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Asia Unbound

CFR experts give their take on the cutting-edge issues emerging in Asia today.

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Showing posts for "Economics"

Friday Asia Update: Top Five Stories From the Week of December 11, 2015

by Guest Blogger for Elizabeth C. Economy
Trafficking-camp-malaysia-12-11-15 A cage made of barbed wire and bamboo sticks that Malaysian police said was used to hold migrants is seen at an abandoned human trafficking camp in the jungle close the Thailand border at Bukit Wang Burma in northern Malaysia, May 26, 2015. (Damir Sagolj/Reuters)

Rachel Brown, Lincoln Davidson, Ariella Rotenberg, and Gabriel Walker look at the top stories in Asia this week.

1. Human trafficking investigator flees Thailand. Maj. Gen. Paween Pongsirin, a senior Thai police officer leading an investigation on human trafficking in Thailand, has fled the country to seek asylum in Australia. After more than thirty graves, which are believed to contain the remains of trafficked Rohingyas, were discovered near the Malaysian border this summer, Paween had been tasked with investigating the site and the trafficking network responsible. Read more »

Friday Asia Update: Top Five Stories for the Week of December 4, 2015

by Guest Blogger for Elizabeth C. Economy
India-coal - 12-4-15 Laborers load coal on trucks at Bari Brahamina on the outskirts of Jammu, India, March 16, 2012. (Mukesh Gupta/Reuters)

Ashlyn Anderson, Rachel Brown, Sungtae “Jacky” Park, Ariella Rotenberg, Ayumi Teraoka, and Gabriel Walker look at the top stories in Asia this week.

1. India’s embrace of coal complicates ambitious renewable energy targets. India brings a unique position to the climate negotiations underway in Paris as a huge developing country with grand economic plans that is also disproportionately facing the consequences of climate change. Read more »

Friday Asia Update: Top Five Stories for the Week of November 20, 2015

by Guest Blogger for Elizabeth C. Economy
Seoul-protests - 11-20-2015 A protester reacts as water mixed with tear gas liquid is sprayed by police water canon to disperse protesters during an anti-government rally in central Seoul, South Korea, November 14, 2015. (Kim Hong-ji/Reuters)

Ashlyn Anderson, Rachel Brown, Lincoln Davidson, Ariella Rotenberg, Ayumi Teraoka, and Gabriel Walker look at the top stories in Asia this week.

1. Antigovernment protests erupt in Seoul. This week, tens of thousands of people filled City Hall plaza in downtown Seoul to protest President Park Geun-hye, demanding her resignation. The protestors wore plastic raincoats to guard against the cannons of water and liquid tear gas fired at them by the police. Read more »

China Recalculates Its Coal Consumption: Why This Really Matters

by Elizabeth C. Economy
A labourer works at a coking plant in Changzhi, north China's Shanxi province, July 7, 2007. Starting off in Sydney on Saturday and travelling west around the world, the Live Earth concerts, planned for this weekend, are expected to attract more than a million people to raise awareness of global warming and environmental issues like climate change. REUTERS/Stringer (CHINA) CHINA OUT A laborer works at a coking plant in Changzhi, north China's Shanxi province, July 7, 2007. (Stringer/Reuters)

It seems like a distant memory now, but just one month ago, the international community was lauding China for stepping up its commitment to address climate change by pledging to initiate a cap-and-trade system for CO2 by 2017 and contributing $3.1 billion to a fund to help poor countries combat climate change. Now, however, the talk is all about the release of a new set of game-changing Chinese statistics on coal consumption. A New York Times headline blared: “China burns much more coal than reported, complicating climate talks.”  And the Guardian reported: “China underreporting coal consumption by up to 17%, data suggests.”

Read more »

Thailand Slashes Its Economic Growth Forecast

by Joshua Kurlantzick
Somkid Jatusripitak_Thailand_economy Thailand's Deputy Prime Minister Somkid Jatusripitak gestures during an interview with Reuters at Government House in Bangkok, Thailand, on September 21, 2015. (Athit Perawongmetha/Reuters)

On Friday, Thailand’s central bank slashed its growth forecast for the Thai economy for 2015, to 2.7 percent. As noted in a summary of the bank’s report in The Diplomat, this was the third time this year that the Bank of Thailand (BoT) has cut its growth forecast, and the BoT’s projected growth for 2015 is about half what it had expected for the Thai economy before the year started. A growth rate of 2.7 percent for the year would almost surely make Thailand the worst performing economy for 2015 in Southeast Asia. Read more »

The UN Sustainable Development Goals: An Opportunity for Niche Diplomacy by Middle-Power Korea

by Guest Blogger for Scott A. Snyder
South Korea's President Park Geun-hye addresses the 69th United Nations General Assembly at U.N. headquarters in New York, September 24, 2014. (Mike Segar/Reuters) South Korea's President Park Geun-hye addresses the 69th United Nations General Assembly at U.N. headquarters in New York, September 24, 2014. (Mike Segar/Reuters)

Brendan Howe is a professor at Ewha Womans University’s Graduate School of International Studies.

