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Building Fortress Europe Economic realism, China, and Europe’s investment screening mechanisms
(2023)
This thesis deals with the construction of investment screening mechanisms across the major economic powers in Europe and at the supranational level during the post-2015 period. The core puzzle at the heart of this research is how, in a traditional bastion of economic liberalism such as Europe, could a protectionist tool such as investment screening be erected in such a rapid manner. Within a few years, Europe went from a position of being highly welcoming towards foreign investment to increasingly implementing controls on it, with the focus on China. How are we to understand this shift in Europe? I posit that Europe’s increasingly protectionist shift on inward investment can be fruitfully understood using an economic realist approach, where the introduction of investment screening can be seen as part of a process of ‘balancing’ China’s economic rise and reasserting European competitiveness. China has moved from being the ‘workshop of the world’ to becoming an innovation-driven economy at the global technological frontier. As China has become more competitive, Europe, still a global economic leader, broadly situated at the technological frontier, has begun to sense a threat to its position, especially in the context of the fourth industrial revolution. A ‘balancing’ process has been set in motion, in which Europe seeks to halt and even reverse the narrowing competitiveness gap between it and China. The introduction of investment screening measures is part of this process.
Seit Beginn der Wirtschaftsreformen hat sich in der Volksrepublik China ein tiefgreifender Wandel vollzogen, der alle Bereiche des gesellschaftlichen, wirtschaftlichen und politischen Lebens erfasst zu haben scheint. Infolgedessen ist der Staat - mittlerweile Mitglied der Welthandelsorganisation - zu einem global player geworden, dessen Entwicklung im Westen besonders aufgrund sprunghaft ansteigender Wachstumszahlen im wirtschaftlichen Bereich mit großem Interesse verfolgt wird. Daraus resultierend wird die Volksrepublik in den ausländischen Medien zunehmend - und nicht nur in ökonomischer Hinsicht - als ein Land der Superlative dargestellt. Mit großer Euphorie wird auch das Wachstum des chinesischen Internetsektors beobachtet. Dies gilt insbesondere für den rasanten Anstieg der Nutzerzahlen und die damit verbundenen steigenden Einnahmen nationaler Internetunternehmen. So liest man einerseits häufig von einem Telekommunikations- und Internet-Boom in der Volksrepublik. Andererseits wird die westliche Metadebatte seit Beginn der privaten Internetnutzung in China vom Thema der staatlichen Zensur und Kontrolle des Mediums dominiert. Aufgrund der Dominanz dieser beiden Themenblöcke wird in gewisser Weise der Eindruck vermittelt, die Besonderheiten des Internet in China seien auf enorme Wachstumszahlen und staatliche Restriktion reduzierbar. So widmet sich auch ein Großteil der bisher erschienenen wissenschaftlichen Arbeiten zum Thema "Internet und China" schwerpunktmäßig diesen beiden Aspekten. Unter Berücksichtigung der gesellschaftlichen und institutionellen Realitäten, in deren direktem Zusammenhang Internetnutzung und -angebot in der Volksrepublik stehen, scheint diese eingeschränkte Sichtweise jedoch äußerst fragwürdig. Ziel dieser Arbeit ist es daher, unter Berücksichtigung einer ganzheitlichen Perspektive der Frage nachzugehen, wie sich regionale Ausprägung oder "Chineseness" im chinesischen Internet abzeichnet. Hauptfragestellungen: (1) Was ist unter regionaler Ausprägung des Internet in der Volksrepublik China zu verstehen? (2) Wie und auf welchen Ebenen kann regionale Ausprägung untersucht und bewertet werden? Schlagwörter: China, Internet, Telekommunikation, Reformpolitik, Metadebatte, Chineseness, Jugendkultur, Portale, Zensur, Sprache, Online-Games, Sina, Sohu, Netease, Internetnutzer
ASEAN and ASEAN Plus Three: Manifestations of Collective Identities in Southeast and East Asia?
