East Asian economies seem relatively stable compared to most countries in Asia and the other parts of the world. This is even though they have experienced serious challenges ranging from economic problems, cold wars to physical wars among themselves and with other countries from the international community. Historical problems have serious dents in their economic developments and have also shaped their relations.
The East Asian Financial Crisis of 1997-98
The East Asian financial crisis began in Thailand and then spread to other Southeast Asian countries like the Philippines, Indonesia, South Korea, Malaysia, and other East Asian countries1. Before the financial crisis, the East Asian economies had experienced high investments and savings, moderate inflations, strong economic growth, fiscal surpluses and limited public debts2. These countries experienced sustainable net capital flows characterized by significant foreign exchange reserves3. The financial crisis resulted from various factors most of which were common practices among the affected East Asian countries.
Causes of the Financial Crisis
The main causes were under-regulation of the financial markets, excessive investment in the manufacturing sector as well as over-indebtedness in short-term liabilities4.
The international financial markets also played a key role at the beginning of the crisis.
The kind of financial liberalization that was pursued by these countries in the 1990s was premature and indiscriminative. It involved domestic deregulation as well as the external opening of its markets aimed at enabling the economies to increase their financial institutions in number and to widen the scope of their activities. The financial liberalizations were meant to allow the entry of foreign financial institutions and to also acquire greater access to the international capital markets. The countries therefore lifted cross-border borrowing, interest rate controls as well as corporate debt financing5. This implies that the financial liberalization proceeded without any financial regulations and supervisions across borders or government coordination of borrowings and investments.
The second problem was over-indebtedness in foreign liabilities which could not match their respective GNP. The countries borrowed from Japan and the US at low rates to lend to private companies at higher rates. The short-term foreign debts reached high levels in Thailand, the Philippines and South Korea in the mid-1997. Since most of these debt exposures were unhedged, the East Asian economies and in particular South Korea, Thailand and Indonesia experienced a serious balance of payment crises as well as vulnerability to liquidity problems.
Another cause of the financial crisis was overinvestment particularly in 5Ikenberry, John. The Rise of China and the Future of the West: Can the Liberal System Survive? The Council of Foreign Relations. 2008, P.9.
the manufacturing sector without considering the inflated real estate and the flourishing stock markets. Thus there was an increased bank lending directed towards speculative investments in real estate and other financial assets.
Finally, the global financial markets also prompted massive currency depreciation and the serious fall in the stock indexes. The net private capital inflows in the affected economies increased by about US$64.4 billion between 1994 and 1996 but only recorded US$ 200 million in1997 and a minus in 1998 and 19996. The economies experienced liquidity squeezes as their foreign financial creditors were not willing to provide them with loans and the domestic residents were also reluctant to hold deposits in the local currencies7. Meanwhile, most financial institutions were undercapitalized and therefore could not meet the high financial leverage presented to them by the manufacturing companies. This was followed by escalating interest rates as a result of the defaults in credit crunches and reductions in asset prices.
The financial crises enabled the East Asian economies to understand the shortcomings of the Western type of liberal capitalism. The region realized the need to establish more regional economic as well as political coordination. The crisis intensified the need to develop a pure East Asian regionalism. The crisis highlighted the weaknesses in the regional institutions particularly the Association of Southeast Asian Nations (ASEAN) and Asian-Pacific Economic Cooperation (APEC) in East Asia and enabled them to realize the need to create stronger institutions8 .
This facilitated the adjustments in the operations of the Association of Southeast Asian Nations (ASEAN) to adopt a constructive engagement policy that permits the regional forum to involve in members internal political and economic affairs. This led to the formation of the Chiang Mai Initiative9. The crisis reinforced a trilateral cooperation among China, Japan and South Korea which had earlier on been constrained by economic and political rivalry.
Implications on the US
The financial crises experienced in the East Asian economies had their impacts felt in the US. The reason behind this is the high level of linkage that characterizes the global financial markets. In a bid to regain normalcy, the IMF, Asian Development Bank and the World Bank were all actively involved. The Exchange Stabilization Fund in the US also gave its pledge10. Thanks to the currency crisis, imports, exports and the flow of capital into the region were all affected. Moreover, the US dollar underwent a major plummeting in value, meaning that the deficit on US trade increased dramatically.
