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Economic System Reform in China Read chapter Read first chapter

2021 | OriginalPaper | Chapter

6. The Relationship Between China and India Within the Framework of Asian Economic Integration

Author : Yuyan Zhang

Published in: Reform, Opening-up and China's Changing Role in Global Governance

Publisher: Springer Singapore

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Abstract

Regional economic integration is undergoing an unprecedented boom since the 1990s, and the process of Asian economic integration has been accelerating at multiple levels. The development of regional integration is changing the overall pattern of traditional relations between countries and is reshaping the state of the world. Meanwhile, such political and economic factors as conflicts of interest between domestic groups, competition between nation states, and external pressures still restrict the depth and scope of such integration. During the Asian economic integration process, the economic relationship between China and India is attracting greater attention around the world. This process will not only affect the two countries, but will also have great impact on the regional integration process in Asia and on international relations. This paper attempts to throw light on the incentives for and impediments to closer economic relations between the two countries and, and based on these analyses, to outline the prospects for Sino-Indian economic relations.

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previous chapter China’s Structural Reforms and Implications for Northeast Asia
next chapter How G20 Can Better Support Global Governance?—A Chinese Perspective
Footnotes
1
Here transaction costs refer to all kinds of non-production costs. For further discussion of transaction costs, see Coase (1937).
 
2
Substantial empirical evidence exists to support the proposition that economic integration reduce conflicts between nations. See, for instance, Polacheck (1980). By utilizing data from 30 countries in the 1958–67 period, Polacheck showed that a doubling of trade between two countries led to a 20% decline in the frequency of hostilities.
 
3
This is similar to Ronald Coase's Theory of the Firm. The boundary of economic integration is dependent on the contrast between the reduced transaction costs generated from the internalization of transactions and the increased costs in scaling-up as a result. See Coase (1937).
 
4
Asia here specifically refers to the East Asian countries of China, Japan and South Korea: the ASEAN/AFTA 10 countries of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam: the South Asian Association for Regional Cooperation (SAARC) countries of Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka; and the Shanghai Cooperation Organization member countries of China, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and the Asian parts of Russia.
 
5
For detailed discussion of the ‘flying-geese' model, see Kojima (2000).
 
6
Share of trade alone does not provide a sufficient indication of the extent to which the home country regards its trading partners as being important in relation to that country's trade with the rest of the world. For this reason, the trade intensity index is considered a more useful tool for measuring bilateral trade. It is calculated as [Xii/ ({Xiw + Xwi)/2}]/ [{(Xiw + Xwi)/2}/Xww] where Xww is total world exports. An index rating that is greater (or less)than one unit indicates that the trade flow is larger (or smaller)than would be expected, given the region's importance In world trade-i.e., the index takes account of the region's relative size in world trade and provides a more accurate measure of trade integration within a region. See Kawai (2005).
 
7
According to the World Banks World Development Indicators 2005, the number of people living in poverty in India is estimated at 260 million to290 million. If measured by the international living standard of those living on less than US$1 per day, the figure would be 390 million.
 
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Metadata
Title
The Relationship Between China and India Within the Framework of Asian Economic Integration
Author
Yuyan Zhang
Copyright Year
2021
Publisher
Springer Singapore
Book
Reform, Opening-up and China's Changing Role in Global Governance

Print ISBN: 978-981-336-024-2

Electronic ISBN: 978-981-336-025-9

Copyright Year: 2021

DOI
https://doi.org/10.1007/978-981-33-6025-9_6