2016-12-22 来源: 51Due教员组 类别: Report范文
Asia Pacific is a fast developing region in terms of economic growth. The past two decades have witnessed a consistent growth in the region in terms of economy, technology and human capital. The formation of APEC and the increasing interest of European MNCs in the region have boosted the development of the region. The basis of its progress was its diversified members and the loose regional integration among them which allowed a continued high growth in trade and investment. Although, this has started to erupt some tensions in the region because of the different levels of development stages of the different members causing imbalances and trade disputes.
ASIA-PACIFIC AND ITS SUB-REGIONS:亚太及其分区
During the last two decades, the region has assumed a significant position in the new global economic order. Significant changes have taken place in the region both in intra-regional and inter-regional trade and investments along with important ramifications in the labour market in terms of migration.
The region is also characterized by great diversity. The nations can be categorized based on three commonly used criteria:
Level of economic growth;
Rate of economic growth;
Trade and payment positions.
Based on the above mentioned criteria, five groups of nations can be formed. These are:
The industrial giants such as USA and Japan;
The land-rich nations such as Canada, Australia and New Zealand;
The rapidly growing newly industrialized economies (NIEs) such as Hong Kong, South Korea, Singapore and Taiwan;
The newly-industrialized nations such as China, Thailand, Malaysia and Indonesia;
The traditional developing nations such as Burma/Myanmar, Vietnam, Cambodia and Laos.
The trade, investment and growth prospects of different groups differ considerably. It is because of the fact that different groups have faced different economic problems during the last twenty years.
The USA and Japan are the dominant economies and their economic performance plays a vital role factor in determining the overall progress of the region. Both these nations have almost exhausted the usual sources of economic growth and at this point in time, the major determinants of their economic performance are two-fold. First, a sound short-term macro-economic management and Secondly, a long term set of policies to reduce structural rigidity and improve factor productivity.
For the USA, such macro-economic management entails:
Change in the domestic savings-investment balance by boosting domestic savings.
Reduced fiscal deficit-a fiscal deficit is the (negative) gap between government revenue and expenditure.
Reduction in the demand for increased protectionism.
For Japan the key problems are to reduce structural rigidity in home goods industries and to rationalize the domestic capital market.
The industrial sector of Canada, Australia and New Zealand is smaller than that of Japan and USA. The economic resources of these nations come from the trade of their primary products in the international market. Thus, the growth of international economy have significant effects on their economic performance.
In the 1960s, these nations were labelled as the backward economies of the Asia-Pacific region but for nearly three decades now, they have maintained a growth rate in excess of growth in any other nation. It is this group of nations whose development path has been quite unique in recent history.
By 1990, the per capita income of these nations was higher than the average of the world's middle-income countries. As a result, they are often labelled as the 'newly industrialized economies'. The export growth in all the four nations -Singapore, Taiwan, South Korea and Hong Kong- exceeded the growth of national income.
This group has achieved the status of 'almost NIEs' because of the fact that they have tried and imitate the economic policy and development strategies of NIEs and managed to achieve and sustain above-average growth rates for almost three decades.
This group of nations depends heavily on the agriculture since their industrial sector is still immature. They have not been able to achieve above average growth rates as yet.
FACTORS EFFECTING THE ECONOMIC GROWTH OF ASIA-PACIFIC 影响亚太地区经济增长的因素
"Regional integration is a process in which states enter into a regional agreement in order to enhance regional cooperation through regional institutions and rules. The objectives of the agreement could range from economic to political, although it has generally become a political economy initiative where commercial purposes are the means to achieve broader socio-political and security objectives. It could be organized either on a supranational or an intergovernmental decision-making institutional order, or a combination of both."
Regional Integration in the Asia-Pacific
Regional Integration can take many forms. It ranges from the removal of tariffs and non-tariff barriers to the harmonization of domestic regulations and policies, and can even lead to formation of a mono-currency region, e.g. the EU. The movement for economic cooperation and integration started during the mid-60s. Annual gatherings of businessmen, known as the Pacific Basin Economic Council (PBEC), started in 1967 and a gathering of economists, the Pacific Trade and Development conference (PAFTAD), began in 1968.
In 1989 a much looser form of integration has been going on known as the Asia Pacific Economic Co-operation (APEC) forum. Such loose integration has allowed a regular free exchange of views and extensive research in order to form a consensus on various issues of economic cooperation throughout the region. There are two aspects of this loose and diverse integration:
The different level of economic development and resources endowment has stimulated active trade and investment and allowed many developing members to achieve high growth rates. The export of resource and technological products and high value-added services allows the developed countries to maintain their growth as well as to invest in the developing activities of the developing countries. Intra-APEC trade increased from 56 per cent in 1980 to 66 per cent in 1990, which compares with an increase from 53 per cent to 63 per cent within the EC12. The main motivation for promoting APEC is to sustain high growth in the region which is shared by all members.
This diversity has made it complicated to start with any formal structures which have affected the market driven integration by persistent imbalances and frequent trade disputes between the members. Bottlenecks caused by poor infrastructures in the member states with a developing economy impede further realization of their high growth potential.
Characteristics of APEC
The following three key terms describes APEC's major characteristics:
Diversity among its members
High growth potential
These three terms are interrelated and are reflected in the Osaka Action Agenda. The effect of Osaka Action Agenda on the liberalization & facilitation process and that of Foreign Direct Investment on the economic growth is explained in the sections below.
3.1 Osaka Action Agenda and its implementation
The Osaka Action Agenda consists of two parts. Part One covers trade liberalization and facilitation (the reduction of the costs of doing business) and Part Two covers economic and technical co-operation (APEC, 1995b).
3.1.1 Trade liberalization and facilitation
"The action agenda for trade liberalization and facilitation starts with nine general principles; comprehensiveness, WTO-consistency, comparability, non-discrimination, transparency, standstill, simultaneous start/continuous process/differentiated timetables, flexibility, and co-operation."