The reason behind this is because of the fewer imports by the East Asian countries in comparison with their exports. Besides, the US government and private companies including American banks were major investors in the financial instruments in the affected economies, therefore, the financial crisis adversely affected the US economy. The financial crisis also impeded progress in investment and generally trade liberalization particularly under the APEC forum and the World Trade Organization (WTO).
The crisis also had long-term impacts on the US economy and economic relations with the East Asian economies. The crisis highlighted the weaknesses of the APEC in dealing with the problems of the East Asian economies. Thus they saw the need to strengthen their regional economic cooperation and the need to establish a pure East Asian regional economic block. This created a Pan-Asian regionalism thus limiting their trade with the West particularly the US and increasing the intra-regional trade. Today, China provides the regional hub for trade among East Asian countries.
Implications on Japan
Although Japan was not affected by the currency crisis, just like the US the impacts of the crisis were felt in Japan. It had investment in the financial instruments in these economies especially by offering lending services.
The financial crisis had long-term impacts in Japan particularly in changing its attitude towards China. Japan joined South Korea and China to jointly form part of the ASEAN leading to the institutionalization of the ASEAN Plus Three (APT). It also became a major investor in China and exporter to China. It was as a result of this crisis that Japan agreed to be part of the China-Japan-South Korea talks for the possibilities of a trilateral trade among the three superpowers of East Asia. Today, Japan considers China’s efforts as part of its overall efforts to achieve East Asian security11.
Implications on China
Although China’s currency was not affected during the East Asian crisis and maintained a relatively high economic growth, it experienced a decline in economic growth between 1996 and 1999 from 9.6% to 7.1% in the respective years12. This was a result of a decline in exports caused by the financial crisis experienced in the East Asian economies. Foreign direct investment in China also fell as well.
However, it offered China an opportunity to show and convince the East Asian countries on the need for regional cooperation blocks and also helped China dispel fears among the other countries that it does not seek to exploit their misfortunes. It offered financial support to the affected countries particularly Thailand, South Korea and Indonesia13. The crisis offered an opportunity for China to extend its trade links with the rest of East Asian countries. China took the initiative to help institute the APT and to express the idea of the creation of free trade area. The crisis enabled China to use its power and influence to expand its trade with its neighbors.
The Rise of China
China has a great history and has the oldest continuous civilization across the globe. China has been a major world power although it has experienced some periods of decline particularly in the late 19th century and the beginning of the 20th
Century14. However, the last few decades beginning in the late 1970s have witnessed a remarkable resurgence of the nation’s prosperity and power. It successfully weathered the East Asian economic crisis of 1997/98 and does not seem to be in danger of economic decline or stagnation15.
The rise of China began in the late 1970s after it adopted the “reform and open-door policy” and since then has had a relatively stable and rapid economic growth with annual economic growth of about 9% and accounts for about 4% of the world’s GDP16. The rise of China refers to its fast and sustained economic growth since the 1970s, the modernization of its military as well as its revival of the Chinese culture17. China’s adoption of the “reform and open-door policy” opening the door to the outside community has enabled it achieve a tremendous cultural, economic, political and social transformations.
During the 1970s, China embraced reforms and as a result, the economy of the country has increased four-fold since then18. Furthermore, in the coming decade, the country’s GDP is anticipated to increase twice. By the end of 2006, China had accumulated over $1 trillion dollars of foreign reserves19.
Its military spending has also increased to over 18% over the last decade20. The leadership in China is also convinced that the country shall remain a powerhouse not just in the region, but on a global scale as well. President Hu, China has appeared on record as having said that the nation is in the process of entering into a security dialogue with its neighbors21. The nation has also extended its diplomacy across Asia, including the Middle East; Latin America and Africa.
The rise of China arouses fear and anxiety among its neighbors and the international community especially the developed countries like the US22. The rise of China has implications on both the regional and global international relations and is certain to have an enormous impact on the integration of East Asia and the direction in which regionalism will take. It is likely to provide an opportunity for the East Asian community to build a regional corporation block or may cause fear and anxiety among the member countries thus hampering the whole process of integration. The high rate of economic growth of China’s economy, along with the nation’s sense of diplomacy has been seen to have overhauled the East Asia region23.
Moreover, the influence and power of China are anticipated to grow even bigger in the years ahead. Some people have begun to predict that United States dominance is coming to an end since China might use its rising influence to reshape international institutions, rules and states’ systems to better serve its interest and enable it to replace the US.
