At the 13th China-ASEAN Expo and China-ASEAN Business and Investment Summit, Chinese Vice Premier Zhang Gaoli said that China will support the building of ASEAN Community, ASEAN’s central role in regional cooperation, and ASEAN to play a greater role in international and regional affairs.
Legal problems include whether the Philippines had fully communicated with China before initiating the arbitration, whether the tribunal had obeyed the legal principle of prudence, whether the ruling was fair and just, whether it was reasonable to declare that Taiping/Itu Aba Island is rock, etc.
In September 2016, US President Barack Obama embarked on what is likely to be his last visit to Asia while in office. The objective of the trip was to vie with China to maintain America’s influence in Asia and the world that China has been fast encroaching on in recent years.
The rise of corporate bond defaults and corporate downgrades has renewed calls for the establishment of a credit default swap market in China. The People’s Bank of China appears poised to give the hedging scheme the go-ahead in the near future.
One major issue is the mismatch between local governments’ fiscal capacity and their expenditure responsibility. In recent years, local governments have been responsible for over 80 percent of government expenditure, while being assigned only about 50 percent of government revenue.
Lauded as a great success by Chinese President Xi Jinping, the Hangzhou G20 Summit came to a conclusion on September 5, 2016 with its final communique confirming the necessary consensus for the G20’s long-term vision.
Many people hold the view that economies of scale plus a booming economy are the two sole reasons behind China’ success in e-commerce. Physical infrastructure of telecommunications, information processing, and logistics are also factors.
The latest report from SWIFT shows that the share of the RMB in the global payment network dropped to 1.72 percent in June 2016, down 0.18 percent from the figure in May, and is the smallest share for the year to date.
China has apparently decided to play for the longer term, leveraging its strong position on the ground while refraining from raising tension by initiating construction on Scarborough Shoal or declaring an air defense identification zone in the South China Sea.
The river security of the Mekong has emerged as another area of growing contestation and despite its lower international profile and arguably lower global impact, this sub-region will have a determining factor on China’s relations with Southeast Asia.