8055, 1056-7593
Institutions and Interdependence: A Framework For Analysis in China's Relations with Japan
In: Current politics and economics of Asia, Band 7, Heft 3, S. 181-206
ISSN: 1537-8055, 1056-7593
Negotiating for a liberal economic regime: The case of Japanese FDI in China
In: The Pacific review, Band 11, Heft 1, S. 51-78
ISSN: 0951-2748
World Affairs Online
The Political Economy of Managing Chinese Textile Imports in Japan
In: Political science, Band 49, Heft 2, S. 229-251
ISSN: 2041-0611
The Political Economy of Managing Chinese Textile Imports in Japan
In: Political science, Band 49, Heft 2, S. 229
ISSN: 0112-8760, 0032-3187
Negotiating for a liberal economic regime: The case of Japanese FDI in China
In: The Pacific review, Band 11, Heft 1, S. 51-78
ISSN: 1470-1332
The Political Economy of Managing Chinese Textile Imports in Japan
In: Political science, Band 49, Heft 2, S. 229-251
ISSN: 0112-8760, 0032-3187
Uneasy Bedfellows in East Asia
The People's Republic of China's rapid economic growth & position as a major political & economic power presents a challenge to other major powers, in particular, Japan. Economic ties between Japan & China have strengthened in the last two decades, & Japan does recognize its cultural & historical debts to China. The tension between the two countries lies in their history of strategic rivalry, now in terms of their mutual relations with the US (eg, the US-Japan Security Treaty), relations on the Straits of Taiwan, territorial claims in the East China Sea, China's nuclear testing, & Japanese militarism. Successful management of their interests in the relationship depends on the structure of future regional & global arrangements. The remaining chapters in the book are summarized. M. Pflum
Japan and China: Rivalry or Cooperation in East Asia?
In: Pacific affairs: an international review of Asia and the Pacific, Band 75, Heft 2, S. 267
ISSN: 1715-3379
World Affairs Online