Index

Chi Lo (Senior Economist and Independent Scholar, Hong Kong)

China's Global Disruption

ISBN: 978-1-80043-795-1, eISBN: 978-1-80043-794-4

Publication date: 11 January 2021

This content is currently only available as a PDF

Citation

Lo, C. (2021), "Index", China's Global Disruption, Emerald Publishing Limited, Bingley, pp. 221-226. https://doi.org/10.1108/978-1-80043-794-420211015

Publisher

:

Emerald Publishing Limited

Copyright © 2021 Emerald Publishing Limited


INDEX

Alibaba
, 190

AliExpress
, 48

Animal spirits
, 63, 203

Artificial intelligence (AI)
, 40

Asian Infrastructure and Investment Bank (AIIB)
, 187, 189

Balance of payments (BoP)
, 165–166

Bank failures
, 99–100

Bank for International Settlements (BIS)
, 102

Bank of Japan (BoJ)
, 128

Baoshang Bank
, 98–99

Beggar-thy-neighbour policy
, 126–127

Beijing-based Newsdog
, 49

Beijing’s industrial development policy
, 39

Belt and Road Initiative (BRI)
, 3–4, 6, 54, 81, 170, 181, 199

abide by international norms
, 188–189

ambition scaled back
, 194–196

commercial reality
, 186–187

debt-trap finance
, 192–193

hype about
, 185–186

invisible
, 189–190

invisible global
, 191–192

linkage with US
, 190–191

risks for China
, 193–194

Sino-US disruption
, 183–185

strategic importance for China
, 182–183

suspicion
, 187–188

Big Four State Banks
, 1

Big Three Telecoms companies
, 1

Bureau of Industry and Security (BIS)
, 40–41

ByteDance
, 49

Capital

accumulation
, 117–118

base
, 165–166

broadening
, 117

deepening
, 117

flight scare
, 73–76

Changchun Changsheng Biotechnology
, 36

China

ageing process
, 57

anticorruption war
, 23–24

current account
, 76–78

as demander
, 12–14

devaluation choice
, 130–133

experts
, 73–74

household debt
, 107–108

property market
, 83

relevance to
, 156

strategic importance for
, 182–183

as supplier
, 14

China Foreign Exchange Trade System (CFETS)
, 139

China International Payment Service (CIPS)
, 4

China’s debt risk
, 115

deleveraging
, 115–117

financial deepening conundrum
, 118–120

mortgages
, 120–123

partial debt debate
, 117–118

China’s global disruption
, 1, 17–19

Chinese digital currency
, 1–4

COVID-19 disruption
, 7–8

COVID-19 legacy
, 21–22

crypto-renminbi to challenging US dollar
, 4–7

disruption to investment
, 16

post COVID-19 geopolitical disruption
, 19–21

supply chain shock
, 12–16

tourism
, 8–9

trade disruption
, 9–12

China–US Tech Race

big question
, 45–46

China challenge and limits
, 48–50

core of tech conflict
, 39–40

disruption and opportunity cost
, 50–51

disruption risks
, 46–48

intellectual property theft
, 43–45

‘Made in China’
, 40–41

patents myth
, 42–43

Chinese Communist Party (CCP)
, 182–183

Chinese digital currency
, 1–4

Chinese Dream
, 3–4, 39, 65, 171–172

Chinese emperor shock

China risk
, 37

China’s anticorruption war
, 23–24

Chinese way
, 36–37

growth fall
, 30–31

handicap of market forces
, 25

incentive scheme
, 36

new emperor
, 29–30

no china disruption to luxury demand
, 25–29

power-grabbing
, 31–34

problem with multiple policy goals
, 34–36

Chinese firms
, 49

Chinese foreign projects
, 186

Chinese way
, 36–37

Chinese Yuan in Hong Kong (CNH)
, 168

City commercial banks
, 96–97

Climate change, impact on
, 162–163

Collateral damage
, 159–160

Commodity
, 83

exporters
, 11–12

fear of commodity market
, 82–86

Communist Party
, 24, 35

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
, 40

Contagion, impact from
, 160–161

Content aggregation apps
, 49

Corner solution
, 154

Corruption
, 25, 60

Countercyclical factor (CF)
, 149, 151

COVID-19

awakening wolf warrior
, 198–200

crisis in 2020
, 197

disruption
, 7–8

legacy
, 21–22

Creative destruction
, 30

Cross-country studies
, 113

Crypto-renminbi to challenging US dollar
, 4–7

Cryptocurrency
, 2, 3

Currency internationalisation
, 165–166

Currency war (see also Trade war)
, 125, 149–150

and causes
, 126–128

China’s devaluation choice
, 130–133

devaluation backfire on China
, 135–138

game
, 128–130, 129–130

Japan aggravating
, 139–140

opening window for Renminbi reform
, 140–144

reform
, 144–145

Renminbi reform
, 138–139

risk implications
, 133

Datang
, 41

Debt
, 127–128

debt-to-GDP ratio
, 115–116

debt-trap finance
, 192–193

Debt time bomb
, 89

bank failures
, 99–100

China’s household debt
, 107–108

debt risk
, 104–106

debt vulnerability
, 89–92

dire problem
, 98–99

household debt mystery
, 107

LGD
, 101–102

LGD build-up and risks
, 102–104

policy
, 111–113

risks
, 96–98, 109–111

ticking time bomb
, 93–95

unregulated growth
, 100–101

‘Debt trap’ diplomacy
, 181

Demographic pains
, 56–58

Design patent
, 42

Devaluation
, 127–128

backfire on China
, 135–138

Didi Chuxing (ridesharing service)
, 49

Digital Currency Electronic Payment (DCEP)
, 1, 2

Disruption
, 50–51

to investment
, 16

risks
, 46–48

to stay
, 163

Domestic economic woes
, 126–127

Domestic growth shock
, 90–91

Early retirement
, 60–61

Economic(s)

development
, 55

economics-politics marriage
, 54–56

growth
, 62

Emerging markets (EMs)
, 149, 166

Entity List
, 40–41

Eurasian Economic Union (EEU)
, 185

European dream
, 171

Exchange rate depreciation
, 127–128

Export Administration Regulations (EAR)
, 40–41

External funding shock
, 91–92

Federal Reserve
, 201

Fertility rate of population
, 57–58

Fifth-generation mobile telephone technology (5G mobile telephone technology)
, 40

