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Economic and Geo-Political Implications of China-centric Globalisation

The last thirty years have witnessed the era of globalisation which can be defined as the creation of an integrated global economy. However, what began as a project for globalisation has gradually been transformed into a project of “China-centric globalisation”. This paper argues that China-centric globalisation has grave economic and geopolitical implications for the US. It also carries major implications for other countries, although those implications obviously vary according to country-specific economic and political details.

China-centric globalisation is characterized by three features:
1) the emergence of China as the global centre of manufacturing—the so-called “factory for the world”;
2) the creation of a new dollar zone s hared by the US and China, and supported by China’s adoption of a pegged dollar exchange rate; and
3) the emergence of a massive US trade deficit with China, combined with the transfer of a significant chunk of US manufacturing capacity to China.

Click to Read the Full Article: https://www.csis-scrs.gc.ca/pblctns/wrldwtch/2013/20130930-en.php#tc11

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