Guoyou Song, (2019) “China's economic strategy in Asia,”

Asian Education and Development Studies, Vol. 8 Issue: 1,  pp.2-13

【Abstract】Purpose – The purpose of this paper is to study  key economic strategies in Asia laid out by the Chinese Government since Xi  Jinping became the General Secretary of the Central Committee of the Communist  Party of China. Design/methodology/approach – The paper is composed of six  parts. The first part analyzes China’s Asian trade strategy with a focus on the  free-trade agreement. The second part elaborates the Asian finance and currency  strategy with the core being the regionalization of RMB. The third part  introduces China’s newly proposed Belt and Road Initiative (B&R). The fourth  part deals with the China–USA economic relationship with a view to China's  economic strategy in Asia. The fifth part explains China's domestic economic  policy which forms the basis of the Asian Economic Strategy.Findings-A marked  change has taken place in China’s economic strategy in Asia, namely, giving more  consideration to how to offer more public goods to the region. This is natural  as China's economic power is developed to a certain level and it is highly  related to China’s attempt to growing its economic influence in this region.  China believes that the B&R Initiative and Asian Infrastructure Investment  Bank are both public goods China has provided to Asia. China’s economic strategy  in Asia demonstrates that China, as a rising power, though faced with domination  of established power and the original regional economic rule system, still  promotes the cooperation, integration, participation and development of this  region. In general, China’s economic strategy in Asia offers an alternative for  countries in this region so that Asian countries can better safeguard their  rights amid China–America competition, and a new Asian economic order can be  better built. Originality/value – The paper contributes to the researched area  of China’s economic strategy in Asia by comprehensively elaborating its trade,  money, B&R Initiative and so on. This paper also shows the major challenges  of China’s economic strategy in Asia and therefore is helpful to fully  understand China’s economic statecraft.

【Key Words】Asia, Free-trade  agreement, RMB, Regional economic order