While the US economy is driven by multiple factors including innovation, business sophistication, market size, financial market development, labor market efficiency, and higher education and training, high tax rates and tax regulations remain the two most important downsides of doing business in US.
Since the 1980s, US business corporations have been restructuring employment relations and financial behavior. Many people lost their jobs and were forced to find jobs in new places. It is a fact that the benefits and costs of the restructuring have been distributed unequally.
Bloomberg reported in November 2016 that Chinese developers were spearheading the USD 100 billion Chinese-made city in Johor Bahru, a city at the southern tip of Malaysia and bordering Singapore, to turn it into the next Shenzhen.
An unprecedented stock rout in the summer of 2015 led to draconian anti-graft investigations into officials and executives in China’s financial sectors, with at least eight officials in the China Securities Regulatory Commission being detained.
The National Development and Reform Commission of China released its five-year plan (2016-20) for rural economic development in November 2016. In this plan, rising costs in agricultural production have been highlighted as a major challenge.
There has been some indication that the Trump administration wishes to shift the US’ disposition toward Chinese initiatives such as the One Belt One Road initiative. Many negative American perceptions of Chinese economic leadership, particularly of the OBOR, must first be addressed.
A cancelation of or suspension of talks on the TPP means Vietnam will lose an important opportunity for international economic integration. And it is likely to result in a slow-down in Vietnamese reforms.
Both Malaysia and the Philippines along with others in the original ASEAN-5 are already comfortable in terms of their partnerships with Japan, and they will find working with China to be a productive and possibly value-added new infrastructure construction partnership experience.
Modi explained that the demonetization was to stop counterfeiting of the current banknotes, as these had allegedly been used for funding terrorism. It was also designed to crack down on black money, a term which refers to income illegally obtained or undeclared for tax purposes.
While the US and its allies were reeling from the recent election of Donald Trump as US president and his pledge to scrap the US-led Trans-Pacific Partnership once he comes into office, Chinese President Xi Jinping pushed APEC members to accelerate their negotiations towards the completion of two alternative regional trade agreements.