It is projected that China’s GDP will be about US$63 trillion against US’s US$49 trillion24. Projections are that by 2020, the economy of China shall have surpassed the United States’ economy. The impressive economic growth that China has continued to enjoy in recent years could as well lead to enhanced security competition with such a country like the United States in a few decades from now, a situation likely to result in war25. China is an emerging military and economic competitor for the US which is bound to cause problems in international relations between the two countries26. It may also lead to China pushing the US out of Asia.
The Rise of China and the Future of Asia
The rise of China has had a great impact and is still certain to impact the East Asian regionalism which is fast evolving. It is still expected to contribute immensely towards the integration of East Asian countries. The degree of interdependence among the East Asian states especially between China and its neighbors is deepening and thus creating the need for regional integration among the countries. However, the rising wave of nationalism and the rivalry between China and Japan is undermining the process of integration.
Development State versus Development Democracies
The political economy of China reveals various features “Development State”27.
The industrial policies in China are often established by the government. This is often achieved via the establishment of investment and production targets, not to mention a controlling effect on the country’s banking system and foreign exchange. This was adopted to cover the impacts of the Asian Currency crisis avoid the recurrence of such crisis. The Chinese government uses administrative directives to prohibit credits.
The government does not encourage market mechanisms but requires that firms acquire authorization. This implies that the Chinese financial system has a fixed exchange rate. On the other hand, Japan and South Korea rely on economic development and democratic processes to achieve their legitimacy. They have adopted more liberalization and privatization measures to meet transparency and accountability. The more these countries apply different ideologies of economic systems, the more they differ in their political identities and thus making the integration process more complicated.
Interdependence and nationalism in East Asia
Interdependence is pulling the East Asian countries towards the formation of a formidable regional block while nationalism is constraining the East Asian states from achieving a formidable state-driven regional block28. As a result, there appears to be a divergence in East Asia’s economic and political imperatives. On the one hand, the countries in the region are being pulled towards a state of interdependence by the economic imperatives.
On the other hand, the countries appear headed towards a state of nationalism, thanks to the political imperatives. However, the rise of China as one of the world’s largest manufacturing centers and the increasing volume of intra-regional trade and investment has accelerated the rate of independence among the East Asian community. Nonetheless, in order for these countries to attain a state of full economic integration, the political leadership in the regions needs to propel them forward. Specifically, the relations between Sino-Japanese and China in the years ahead shall determine the economic integration in the region.
The East Asian regional integration has been faced with many complexities. First, the rise of China has seen a rise as an emerging hub of production networks, trade as well as investment in East Asia. As a result, the markets in the regions have become increasingly interdependent, and this has helped to alter the economic interdependence direction to China, from Japan. However, nationalist rivalry particularly between Japan and China has constrained the negotiations for regional and bilateral free trade agreements. This implies that the formation of the East Asian Community might not be possible without first achieving a common political base especially between China and Japan. Japan and China must first reconcile in order to achieve the integration, but before this is done29.
Although nationalism has greatly affected the realization of an East Asian Community, economic interdependence among these countries especially between China and its neighbors has encouraged China to take an active role in achieving a regional multilateral economic cooperation with other East Asian countries.
Previously, Japan has been the economic hub in the East Asian region. In this case, production networks, trade and investments have all been directed to the Japanese market. However, all this now appears to have changed, as China has today taken over the position of the economic hub of choice in the region30. China manufactures the goods and re-exports the products to other countries such as the US. This has led to the development of a triangular trade involving China and Japan as well as other industrialized countries in East Asia and the EU and the US.
After successfully weathering the Asian currency crisis in the years 1997 and 1998, China today has become a “developmental state” meaning that it directs industrial policy and also relies on economic performance to determine legitimacy while other countries like South Korea, Japan and Taiwan have become “developmental Democracy” meaning that their legitimacy does not depend on economic development alone but also on the democratic processes31.
Trade, production, and Investment in China
Currently, China-East Asia trade accounts for about 51% of China’s total foreign trade volume32. It also attracts the bulk of labor-intensive manufactures From the East Asia region. The reason behind this is that production and labor costs in the country are low. In addition, the demand for goods and services in China seems to be on the increase every other passing day. China has the largest population size of about 1.3 billion people which provides a huge domestic market and supports the lower labor costs. A worker in a Chinese factory earns less than $1 in an hour while worker in the same category in US earns between $16 and $3333.
