The concept of a "Chinese Union" consisting of China, Hong Kong, Macau, Taiwan, North Korea, South Korea, Vietnam, Singapore and Mongolia has suggested by professor Ju Jiandong, director of the Center for Economic Research at Tsinghua University in Beijing, reports Hong Kong's Phoenix Television.
Ju said at a seminar that there have been three phases of China's economic transformation after it joined the World Trade Organization in 2001. The first phase took place between 2001 and 2005 when China became a country fully adapted to a free market environment. Between 2006 and 2008, the second phase was completed when China became a major importer of consumer goods as well as an exporter. For the last phase from 2008, China is trying to adjust its balance of trade with foreign nations, Ju said.
Even though more American goods are being imported into China than ever before, the reliance on US products in China has decreased recently according to Ju. In 1989, US products introduced into the Chinese market made up about 9.7% of the overall imported goods, and this number stood at 7.2% nine years later. With more challenges and obstacles facing international trade, Ju said that regional trade will be more active in the future. Because of this, he suggested the creation of a "Chinese Union" as a new and strong competitor to the European Union and North America what Ju called a new era of Three Kingdoms, a reference to a period in classical Chinese history.
Ju suggested that the economic development of Far East nations is totally different from the experience of Europe and America. While the culture of the west emphasizes individualism, eastern cultures embrace a collective model. Because of this, Ju believes the nine aforementioned Asian countries and regions which share cultural similarities should work together for their mutual benefit.
Tsinghua professor pitches 'Chinese Union' bloc
Ju said at a seminar that there have been three phases of China's economic transformation after it joined the World Trade Organization in 2001. The first phase took place between 2001 and 2005 when China became a country fully adapted to a free market environment. Between 2006 and 2008, the second phase was completed when China became a major importer of consumer goods as well as an exporter. For the last phase from 2008, China is trying to adjust its balance of trade with foreign nations, Ju said.
Even though more American goods are being imported into China than ever before, the reliance on US products in China has decreased recently according to Ju. In 1989, US products introduced into the Chinese market made up about 9.7% of the overall imported goods, and this number stood at 7.2% nine years later. With more challenges and obstacles facing international trade, Ju said that regional trade will be more active in the future. Because of this, he suggested the creation of a "Chinese Union" as a new and strong competitor to the European Union and North America what Ju called a new era of Three Kingdoms, a reference to a period in classical Chinese history.
Ju suggested that the economic development of Far East nations is totally different from the experience of Europe and America. While the culture of the west emphasizes individualism, eastern cultures embrace a collective model. Because of this, Ju believes the nine aforementioned Asian countries and regions which share cultural similarities should work together for their mutual benefit.
Tsinghua professor pitches 'Chinese Union' bloc
