China’s Rising Appeal to Taiwan and Hong Kong in the Wake of the Global Recession

Abstract

China’s relative international status has certainly improved in the global recession in 2008–2009 while that of the United States has been in decline, after alienation of the international community by the unilateral approach of George W. Bush’s foreign policy. In sum, the Beijing Consensus has enhanced its appeal at the expense of that of the Washington Consensus.¹ At the same time, Taiwan and Hong Kong, as small export-oriented economies, suffered severe setbacks during the global recession, and when they looked around for economic partnership and assistance, mainland China certainly appeared more significant.