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Cheng Cheng

building assistance, such as for training, government-­disbursed scholarships, or technical assistance. In addition to ODA, the OECD-­DAC also distinguishes a related type of financial flow, OOF, which refers to official finance that does not qualify as ODA, such as export credits and loans with lower grant elements. The IMF and World Bank have similar definitions but different requirements in terms of a grant element for loans. Rather than 10 percent as the fixed discount rate, the IMF and World Bank use floating rates, the Commercial Interest Reference Rate (CIRR), as

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Riordan Roett and Guadalupe Paz

22.  China’s expanding ties with Latin America Riordan Roett and Guadalupe Paz It is difficult to imagine that China’s active engagement with Latin America dates only to the start of the twenty-first century. In the decadeand-a-half since China adopted a ‘going global’ strategy to promote Chinese overseas investment, expand export markets, and gain much needed access to natural resources abroad, Sino–Latin American relations have both deepened and broadened at an unexpectedly rapid pace. The main driver behind this sea change in bilateral relations has been

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Terence Wesley-Smith

concessional rates of interest. There is also the worry that the new assistance package announced at the 2013 Guangzhou forum provides for a further USD 2 billion in concessional and non-concessional loans over the next four years.44 These are legitimate concerns because, if past patterns are any guide, the most important actors facilitating access to these loans will be Chinese corporations with little interest in the longer-term ramifications for government debt loads or default. Beijing’s diplomatic objectives in the region may require it to consider another debt

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David Janoff Bulman

imports in allowing and encouraging RMB use in external trade, the emergence of a dual exchange rate and dual interest rates for the RMB in the offshore Hong Kong market, and China’s gradual acceptance of more RMB return flows from Hong Kong, for example through the RQFII scheme. Combined with China’s growing economy, RMB internationalization efforts have been highly effective, increasing the use of RMB for cross-­ border trade and investment and developing offshore RMB markets. Prior to the global financial crisis, the RMB was a wholly domestic currency; 232  Handbook

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Edited by Carla P. Freeman

This Handbook explores the rapidly evolving and increasingly multifaceted relations between China and developing countries. Cutting-edge analyses by leading experts from around the world critically assess such timely issues as the ‘China model’, Beijing’s role in international development assistance, Chinese peacekeeping and South-South relations, and developing countries and the internationalization of the renminbi. Chapters also examine China’s engagement with individual countries and regions throughout the developing world. For scholars, practitioners, and postgraduates, the volume’s breadth and depth of coverage will inform and guide present and future analysis.
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Suisheng Zhao

appropriate policy measures. Unlike the heads of the American Federal Reserve, the European Central Bank and other major central banks, which are independent from politicians so they can take unpopular measures to thwart inflation, for example, the head of the PBOC answers to China’s political leaders, who often have limited understanding of monetary policy. As one of a dozen ministries that lobby top decision-­makers about whether or not to raise interest rates or boost the value of the currency to fight inflation, the central bank often loses such battles to ministries

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Selina Ho

natural strategic buffer between China and India, the Himalayas are largely responsible for the absence of conflict between the two societies until the 1962 border war. However, the Himalayas also have prevented the establishment of direct communication channels. This means that China’s knowledge of India is relatively limited compared to its understanding of the other parts of Asia. There is no common language platform or cultural similarities beyond Buddhism that tie the two countries together. This lack of communication increases the potential for misperceptions. The

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Yun Sun

of Chinese efforts to assist Myanmar’s political and economic progress has been centered on protecting and promoting China’s own national interests. This strategy worked relatively smoothly for two decades when the positions and interests of the two countries mostly aligned. But when these positions and interests began to diverge, as they have since 2011, areas of discord emerged, and China began to adopt policies toward Myanmar with less regard for the country’s own perspective and national interest. This shift has been a key factor in the deterioration of

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Xiaofang Shen

16.  Searching for data: increasing understanding of China’s investment in Africa Xiaofang Shen In August 2012, US Secretary of the State Hillary Clinton made a thinly veiled public criticism of China in Africa, calling African countries to guard against those that ‘come in, take out natural resources, pay off leaders and leave.’1 In response, China’s official news agency, Xinhua, immediately retorted that ‘Clinton’s implication that China has been extracting Africa’s wealth for itself is utterly wide of the truth.’2 This stark exchange is just one example of

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Leila Austin

17.  China’s deepening Middle East relations Leila Austin With the emergence of China as a global economic power, its footprint in the Middle East has grown substantially. Signs of the increased economic presence of China in the region include construction and infrastructure projects, and the flow of oil and natural gas back to China. While the economic interdependence of China and the Middle East is expected to grow into the future, the strategic implications of China’s increased presence are as yet unclear. It is clear that China’s principal interest in the