Challenges to Economic Cooperation
Chapter 31: The Golden Triangle of China: Mainland, Taipei, Hong Kong
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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