From September 25 to 27, South Korean President Park Geun-hye will be attending the United Nations (UN) Development Summit in New York, where she will be giving the keynote address. Much of the summit will focus on the so-called Sustainable Development Goals (SDG). The SDGs are a set of proposals that look to build on two high profile international governance agendas: [1] international development cooperation, dominated since 2000 by the eight Millennium Development Goals (MDGs) set to expire at the end of 2015; and [2] twenty years of environmental cooperation since the landmark United Nations Conference on Environment and Development (UNCED). Read more »

Friday Asia Update: Top Five Stories for the Week of August 28, 2015

by Guest Blogger for Elizabeth C. Economy
china-stock-plunge An investor looks at an electronic board showing stock information of Shanghai Stock Exchange Composite Index at a brokerage house in Beijing, August 26, 2015. Asian shares struggled on Wednesday as investors feared fresh rate cuts in China would not be enough to stabilize its slowing economy or halt a stock collapse that is wreaking havoc in global markets. (Jason Lee/Reuters)

Ashlyn Anderson, Rachel Brown, Lincoln Davidson, Lauren Dickey, Ayumi Teraoka, and Gabriel Walker look at the top stories in Asia this week.

1. China’s stock plunge. Chinese stocks plunged this week, with the Shanghai Composite Index falling 22 percent between August 19 and August 24. The market’s drop on what was deemed “Black Monday” erased the gains made over the past year. Until June, the Shanghai Composite Index had risen nearly 150 percent in one year and state media had assured that this was just the start of a bull market. The Chinese market’s tumble rattled stock markets around the world. Read more »

What’s Missing in the China Story?

by Elizabeth C. Economy
Rescue workers wearing chemical protective suits walk at the site of the explosions at the Binhai new district in Tianjin, China, August 14, 2015. Rescuers on Friday pulled one survivor from the wreckage of a warehouse in northeast China's Tianjin that was hit by two massive blasts, a city official told reporters at a briefing. REUTERS/Jason Lee Rescue workers wearing chemical protective suits walk at the site of the explosions at the Binhai new district in Tianjin, China, August 14, 2015. Rescuers on Friday pulled one survivor from the wreckage of a warehouse in northeast China's Tianjin that was hit by two massive blasts, a city official told reporters at a briefing. (Jason Lee/Courtesy Reuters)

Over the past month, there has been a lot of “China drama.” The volatility in the Chinese stock market, the yuan devaluation, and now the Tianjin warehouse explosion have all raised China chatter to a new level of anxiety. Some of the anxiety is understandable. These events have real consequences—above all for the Chinese people. At the urging of the Chinese government, tens of millions of Chinese moved to stake their fortunes not on real estate but on the stock market—the most unfortunate used their real estate as leverage to invest in the market and are now desperate for some good news. The Tianjin warehouse explosion has thus far left 121 Chinese dead, more than seven hundred injured, and over fifty still missing. Globally, the yuan devaluation has triggered a rate rethink by central bankers in Europe and the United States, and the stock market slide has contributed to steep drops in Asian and U.S. markets.

Read more »

Friday Asia Update: Top Five Stories for the Week of August 14, 2015

by Guest Blogger for Elizabeth C. Economy
Workers clean a road near the site of the explosions at the Binhai new district, Tianjin, August 13, 2015. Two huge explosions tore through an industrial area where toxic chemicals and gas were stored in the northeast Chinese port city of Tianjin, killing at least forty-four people, including at least a dozen fire fighters, officials and state media said on Thursday. (Jason Lee/Reuters) Workers clean a road near the site of the explosions at the Binhai new district, Tianjin, August 13, 2015. Two huge explosions tore through an industrial area where toxic chemicals and gas were stored in the northeast Chinese port city of Tianjin, killing at least forty-four people, including at least a dozen fire fighters, officials and state media said on Thursday. (Jason Lee/Reuters)

Ashlyn Anderson, Rachel Brown, Lincoln Davidson,  Lauren Dickey, Ariella Rotenberg, and Gabriel Walker look at the top stories in Asia today.

1. China’s central bank allows currency to devalue. The renminbi (RMB) declined by more than 4 percent this week as the People’s Bank of China (PBOC) set the currency’s daily benchmark lower for several days in a row. The drop may help strengthen the domestic economy, which has faltered in recent months; the PBOC’s willingness to allow the currency’s market rate to drop may suggest that the Chinese economy is doing even worse than some indicators suggest, which could spell trouble for countries that rely on China’s commodity imports. Read more »

Challenges and Benefits of South Korea’s Middle Power Aspirations

by Scott A. Snyder
World leaders attend the opening plenary session of the G20 Summit in Seoul on November 12, 2010. (Yonhap Photo/Couresty: Reuters) World leaders attend the opening plenary session of the G20 Summit in Seoul on November 12, 2010. (Yonhap Photo/Couresty: Reuters)

South Koreans have been among the world’s early adopters in globalization over the past two decades, going from outpost to “node” by embracing networks, connectivity, and economic interdependence in startling fashion in a very short period of time. It has been commonplace for most South Koreans to think of themselves as a small country, buffeted by geostrategic factors beyond its control, consigned to its fate as a “shrimp among whales.” This narrative, generally speaking, conforms with the twentieth century historical experience on the Korean peninsula, which witnessed annexation, colonization, subjugation, and a moment of liberation, followed by division, war, and marginalization as an outpost of the Cold War. Outsider impressions of late twentieth century Korea tended to view Koreans as defensive, self-absorbed, xenophobic to varying degrees, and only capable of viewing the outside world through a distinctively “Korean” lens. Read more »