Financial deepening conundrum
, 118–120

Foreign direct investment (FDI)
, 128, 167

Foreign exchange (FX)
, 128, 149, 165

Foreign firms
, 46

G3 currencies, failure of
, 169–171

Galapagos syndrome
, 41

Game Theory in economics
, 152

Geo-strategic disruption
, 197–198

Global disruption
, 200

central bank ‘put’ and moral hazard
, 200–202

COVID-19 awakening Wolf Warrior
, 198–200

fiscal complication
, 203–204

food for thought
, 204–207

geo-strategic disruption
, 197–198

unintended consequences
, 202–203

Global financial crisis (GFC)
, 70–71, 89, 117–118, 165, 200–201

Global market cycle

capital flight scare
, 73–76

China’s current account
, 76–78

China’s role in
, 69

cyclical impact
, 83

fear of commodity market
, 82–86

implications
, 81–82

secular impact
, 83–86

story of relative changes
, 86–88

structural erosion
, 78–81

things
, 71–72

Gold Reserve Act
, 126

Greenspan put
, 200–201

Gross domestic product (GDP)
, 8–9, 53

growth targets
, 106

Group of Seven countries (G7 countries)
, 21–22

Growth constraints
, 62–65

Hengfeng Bank
, 98

Hollywood
, 157

Household

debt mystery
, 107

debt-service-to-income ratio
, 107–108

sector
, 120–121

Hu kou
, 61

Huawei
, 41, 190–191

Implicit strategic alliance
, 155

‘Impossible Trinity’ paradigm
, 82, 144–145

Incentive

distortion
, 37

problem
, 60–61

scheme
, 36

Information and communication technology (ICT)
, 39

Information technology (IT)
, 189–190

Intellectual property (IP)
, 45

theft
, 43–45

Intellectual property rights (IPR)
, 45–46

International Monetary Fund (IMF)
, 5, 53, 69, 102, 167

Internet of Things
, 192–193

Invention patent
, 42

Iron law of liberalism
, 25

Japanese experience
, 176–178

Jinzhou Bank
, 98

Joint-stock banks
, 96–97

Kuaishou
, 49

Land sales revenues
, 103–104

Lenovo
, 190

Life Cycle Theory framework
, 27

Liquidity trap
, 127

Local government debt (LGD)
, 89, 101–102

build-up and risks
, 102–104

Local government financing vehicles (LGFVs)
, 101–102

Macro Prudential Assessment (MPA)
, 116

‘Made In China 2025’
, 39–41

Marginal propensity to consume (MPC)
, 202–203

Marginal propensity to save (MPS)
, 202–203

Maritime Silk Road
, 182

Market forces, handicap of
, 25

Middle income trap
, 65–67

Million workers
, 61–62

Mortgage(s)
, 120–123

debt
, 118–119

Multi-national companies (MNCs)
, 43–44

Nash equilibrium
, 152–155

Netware
, 190

New emperor
, 29–30

New monetary order
, 168–169

Nominal effective exchange rate (NEER)
, 138

Nonbank financial institutions (NBFIs)
, 94, 100–101, 116

Non–foreign direct investment (Non-FDI)
, 74

Nonperforming loans (NPLs)
, 119

Normalising
, 91

One-off devaluation
, 150–151

Onshore FX market
, 143–144

Opportunity cost
, 50–51

Organisation for Economic Cooperation and Development (OECD)
, 60

Patents myth
, 42–43

Payable-receivable currency mismatch
, 165–166

Peer-to-peer (P2P)
, 107

People’s Bank of China (PBoC)
, 1, 2, 4, 82, 98–100, 116, 130–131, 149, 169

Political openness
, 55