(2003)
East Asia is a region undergoing vast structural changes. As the region moved closer together economically and politically following the breakdown of the bipolar world order and the ensuing expansion of intra-regional interdependencies, the states of the region faced the challenge of having to actively recast their mutual relations. At the same time, throughout the 1990s, the West became increasingly interested in trans- and inter-regional dialogue and cooperation with the emerging economies of East Asia. These developments gave rise to a "new regionalism", which eventually also triggered debates on Asian identities and the region's potential to integrate. Before this backdrop, this thesis analyzes in how far both the Association of Southeast Asian Nations (ASEAN), which has been operative since 1967 and thus embodies the "old regionalism" of Southeast Asia, and the ASEAN Plus Three forum (APT: the ASEAN states plus China, Japan and South Korea), which has come into existence in the aftermath of the Asian economic crisis of 1997, can be said to represent intergovernmental manifestations of specific collective identities in Southeast and East Asia, respectively. Based on profiles of the respective discursive, behavioral and motivational patterns as well as the integrative potential of ASEAN and APT, this study establishes in how far the member states adhere to sustainable collective patterns of interaction, expectations and objectives, and assesses in how far they can be said to form specific 'ingroups'. Four studies on collective norms, readiness to pool sovereignty, solidarity and attitudes vis-Ã -vis relevant third states show that ASEAN has evolved a certain degree of collective identity, though the Association's political relevance and coherence is frequently thwarted by changes in its external environment. A study on the cooperative and integrative potential of APT yields no manifest evidence of an ongoing or incipient pan-East Asian identity formation process.
This thesis consists of four highly related chapters examining China’s rise in the aluminium industry. The first chapter addresses the conditions that allowed China, which first entered the market in the 1950s, to rise to world leadership in aluminium production. Although China was a latecomer, its re-entry into the market after the oil crises in the 1970s was a success and led to its ascent as the world’s largest aluminium producer by 2001. With an estimated production of 40.4 million tonnes in 2022, China represented almost 60% of the global output. Chapter 1 examines the factors underlying this success, such as the decline of international aluminium cartels, the introduction of innovative technology, the US granting China the MFN tariff status, Chinese-specific factors, and supportive government policies. Chapter 2 develops a mathematical model to analyze firms’ decisions in the short term. It examines how an incumbent with outdated technology and a new entrant with access to a new type of technology make strategic decisions, including the incumbent’s decision whether to deter entry, the production choice of firms, the optimal technology adoption rate of the newcomer, and cartel formation. Chapter 3 focuses on the adoption of new technology by firms upon market entry in four scenarios: firstly, a free market Cournot competition; secondly, a situation in which the government determines technology adoption rates; thirdly, a scenario in which the government controls both technology and production; and finally, a scenario where the government dictates technology adoption rates, production levels, and also the number of market participants. Chapter 4 applies the Spencer and Brander (1983) framework to examine strategic industrial policy. The model assumes that there are two exporting firms in two different countries that sell a product to a third country. We examine how the domestic firm is influenced by government intervention, such as the provision of a fixed-cost subsidy to improve its competitiveness relative to the foreign company. Chapter 4 initially investigates a scenario where only one government offers a fixed-cost subsidy, followed by an analysis of the case when both governments simultaneously provide financial help. Taken together, these chapters provide a comprehensive analysis of the strategic, technological, and political factors contributing to China’s leadership in the global aluminium industry.
Chapter 1: The Rise of China as a Latecomer in the Global Aluminium Industry
This chapter examines China’s remarkable transformation into a global leader in the aluminium industry, a sector in which the country accounted for approximately 58.9% of worldwide production in 2022. We examine how China, a latecomer to the aluminium industry that started off with labor-intensive technology in 1953, grew into the largest aluminium producer with some of the most advanced smelters in the world. This analysis identifies and discusses several opportunities that Chinese aluminium producers took advantage of. The first set of opportunities happened during the 1970s oil crises, which softened international competition and allowed China to acquire innovative smelting technology from Japan. The second set of opportunities started at about the same time when China opened its economy in 1978. The substantial demand for aluminium in China is influenced by both external and internal factors. Externally, the US granted China’s MFN tariff status in 1980 and China entered the World Trade Organization (WTO) in 2001. Both events contributed to a surge in Chinese aluminium consumption. Internally, China’s investment-led growth model boosted further its aluminium demand. Additional factors specific to China, such as low labor costs and the abundance of coal as an energy source, offer Chinese firms competitive advantages against international players. Furthermore, another window of opportunity is due to Chinese governmental policies, including phasing out old technology, providing subsidies, and gradually opening the economy to enhance domestic competition before expanding globally. By describing these elements, the study provides insights into the dynamic interplay of external circumstances and internal strategies that contributed to the success of the Chinese aluminium industry.
