Advertisement

New Chinese Capitalism and the ASEAN Economic Community

  • Hong Liu
  • Yishu Zhou
Chapter

Abstract

This chapter contextualizes the phenomenon of new Chinese capitalism against an understanding of the political economy of Southeast Asia and the role of Chinese capitalism with the diaspora Chinese. It then discusses the regional architecture of the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) and its implications for the preexisting and deeply ingrained politico-economic relations prevalent in Southeast Asia. Using examples of both private and state-sanctioned Chinese investments in Malaysia, Indonesia, and Singapore, the chapter delineates the geographical and sectoral distributions of Mainland Chinese outward foreign direct investment and demonstrates how those Chinese enterprises make an inroad into the ASEAN and with whom they have collaborated in such endeavors.

Keywords

Chinese capitalism AEC Chinese investments Chinese enterprises ASEAN 

Bibliography

  1. Aggarwal, Raj. 1985. “Emerging Third World Multinationals: A Case Study of the Foreign Operations of Singapore Firms.” Contemporary Southeast Asia 7, no. 3: 193–208.CrossRefGoogle Scholar
  2. ASEAN. 2008. ASEAN Economic Community Blueprint. Jakarta: ASEAN Secretariat. Google Scholar
  3. ASEAN. 2015. A Blueprint for Growth ASEAN Economic Community 2015: Progress and Key Achievements. Jakarta: ASEAN Secretariat.Google Scholar
  4. Chan, Kwok Bun, and Beoy Kui Ng. 2004. “Singapore.” In Chinese Business in Southeast Asia: Contesting Cultural Explanations, Researching Entrepreneurship, edited by Terence Gomez and Michael Hsiao, 38–61. London: Routledge.Google Scholar
  5. Booth, Ann. 2016. “The Changing Pattern of China’s Economic Relations with Southeast Asia.” SOAS Department of Economics Working Paper Series No. 200.Google Scholar
  6. Business China. “About Us.” https://www.businesschina.org.sg/en.php/about.
  7. Chew, Amy. 2016. “China Becomes Malaysia’s Biggest Foreign Investor, Thanks to 1MDB Purchases.” South China Morning Post, January 12.Google Scholar
  8. Chua, Christian. 2008. Chinese Big Business in Indonesia: The State of Capital. London: Routledge.Google Scholar
  9. Das, Sanchita Basu. 2015. The ASEAN Economic Community and Beyond: Myths and Realities. Singapore: ISEAS-Yusof Ishak Institute.Google Scholar
  10. Ding, Sheng. 2008. “To Build a “Harmonious World”: China’s Soft Power Wielding in the Global South.” Journal of Chinese Political Science 13, no. 2: 193–213.CrossRefGoogle Scholar
  11. Gamlen, Alan. 2006. “Diaspora Engagement Policies: What are They and What Kinds of States Use Them?” Working Paper 32, Centre on Migration, Policy, and Society, University of Oxford.Google Scholar
  12. Gammeltoft, Peter, and L. Tarmidi. 2011. “Chinese Foreign Direct Investment in Indonesia.” CIBEM Working Paper Series.Google Scholar
  13. Gomez, Edmund Terence. 2013. “Nurturing Bumiputera Capital: SMEs, Entrepreneurship and the New Economic Policy.” In The New Economic Policy in Malaysia: Affirmative Action, Ethnic Inequalities and Social Justice, edited by Edmund Terence Gomez and Johan Saravanamuttu, 87–115. Singapore: NUS Press, ISEAS Publishing.Google Scholar
  14. Hawes, Gary, and Hong Liu. 1993. “Explaining the Dynamics of the Southeast Asian Political Economy: State, Society, and the Search for Economic Growth.” World Politics 45, no. 4: 629–660.CrossRefGoogle Scholar
  15. Hew, Denis. 2005. “Introduction: Roadmap to an ASEAN Economic Community.” In Roadmap to an ASEAN Economic Community, edited by Denis Wee, 1–12. Singapore: Institute of Southeast Asian Studies.CrossRefGoogle Scholar
  16. Hoon, Chang-Yau. 2006. “Assimilation, Multiculturalism, Hybridity: The Dilemmas of the Ethnic Chinese in Post-Suharto Indonesia.” Asian Ethnicity 7, no. 2: 149–166.CrossRefGoogle Scholar
  17. IMDA. 2018. Infocomm Media Development Authority. Mobile Penetration Rate.Google Scholar
  18. Jakobsen, Michael. 2015. Ethnic Chinese Entrepreneurship in Malaysia: On Contextualisation in International Business Studies. London: Routledge.Google Scholar
  19. Khoo, Boo Teik. 2006. “Malaysia: Balancing Development and Dower.” In The Political Economy of South-East Asia: Markets, Power and Contestation, edited by G. Rodan, K. Hewison, and R. Robison, 170–96. Oxford: Oxford University Press.Google Scholar
