In my post “China’s Greater Asia Co-Prosperity Sphere” on January 28, 2012, I said: “Decades ago, Japan shed lots of blood to fight for the establishment of its Greater East Asia Co-prosperity Sphere but failed disastrously. However, it seems that China will succeed in establishing a greater Asia Co-prosperity Sphere centred on China without firing one bullet if it succeeds in setting a North Korean model.”
In the sphere, China could exploit the cheap labour, natural resources and markets in less developed Asian countries and offer them its vast market.
At that time, such an idea was talked about amongst my friends. However, China’s efforts to set up a North Korea model failed, but it has set up free trade area (FTAs) with ASEAN and New Zealand and made efforts to set up FTAs with South Korea and Japan. That has indicated its intention in that respect.
However, China’s attempt was hindered by the US pivot to Asia that caused Japan, Vietnam and the Philippines to confront China. However, out of economic considerations, Vietnam has mended, and Japan has been trying hard to mend, ties with China. It is now the right time for China to enhance its efforts in making a reality its dream for the Greater Asia Co-prosperity Sphere
The term “Greater Asia Co-prosperity Sphere” is this writer’s invention, similar to Japan’s notorious Greater East Asia Co-prosperity Sphere. Chinese President Xi Jinping certainly has the wisdom to invent a much better term.
Together with other APEC members, Xi has used the term Free Trade Area of the Asian Pacific (FTAAP), and is now making public China’s dream for what this writer called the greater Asia Co-prosperity Sphere, using the term “Asian-Pacific dream.”
SCMP says in its report “After ‘Chinese dream’, Xi Jinping outlines vision for ‘Asia-Pacific dream’ at Apec meet” on the event:
Chinese President Xi Jinping offered the world a vision of a Chinese-driven “Asia-Pacific dream” on Sunday, echoing his oft-quoted but never clearly defined “Chinese dream”.
“We have the responsibility to create and realise an Asia-Pacific dream for the people of the region,” the Chinese Communist chief told the opening in Beijing of the APEC CEO Summit, a gathering of business and political leaders that precedes the annual Asia-Pacific Economic Cooperation leaders’ gathering.
For the US, the dream will be the establishment of the TPP it has been trying hard to establish. The Wall Street Journal (WSJ) says in its report titled “U.S. Blocks China Efforts to Promote Asia Trade Pact” on Nov. 2, 2014:
“Under U.S. pressure, Beijing dropped two provisions from the draft of an APEC communiqué to be released at the end of the leaders’ session, negotiators said. The statement no longer calls for an FTAAP (Free Trade Area of the Asia Pacific) ‘feasibility study’”.
However, in spite of US hindrance, Xi has kept on vigorously promoting FTAAP. The contention between China and the US in APEC may become one for APEC leadership.Source: SCMP “After ‘Chinese dream’, Xi Jinping outlines vision for ‘Asia-Pacific dream’ at Apec meet” Source: WSJ “U.S. Blocks China Efforts to Promote Asia Trade Pact”
- Obama’s Double Setbacks: Lost Control of Senate, Failure to Block FTAAP dated November 6, 2014
- China, Japan Interest in Free Trade Area Facilitates Abe-Xi Summit dated November 8, 2014
- China to Conclude Free Trade Pact with Australia Next Week dated November 9, 2014
- China-South Korea Free Trade Area Facilitates FTAAP dated November 10, 2014
- China seeks to be centre of Asian Union, world’s largest Free Trade Zone (chinadailymail.com)
- Massive spending won’t make China’s Asia dream come true; money can’t buy respect (chinadailymail.com)
- China’s president says risks to economy ‘not that scary’ (chinadailymail.com)
- China: the tricky chessboard of the free trade agreements (chinadailymail.com)
- The Xi Jinping-Obama Summit (chinadailymail.com)
- China Makes Public Its Dream for Greater Asia Co-prosperity Sphere (tiananmenstremendousachievements.wordpress.com)
- APEC launches study of China-backed Asia Pacific FTA (thebricspost.com)
- FTAAP not against existing FTAs: Xi Jinping (acercandonaciones.com)
- You: China softens push for FTAAP (menafn.com)
- APEC cautiously supports China-backed free-trade zone (dailymail.co.uk)
Categories: Trade & Investment