Chapter 2: Technological Change and Strategic Choices for Incumbent and New Entrant
This chapter introduces an oligopoly model that includes two actors: an incumbent and a potential entrant, that compete in the same market. We assume that two participants are located in different parts of the market: the incumbent is situated in area 1, whereas the potential entrant may venture into the other region, area 2. The incumbent exists in stage zero, where it can decide whether to deter the newcomer’s entry. A new type of technology exists in period one, when the newcomer may enter the market. In the short term, the incumbent is trapped with the outdated technology, while the new entrant may choose to partially or completely adopt the latest technology. Our results suggest the following: Firstly, the incumbent only tries to deter the new entrant if a condition for entry cost is met. Secondly, the new entrant is only interested in forming a cartel with the incumbent if a function of the ratio of the variable to new technology’s fixed-cost parameters is sufficiently high. Thirdly, if the newcomer asks to form a cartel, the incumbent will always accept this request. Finally, we can obtain the optimal new technology adoption rate for the newcomer.
Chapter 3: Technological Adoption and Welfare in Cournot Oligopoly
This study examines the difference between the optimal technology adoption rates chosen by firms in a homogeneous Cournot oligopoly and that preferred by a benevolent government upon firms’ market entry. To address the question of whether the technology choices of firms and government are similar, we analyze several different scenarios, which differ in the extent of government intervention in the market. Our results suggest a relationship between the number of firms in the market and the impact of government intervention on technology adoption rates. Especially in situations with a low number of firms that are interested in entering the market, greater government influence tends to lead to higher technology adoption rates of firms. Conversely, in scenarios with a higher number of firms and a government that lacks control over the number of market players, the technology adoption rate of firms will be highest when the government plays no role.
Chapter 4: International Technological Innovation and Industrial Strategies
Supporting domestic firms when they first enter the market may be seen as a favorable policy choice by governments around the world thanks to their ability to enhance the competitive advantage of domestic firms in non-cooperative competition against foreign enterprises (infant industry protection argument). This advantage may allow domestic firms to increase their market share and generate higher profits, thereby improving domestic welfare. This chapter utilizes the Spencer and Brander (1983) framework as a theoretical foundation to elucidate the effects of fixed-cost subsidies on firms’ production levels, technological innovations, and social welfare. The analysis examines two firms in different countries, each producing a homogeneous product that is sold in a third, separate country. We first examine the Cournot-Nash equilibrium in the absence of government intervention, followed by analyzing a scenario where just one government provides a financial subsidy for its domestic firm, and finally, we consider a situation where both governments simultaneously provide financial assistance for their respective firms. Our results suggest that governments aim to maximize social welfare by providing fixed-cost subsidies to their respective firms, finding themselves in a Chicken game scenario. Regarding technology innovation, subsidies lead to an increased technological adoption rate for recipient firms, regardless of whether one or both firms in a market receive support, compared to the situation without subsidies. The technology adoption rate of the recipient firm is higher than of its rival when only the recipient firm benefits from the fixed-cost subsidy. The lowest technology adoption rate of a firm occurs when the firm does not receive a fixed-cost subsidy, but its competitor does. Furthermore, global welfare will benefit the most in case when both exporting countries grant fixed-cost subsidies, and this welfare level is higher when only one country subsidizes than when no subsidies are provided by any country.
We study planned changes in protective routines after the COVID-19 pandemic: in a survey in Germany among >650 respondents, we find that the majority plans to use face masks in certain situations even after the end of the pandemic. We observe that this willingness is strongly related to the perception that there is something to be learned from East Asians’ handling of pandemics, even when controlling for perceived protection by wearing masks. Given strong empirical evidence that face masks help prevent the spread of respiratory diseases and given the considerable estimated health and economic costs of such diseases even pre-Corona, this would be a very positive side effect of the current crisis.
Despite significant advances in terms of the adoption of formal Intellectual Property Rights (IPR) protection, enforcement of and compliance with IPR regulations remains a contested issue in one of the world's major contemporary economies—China. The present review seeks to offer insights into possible reasons for this discrepancy as well as possible paths of future development by reviewing prior literature on IPR in China. Specifically, it focuses on the public's perspective, which is a crucial determinant of the effectiveness of any IPR regime. It uncovers possible differences with public perspectives in other countries and points to mechanisms (e.g., political, economic, cultural, and institutional) that may foster transitions over time in both formal IPR regulation and in the public perception of and compliance with IPR in China. On this basis, the review advances suggestions for future research in order to improve scholars' understanding of the public's perspective of IPR in China, its antecedents and implications.