  20. Kurlantzick, Joshua. 2016. State Capitalism: How the Return of Statism is Transforming the World. Oxford: Oxford University Press.Google Scholar
  21. Lee, Xin En. 2016. “Chinese and Regional Tech Firms Drawing Closer.” Straits Times, July 21.Google Scholar
  22. Lim, Guanie. 2015. “China’s Investments in Malaysia: Choosing the ‘Right’ Partners.” International Journal of China Studies 6, no. 1: 1–30. Google Scholar
  23. Lin, Zhou. 2015. “China Minsheng Investment: Build an Industrial Park in Indonesia.” China Today, August 25.Google Scholar
  24. Liu, Hong. 2012. “Transnational Chinese Sphere in Singapore: Dynamics, Transformations and Characteristics.” Journal of Current Chinese Affairs 41, no. 2: 37–60.Google Scholar
  25. Liu, Hong. 2016. “Opportunities and Anxieties for the Chinese Diaspora in Southeast Asia.” Current History 115, no. 784: 312–317.Google Scholar
  26. Liu, Hong, and Els Van Dongen. 2016. “China’s Diaspora Policies as a New Mode of Transnational Governance.” Journal of Contemporary China 25, no. 102: 805–821.CrossRefGoogle Scholar
  27. MacIntyre, Andrew. 2010. Business, Government and Development: Northeast and Southeast Asian Comparisons. London: Routledge.Google Scholar
  28. Menon, Jayant, and Anna Cassandra Melendez. 2017. “Realizing an Asean Economic Community: Progress and Remaining Challenge.” The Singapore Economic Review 62, no. 3: 681–702.CrossRefGoogle Scholar
  29. Nesadurai, Helen E.S. 2012. “Trade Policy in Southeast Asia: Politics, Domestic Interests and the Forging of New Accommodations in the Regional and Global Economy.” In Routledge Handbook of Southeast Asian Politics, edited by Richard Robison, 315–29. Oxon and New York: Routledge.Google Scholar
  30. Ng, Beoy Kui. 2006. “Ethnic Chinese Business in an Era of Globalization: The Singapore Case.” In Southeast Asia’s Chinese Businesses in an Era of Globalization: Coping with the Rise of China, edited by Leo Suryadinata, 289–320. Singapore: ISEAS.Google Scholar
  31. Norris, William J. 2016. Chinese Economic Statecraft: Commercial Actors, Grand Strategy, and State Control. Ithaca: Cornell University Press.Google Scholar
  32. Otto, Ben, and I. Made Sentana. 2015. “Indonesia Banks on $63 Billion from China.” Wall Street Journal, April 1.Google Scholar
  33. Redding, S.G. 1990. The Spirit of Chinese Capitalism. Berlin: Walter de Gruyter & Co.CrossRefGoogle Scholar
  34. Ren, Na, and Hong Liu. 2015. “Traversing Between Transnationalism and Integration: Dual Embeddedness of New Chinese Immigrant Entrepreneurs in Singapore.” Asian and Pacific Migration Journal 24, no. 3: 298–326.CrossRefGoogle Scholar
  35. Sauvant, Karl P., and Michael D. Nolan. 2015. “China’s Outward Foreign Direct Investment and International Investment Law.” Journal of International Economic Law 18, no. 4: 893–934.Google Scholar
  36. Sulisto, Suryo Bambang. 2015. “China to Build $5 Billion Industrial Park in West Java.” Jakarta Post, October 29.Google Scholar
  37. Suryadinata, Leo, ed. 2012. Southeast Asian Personalities of Chinese Descent: A Biographical Dictionary. Singapore: Institute of Southeast Asian Studies.Google Scholar
  38. Suzuki, Wataru, and Erwida Maulia. 2017. “China Overtakes Japan in Indonesia Direct Investment.” Nikkei Asian Review, January 25.Google Scholar
  39. Venkat, P.R., and Rick Carew. 2015. “Malaysia’s 1MDB to Sell Energy Assets to China Nuclear Firm.” Wall Street Journal, November 23.Google Scholar
  40. World Economic Forum. 2015. Emerging Best Practices of Chinese Globalizers: Develop the Innovation Models. Geneva: World Economic Forum.Google Scholar
  41. Yeung, Henry Wai-chung. 2004. Chinese Capitalism in a Global Era: Towards a Hybrid Capitalism. London: Routledge.CrossRefGoogle Scholar
  42. Zhen, Summer. 2017. “Country Garden’s Ambition in Malaysia Backed by Johor’s Royal Family.” South China Morning Post, July 7.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Hong Liu
    • 1
  • Yishu Zhou
    • 2
  1. 1.Public Policy and Global Affairs and Chair of the School of Social SciencesNanyang Technological UniversitySingaporeSingapore
  2. 2.Lee Kuan Yew School of Public PolicyNational University of SingaporeSingaporeSingapore

Personalised recommendations