Besides, since joining the WTO, it has also captured the global trading market. Today, China accounts for over 50% of the total Asian trade. For instance, the rise in world trade shares that China acquired was 5.5%, a figure that is equivalent to the global trade volume that Japan enjoys34. Furthermore, the rate at which China appears to be absorbing raw materials for industrial purposes surpasses that of any other country. Nearly 40% of imports in China are in the form of consumer and resource goods. China has even surpassed Japan to become the world’s second-largest oil importer after the US35.
China is also the biggest importer of East Asian goods especially from South Korea and Taiwan and has overtaken the US as South Korea’s major export destination36. It is also expected that China would become the main export market for other East Asian countries such as Japan, Malaysia, Philippines and Singapore 37. China is also attracting the biggest foreign direct investment from western countries as well as from other Asian countries. In 2003 for example, the US’s foreign direct investment in China was over $50 billion38.
Foreign firms have been the key to the formation of production networks and they account for over 50% of China’s trade and over 60% of China’s processed production exports39. Japan and South Korea have both been seen to have capitalized on the terms of trade that they enjoy with China by way of ensuring that their direct foreign investment in the country is increased. China’s open-door policy opens its doors to multinational corporations to invest in its domestic and foreign markets.
Foreign direct investment has been instrumental in boosting the economic success of China40. This could be in the form of a majority of the exports from the country that has either been produced by joint venture organizations, or multinational corporations. Among the various countries in the East Asian region, the leading foreign investor in China is Japan.
In 2003 for example, the country’s accumulated foreign direct investment into China was estimated at $ 34 billion41. Foreign companies that wish to invest in China are also offered low-cost land and import duties. Thus the availability of capital especially from foreign direct investments and trading opportunities has enabled China to achieve the status of the world’s production platform and as such has become the largest market for most countries in the East Asian region.
Firms from other East Asian countries make investments in China due to the comparative advantages associated with China especially in terms of production cost and the domestic market. Most of the organizations are mainly involved in the manufacturing sector, such as electronic goods. Upon manufacture, such goods find their way to countries like the United States in the form of exports. This has been made possible by the trade liberalization that China adopted after having joined the WTO.
East Asia’s regionalism and nationalism
Institutional efforts in the East Asian region have proved quite valuable in aiding in the signing of free trade agreements. The rise in the issues of nationalism in the region has also been instrumental. The financial crisis of 1997 that had affected this region resulted in the formation of APT and ASEAN, to ensure that the interests of the region were firmly guarded against the US and Europe.
This represented a remarkable step towards Pan-Asian nationalism. However, the rivalry between Japan and China has presented the integration process with various challenges with both countries having different ideologies on how to approach the integration process. On the one hand, China is interested in the establishment of free trade agreements with the other member countries of ASEAN. On the other hand, Japan has shown a lot of interest in entering into bilateral trade relations with such countries as the Philippines, South Korea, Singapore, Malaysia, and Thailand42.
The APT was formed immediately after the 1997 currency crisis that hit East Asia. It was formed by China, Japan, South Korea, and ten other Southeast Asian countries in order to protect their interest against the US interests and the IMF43.
This Pan-Asian nationalism was meant to achieve regional economic cooperation that is independent of the West. In 2000, APT managed to achieve a significant accomplishment at a meeting attended by the finance ministers of the member countries. In this meeting, the various member countries entered into an agreement that they would ensure that other nations had access to their foreign exchange reserve. Some of the countries willing to lend money to their neighbors include Thailand, Indonesia, and South Korea. The move was with a view to ensuring that their currencies did not lose value in the event of another crisis occurring. Today, the regional block holds an annual East Asian summit since 2005 and the currency swap program involves 16 bilateral currencies.
Nationalism and its Impacts on Regionalism
The region faces the problem of building a common agenda; and although China has tried to lead the regional block, Japan has been reluctant to fully participate due to their rivalry history that dates back to the colonial times and also because its ally, the US has not been involved in the regional block44. Japan and China have engaged in positional competition in East Asia since China is a rising economic and political power while Japan was the main economic powerhouse for several decades in Asia. Japan is still frustrated by its downfall and is determined to regain its status so as to be able to play an active international role in providing money and material aid to regain its sense of national respect for its tradition, symbols and history45. It is also determined to strengthen its ties with the US.