The outbreak of the COVID-19 pandemic has also led to many conspiracy theories. While the origin of the pandemic in China led some, including former US president Donald Trump, to dub the pathogen “Chinese virus” and to support anti-Chinese conspiracy narratives, it caused Chinese state officials to openly support anti-US conspiracy theories about the “true” origin of the virus. In this article, we study whether nationalism, or more precisely uncritical patriotism, is related to belief in conspiracy theories among normal people. We hypothesize based on group identity theory and motivated reasoning that for the particular case of conspiracy theories related to the origin of COVID-19, such a relation should be stronger for Chinese than for Germans. To test this hypothesis, we use survey data from Germany and China, including data from the Chinese community in Germany. We also look at relations to other factors, in particular media consumption and xenophobia.
This thesis contains four parts that are all connected by their contributions to the Efficient Market Hypothesis and decision-making literature. Chapter two investigates how national stock market indices reacted to the news of national lockdown restrictions in the period from January to May 2020. The results show that lockdown restrictions led to different reactions in a sample of OECD and BRICS countries: there was a general negative effect resulting from the increase in lockdown restrictions, but the study finds strong evidence for underreaction during the lockdown announcement, followed by some overreaction that is corrected subsequently. This under-/overreaction pattern, however, is observed mostly during the first half of our time series, pointing to learning effects. Relaxation of the lockdown restrictions, on the other hand, had a positive effect on markets only during the second half of our sample, while for the first half of the sample, the effect was negative. The third chapter investigates the gender differences in stock selection preferences on the Taiwan Stock Exchange. By utilizing trading data from the Taiwan Stock Exchange over a span of six years, it becomes possible to analyze trading behavior while minimizing the self-selection bias that is typically present in brokerage data. To study gender differences, this study uses firm-level data. The percentage of male traders in a company is the dependent variable, while the company’s industry and fundamental/technical aspects serve as independent variables. The results show that the percentage of women trading a company rises with a company’s age, market capitalization, a company’s systematic risk, and return. Men trade more frequently and show a preference for dividend-paying stocks and for industries with which they are more familiar. The fourth chapter investigated the relationship between regret and malicious and benign envy. The relationship is analyzed in two different studies. In experiment 1, subjects had to fill out psychological scales that measured regret, the two types of envy, core self-evaluation and the big 5 personality traits. In experiment 2, felt regret is measured in a hypothetical scenario, and the subject’s felt regret was regressed on the other variables mentioned above. The two experiments revealed that there is a positive direct relationship between regret and benign envy. The relationship between regret and malicious envy, on the other hand, is mostly an artifact of core self-evaluation and personality influencing both malicious envy and regret. The relationship can be explained by the common action tendency of self-improvement for regret and benign envy. Chapter five discusses the differences in green finance regulation and implementation between the EU and China. China introduced the Green Silk Road, while the EU adopted the Green Deal and started working with its own green taxonomy. The first difference comes from the definition of green finance, particularly with regard to coal-fired power plants. Especially the responsibility of nation-states’ emissions abroad. China is promoting fossil fuel projects abroad through its Belt and Road Initiative, but the EU’s Green Deal does not permit such actions. Furthermore, there are policies in both the EU and China that create contradictory incentives for economic actors. On the one hand, the EU and China are improving the framework conditions for green financing while, on the other hand, still allowing the promotion of conventional fuels. The role of central banks is also different between the EU and China. China’s central bank is actively working towards aligning the financial sector with green finance. A possible new role of the EU central bank or the priority financing of green sectors through political decision-making is still being debated.