Post COVID-19 geopolitical disruption
, 19–21

Power-grabbing
, 31–34

Prisoner’s dilemma
, 128–129

Production possibility frontier (PPF)
, 62

Public–Private Partnership debt (PPP debt)
, 102

Put option
, 95

Qiushi magazine
, 34–35

Quantitative easing (QE)
, 126, 200–202

Real China growth story
, 67–68

Regional Comprehensive Economic Partnership (RCEP)
, 40

Renminbi
, 135

opening window for
, 140–144

reform
, 138–139

Renminbi internationalisation
, 165, 172–174

Chinese Dream
, 171–172

failure of G3 currencies
, 169–171

Japanese experience
, 176–178

Japanese way
, 178–179

motives
, 165–167

new monetary order
, 168–169

policy priority
, 179–180

portfolio perspective
, 167–168

speculative demand
, 174–175

stuck in first gear
, 175–176

Replacement rate
, 57–58

Risks
, 96–98, 109–111

for China
, 193–194

implications
, 133

Rural commercial banks
, 96–97

Science, technology, engineering and mathematics (STEM)
, 41

Shadow banks
, 116

Shock
, 56

Silk Road Economic Belt
, 182

Sino-US

disruption
, 183–185

relationship
, 20

trade war
, 35, 47, 147–148

Society for Worldwide Interbank Financial Telecommunication (SWIFT)
, 4–5

Special Drawing Rights (SDR)
, 5, 170

Special purpose vehicles (SPVs)
, 101–102

Sri Lanka’s Mattala Rajapaksa International Airport
, 193

Standardising
, 91

State-owned-enterprises (SOE)
, 41, 93–94

Sterilisation in macroeconomics
, 131

Stock Connect scheme
, 5

Structural erosion
, 78–81

Supply chain shock
, 12–16

changing dynamics
, 14–16

China as demander
, 12–14

China as supplier
, 14

Tail risk
, 133

Take Apple Inc.
, 158

Tech conflict, core of
, 39–40

Tech decoupling
, 39

Technology companies
, 158

Tencent
, 190

Thucydides

thesis
, 198

trap
, 197

Tik Tok
, 49

Total factor productivity (TFP)
, 65

Tourism
, 8–9

Trade disruption
, 9–12

Trade war (see also Currency war)

to cold war to global disruption
, 162

collateral damage
, 159–160

corner solution
, 154

currency war
, 149–150

damage on United States
, 156–158

disruption to stay
, 163

global imbalance
, 147–149

growth contribution of China’s GDP components
, 148

impact from contagion
, 160–161

impact on climate change
, 162–163

no proof of devaluation
, 150–152

relevance to China
, 156

Trump disruption
, 152–154

Trump’s optimal strategy
, 155–156

Trans-Pacific Partnership (TPP)
, 40

Transparency International Corruption Index
, 33

Trump disruption
, 152–154

Nash equilibrium
, 152–153

Trump’s optimal strategy
, 155–156

United Nations Population Division (UNPD)
, 57

United States, damage on
, 156–158

Unproductive credit in China
, 121–122

US ‘Silk Road’ project
, 184–185

US dollar
, 166

US dollar–bloc countries
, 138

USD4 billion Ituango Dam in Colombia
, 193–194

Utility model patent
, 42

Venezuela
, 193

Wealth management products (WMPs)
, 116

‘Will-they-or-won’t-they’ policy
, 152

Wolf Warrior
, 199–200

World Bank
, 167

World Trade Organisation
, 167

Z-score
, 91, 92

Zombie companies
, 95

ZTE
, 41, 190–191