The Economies of Southeast Asia, Second Edition
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The Economies of Southeast Asia, Second Edition

Before and After the Crisis

Jose L. Tongzon

This updated and fully revised second edition provides a comprehensive examination of issues of paramount importance for Southeast Asian economies including: the economic implications of the 1997 Asian crisis for both older and newer members of ASEAN; the role of government and FDI in ASEAN economic growth and development; trade patterns with the US, Japan and the EU and the economic implications of China’s accession to the WTO for ASEAN countries; the environmental consequences of industrialisation and growth; the emergence of economic growth triangles and their contribution to ASEAN growth and regional cooperation; the prospects and challenges of ASEAN economic cooperation before and after the crisis; and the key challenges facing ASEAN member countries in the aftermath of the crisis.
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Chapter 14: China's accession to the WTO and its impact on ASEAN countries

Jose L. Tongzon


14. China’s accession to the WTO and its impact on ASEAN countries A new development, which could pose a serious challenge to the ASEAN countries’ future economic progress and security, is the membership of China in the World Trade Organization (WTO). As discussed in the preceding chapters, exports and inward foreign capital have been the ASEAN countries’ engines of growth and economic development. For the past three decades they have achieved remarkable economic and social progress largely due to their successful export-oriented and pro-foreign investment policies, which was only interrupted by occasional economic crises: one was in 1985 and most recently in 1997 and 1998. Political considerations aside, the admission of China into the WTO will certainly have some positive implications for the world economy as it offers a large market potential and would generally provide stability and predictability with China, who will be bound by the same rules, opening up vast opportunities for market niches. But at the same time its membership has also raised serious concern for those developing countries whose export structures are similar to China’s. The ASEAN countries in particular are concerned about its likely negative impact on their export and growth potentials. To what extent are their exports competitive or complementary? In which commodities are they likely to compete? What implications will China’s WTO membership have for their exports and inward foreign investments? In view of the membership of China in the WTO and the ASEAN serious concern about its trade and investment impacts, the...

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