In contrast, the Chinese have a rising wave of self-confidence for having achieved the world’s highest economic growth and for having overcome frustrations from the Western powers.
China’s approach to East Asian Regionalism
China has also demonstrated confidence and willingness to play a more active role in building regional multilateral cooperation and community building in East Asia and this began as early as the 1990s45. China’s rapid economic growth and increase in power influence have given it the confidence to deal with international affairs both at the regional and global levels. It has established itself in the West-dominated international society and has been learning responsible ways of dealing with East Asian regional affairs. It has shown a willingness to align its objectives within the framework of international institutions and common rules46.
China joined the APEC forum in 1991 where it has played positive cooperative roles in the APEC activities. China also played a major role in the formation of ASEAN becoming a partial consultative partner in 1991 and a full consultative partner in 199647. China also became a member of the Council for Security and Cooperation in the Asia Pacific (CSCAP), and the Northeast Asia Cooperation Dialogue (NEACD) in 1991 although it did not play an active role in them.
Although China maintained its currency value during the 1997-98 currency crises on its neighbors, it realized the need for economic interdependence with its East Asian neighbors and offered its support to the affected countries which included Indonesia, Thailand, and South Korea. It demonstrated responsible leadership and a model of economic stability to the East Asian countries and helped institute the ASEAN+3 which comprised of the ASEAN member countries, Japan, South Korea and itself.
In the year 2000, China took an initiative to establish a free trade area with ASEAN which lead to the signing of the Sino-ASEAN Framework Protocol which committed China and ASEAN to negotiate on the formulation of a free trade area for ASEAN-6 BY 2010 and ASEAN-10 by 201548. Once the formation of the FTA is completed, the region will have about 1.7 billion consumers and the trade volume in the region will increase to over US$1 trillion49. Besides, the regional GDP is also expected to increase to about $2 trillion50. China also agreed to open up free trade areas to member countries for certain agricultural products even before the establishment of the regional free trade area.
The formation of an East Asian economic community is China’s major objective. China understands that the sustainability of its economic growth is highly dependent on its economic cooperation with its East Asian neighbors and therefore strengthening its economic ties with these countries remains its top priority. After joining the World Trade Organization in 2001, it has developed more interest in achieving free trade agreements with other Asian countries. China initiated free trade area talks which led to the signing of the Treaty of Amity and Cooperation with the ASEAN in 2003 as well as the Shanghai Cooperation Organization.
China’s government is determined to assert its leadership role in East Asia by creating a peaceful environment that would ensure continued economic growth. In 2003, China signed a declaration with South Korea and Japan to look at the possibility of forming a China-Japan-Korea free trade area. China also played a key role in the formation of the financial and monetary cooperation for the ASEAN+3, the Chiang Mai Initiative (CMI). The institution is responsible for monitoring capital flows and facilitating financial swaps as well as pooling hard currency resources51. This has set up the stage for the formation of a future regional financial institution and high-level financial cooperation among the East Asian countries.
Security cooperation in East Asia is a complex issue and the lack of trust among the region’s big powers is a major barrier to achieving regional security cooperation. The region still experiences cold-wars such as that between the Mainland China and Taiwan, political divisions, territorial and resource conflicts. However, the countries have shown the will to establish multilateral security institutions to enable the region to deal with the regional security issues.
China has been at the forefront of advocating for the formation of regional security cooperation in the East Asia. China has come up with various proposals aimed at confidence-building among member states such as inviting other ASEAN Regional Forum members to inspect military exercises thereby reducing and finally eliminating military reconnaissance aimed at a member state53.
It made great efforts in helping solve the North Korean nuclear issue within a multilateral framework by hosting the talks and providing practical proposals for solving the problem.
China has also been actively involved in the regional multilateral cooperation in fighting non-traditional security issues like terrorism, money laundering, drug and human trafficking as well as environmental and health matters54. It is willing to enhance ASEAN+3 Regional Forum members’ cooperation on non-traditional security issues.
The prospects of rising China offer opportunities and challenges to regional community building in the region. China has demonstrated interest and a positive attitude towards regional community building since adopting its reform and open-door policy. It seeks to achieve a regional economic community within the region and security cooperation as well as to influence the institutional structures within the region. It has been using regionalism to achieve a favorable international environment in the East Asian region and also to dispel fears among its neighbors to increase its economic developments and power in the East Asian community.