Die wirtschafts- und gesellschaftspolitischen Veränderung in der V.R. China seit den 70er Jahren haben zu einem viel stärker ausdifferenzierten beruflichen Umfeld für Absolvierende chinesischer Deutschabteilungen geführt. Nicht länger steht ihnen lediglich der universitäre Bereich offen, viel häufiger ist das spätere Arbeitsumfeld in einem Unternehmen mit ausländischer Kapitalbeteilung, z.B. einem deutsch-chinesischen Joint Venture Unternehmen angesiedelt. Auf diesen neuen, wesentlich komplexeren Berufsalltag muss anders vorbereitet werden, denn es haben sich offensichtliche Defizite in der Ausbildung gezeigt, insbesondere was interkulturelles Wissen und interkulturelle Kompetenz betrifft. Dies wird von der Unternehmensseite bemängelt und fällt auch in Form von Forderungen an das Können der Studierenden auf die Universitäten zurück. Somit ergeben sich andere Lernerbedürfnisse, denen mit modifizierten Lehrinhalten zu begegnen ist, was von Seiten der Deutschabteilungen bereits erkannt wurde und was sich in neuen Schwerpunktsetzungen im Unterricht Deutsch als Fremdsprache, insbesondere unter dem Stichwort "Wirtschaftsdeutsch" zeigt. Dies zwingt darüber hinaus auch zu neuen Überlegungen bei der Erstellung von Curricula und Lehrwerken und bedeutet für die konkrete Unterrichtspraxis, dass Lehrwerke konzipiert werden müssen, die diesen Anforderungen entsprechen bzw., dass bereits verfügbare Lehrmaterialien adressatenspezifisch mit Blick auf das neue berufliche Umfeld überarbeitet werden müssen. Die vorliegende Arbeit befasst sich mit der Frage, wie in Deutschland bereits etablierte methodisch-didaktische Konzepte für den Bereich Deutsch als Fremdsprache mit neueren Überlegungen aus der angewandten Psychologie bzw. Soziologie (unter dem Stichwort "interkulturelles Handlungstraining) in Verbindung gebracht und für einen Unterricht Wirtschaftsdeutsch in China nutzbar gemacht werden können.
The Belt and Road Initiative (BRI) has had a significant impact on China in political, economic, and cultural terms. This study focuses on the cultural domain, especially on scholarship students from the countries that signed bilateral cooperation agreements with China under the BRI. Using an integrated approach combining the difference-in-differences method and the gravity model, we explore the correlation between the BRI and the increasing number of international scholarship students funded by the Chinese government, as well as the determinants of students' decision to study in China. The panel data from 2010 to 2018 show that the launch of BRI has had a positive impact on the number of scholarship students from BRI countries. The number of scholarship recipients from non-BRI countries also increased, but at a much slower rate than those from BRI countries. The sole exception is the United States, which has trended downward for both state-funded and self-funded students.
Verfuegen die USA ueber eine Sicherheitsstrategie fuer Suedostasien? Die grosse Mehrheit der Experten vertritt die Auffassung, dass sich die Politik Washingtons vor allem an tagespolitischen Erfordernissen orientiert. Entscheidungen werden demnach ad hoc gefaellt. Unklar ist dabei, von welchen Kriterien solche Bewertungen abhaengig gemacht werden: Was ist eine Strategie? An diesem Punkt setzt die vorliegende Abhandlung an und kommt zu dem Ergebnis, dass das Verhalten der USA in Suedostasien sicherheitsstrategischen Kriterien gerecht wird. Die Dissertation soll in drei Gebieten einen Beitrag zum Forschungsstand der politikwissenschaftlichen Teildisziplin der Internationalen Beziehungen leisten: Fuer den Begriff der Strategie werden, erstens, konkrete Messkriterien entwickelt. Innerhalb des realistischen Paradigmas wird, zweitens, der Forschungsstrang des funktionalen offensiven Realismus herausgearbeitet. Gezeigt wird, dass eine Akteursoeffnung auch unter systemischen Bedingungen moeglich ist, wozu methodisch die Instrumente der Impulsverarbeitung und Impulsumsetzung entwickelt werden. Der dabei entstandene idealtypische, theoretisch aufgeladene Strategiebegriff wird so formuliert, dass er fuer weitere Arbeiten, die sich mit staatlicher Sicherheitspolitik befassen, verwendbar ist. Empirisch traegt die Dissertation, drittens, zur Aufarbeitung des amerikanisch-chinesischen Wettbewerbs um Macht und Einfluss in Suedostasien bei. Dabei werden saemtliche bilateralen Beziehungen Chinas und der USA im ASEAN-Raum analysiert und aufeinander bezogen.