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Economic Regionalization in the Asia-pacific

Economic Regionalization in the Asia-pacific

Challenges to Economic Cooperation

M. Dutta

This original and comprehensive book provides a unique insight into the development of economic regionalization, with special reference to the Asia-Pacific. It presents international globalization strategies from a historical perspective and then analyses the effects on the development of Asia-Pacific Economic Cooperation (APEC). Focusing on APEC itself, the author provides a detailed investigation into its organization and agenda, and thorough personal interviews with some of the most influential people who have worked for APEC.

Chapter 31: The Golden Triangle of China: Mainland, Taipei, Hong Kong

M. Dutta

Subjects: asian studies, asian economics, economics and finance, asian economics, international economics


Page 287  31  The Golden Triangle of China: Mainland, Taipei, Hong Kong  ASEAN, ANZ­CER and NAFTA are formal institutionalized expressions of specific geo­economic regionalization within APEC. So is SAARC, but it does not belong  to APEC. The Golden Triangle of Mainland China, Taipei and Hong Kong (the three independent members of APEC) and also of the Pacific Economic Cooperation  Conference (PECC)—is a very special outcome of geo­economics, with no formal agreement.  With no special institutional arrangement, the Golden Triangle has, however, become a viable subregional economic grouping. Economic relationships among the three  neighboring economic entities of Hong Kong, China and Taipei, a market of a billion­plus people, have worked successfully, independent of any and all political  debates. The World Bank, following its special estimates of own­price­adjusted GDP, ranked China as the third largest economy, next only to the United States and  Japan.  Hong Kong’s political tie with China under the Treaty Agreement with the British Crown has been historically defined. Sovereignty of Hong Kong reverted to China in  1997. The present discussion will focus on economic relationships between Taipei and China.  Extraeconomic factors—common language, religion, culture, culinary art and lifestyle—do play a role for a unifying influence in the Golden Triangle. They help cut  down the cost of trade and investment. Mutual appreciation of economic practice is a plus, eliminating the cost of learning a foreign language or an alien  accounting/bookkeeping system. The legal system, albeit different can be more easily...

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