It has shown the will to play an active role in the regional community building in East Asia and to become a responsible member in solving problems of the international community. However, the East Asian community can only be achieved by first reconciling China and Sino-Japanese relations.
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1Bustelo, Pablo. The Impact of the Financial Crises on East Asian Regionalism, 2000, p. 3.
2Bustelo, Pablo, 2000, (as in 1 above).
3Bustelo, Pablo, 2000, (as in 1 above).
4Bustelo, Pablo. The Impact of the Financial Crises on East Asian Regionalism, 2000, pp 4-6.
6Bustelo, Pablo. The Impact of the Financial Crises on East Asian Regionalism, 2000, p.6.
7Arndt, Heinz W. and Hal Hill, eds. Southeast Asia’s Economic Crisis: Origins, Lessons,and the Way Forward, 1999, P. 9.
8 Ralf, Emmers and Ravenhill, John. The Asian and Global Financial Crises: Consequences for East Asian Regionalism, 2010, p. 3.
9Bustelo, Pablo and Iliana Olivié. Economic Globalisation and Financial Crisis: Some. P13.
10Nanto, Dick. The 1997-98 Asian Financial Crisis. CRS Report for Congress. Pacific Exchange Rate Service, 1998. Web.
11Carolyn, W. Pumphrey. The Rise of China in Asia: Security Implications. P.162.
12Woo Wing Thye. China’s Economy: Constructing Restructuring and Stability, 2000, P 13.
13Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 135.
14Carolyn, W. Pumphrey. The Rise of China in Asia: Security Implications 1999, P. 1.
15Carolyn, W. Pumphrey. The Rise of China in Asia: Security Implications. 1999, P. 1.
16Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, 11. 2 (2004).
17Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 130.
18Ikenberry, John. The Rise of China and the Future of the West: Can the Liberal System Survive? The Council of Foreign Relations. 2008, P 26. 2010. Web.
19Ikenberry, John. 2008 (as in 18 above).
20Ikenberry, John. 2008 (as in 18 above).
21Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 27
22Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 129.
23Ikenberry, John. The Rise of China and the Future of the West: Can the Liberal System Survive? The Council of Foreign Relations. 2008, P 1. 2010. Web.
24Ikenberry, John. The Rise of China and the Future of the West: Can the Liberal System Survive? The Council of Foreign Relations. 2008, P 1. 2010. Web.
25Mearsheimer, John. The Rise of China Will Not Be Peaceful at All, 2005.
26Ikenberry, John. 2008 (as in 18 above).
27Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 23.
28Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 18.
29Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 19.
31Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 18.
31Byung-Joon, Ahn, 2004, (as in 30 above).
32Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 132.
33Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 21.
34Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 20.
35Byung-Joon, Ahn. 2004, (as in 33 above).
36Byung-Joon, Ahn. 2004, (as in 33 above).
37Byung-Joon, Ahn. 2004, (as in 33 above).
38Byung-Joon, Ahn. 2004, (as in 33 above).
39Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 22.
40Byung-Joon, Ahn. 2004, (as in 33 above).
41Byung-Joon, Ahn. 2004, (as in 33 above).
42Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 45.
43Byung-Joon, Ahn. The Rise of China and the Future of East Asian Integration. Asia-Pacific Review, (2004), 11. (2) p. 25.
44Byung-Joon, Ahn. 2004, (as in 43 above).
44Byung-Joon, Ahn. 2004, (as in 43 above).
45Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 132.
47Zhang, Yunling, ed. Emerging East Asian Regionalism: Trend and Response, 2005, p 5.
47Zhang, Xiaoming, 2006, (as in 45 above).
48Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 136.
49Zhang, Xiaoming, 2006, (as in 45 above).
50Zhang, Xiaoming, 2006, (as in 45 above).
51Zhang, Xiaoming, 2006, (as in 45 above).
52Zhang, Xiaoming. The Rise of China and Community Building in East Asia. Asian Perspective, 2006, 30(3). P 133.
53Zhang, Xiaoming, 2006, (as in 45 above).
54Albramowitz, Morton and Stephen Bosworth. Chasing the Sun: Rethinking East Asian Policy, 2006, P 13.