Regionalization replacing globalization

CRRC Zhuzhou Locomotive technicians work at the company's factory in Changsha, Hunan province. [Photo/Xinhua]

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Editor's Note: Chairman of the Center for China& Globalization Long Yongtu delivered a speech on economic globalization at a forum on the global development of Chinese manufacturing industries last week. The following are excerpts:

The process of economic globalization is irreversible, but it will show a series of new trends, which is evidenced by the changes in its driving forces, carriers and forms.

New technologies represented by the digital economy, artificial intelligence, the internet of things and blockchain are becoming new driving forces of economic globalization.

The carriers of economic globalization are no longer restricted to the large-scale multinational corporations, as more and more medium and small-sized enterprises are taking part in it.

And the form of economic globalization is transforming from the deployment of industrial chains worldwide to regionalization and localization of industry and business.

In this process, with the rise of unilateralism and protectionism, the forming of new industrial chains is prone to be influenced by politics. That means some Western countries reject some countries out of pure political reasons and are rebuilding their industrial chains.

But since these moves violate market laws and international rules, they will not be sustainable in the long run.

Despite the countercurrents, the process of economic globalization will not be reversed.

The advancement of new technologies drives it forward, and enables more market players to take part in it. Technological progress will continuously bring about structural changes to economic globalization, and enterprises should seize the historical opportunity to adapt to the development of new technologies and take part in the process of economic globalization.

A growing number of medium and small-sized enterprises are taking advantage of the internet to deploy their supply chains around the world, and improve their manufacturing and services, while cross-border e-commerce companies are delivering large amounts of commodities to the whole world.

The era when a handful of multinational corporations could monopolize economic globalization has passed. The raging COVID-19 pandemic has fragmented the global industrial and supply chains, and regional cooperation in production, design and research and development is replacing global cooperation, and thus is becoming a new form of the economic globalization.

The Regional Comprehensive Economic Partnership is a case in point. And it is predictable that the Asia-Pacific, with China as a key player, will assume a more important role in the reconstruction of the global industrial chains.

From China Daily, 2021-4-28

CCG Books

● Published by Springer 

● Edited by Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

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The internationalization of Chinese enterprises is one of the most notable aspects of economic globalization in the 21st century. Despite the 2008 financial crisis and weak global outbound investment, under the “go global“ initiative, Chinese outbound investment has gone from strength to strength, while also diversifying in terms of investment modalities, destinations, and industries. However, growing anti-globalization sentiment in some countries has also created new challenges for Chinese firms expanding internationally.

Drawing on nearly 3000 data samples, using both quantitative and qualitative research methods, this book presents unique insights into the features and patterns of Chinese enterprises’ globalization. The analysis provides a useful reference for enterprises that have already gone global and those that plan to. In particular, this book investigates challenges confronted by Chinese companies when doing business in foreign countries. It summarizes research covering three angles, namely: the current situation, causation analysis and corresponding solutions, and recommendations for firms, government agencies and other institutions.

This book provides a comprehensive overview to help readers to grasp the broad picture of the international expansion of Chinese enterprises. It has important reference value for enterprises to help devise foreign investment strategy, seize opportunities, and navigate challenges in the course of globalization.

● Links：

https://www.springer.com/cn/book/9789811546457

● Published by Edward Elgar 

● Edited by Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

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An excellent guide for understanding the trends, challenges and opportunities facing China through globalization, this Handbook answers the pertinent questions regarding the globalization process and China’s influence on the world.

With contributions from leading experts and international researchers, each chapter covers key topics regarding China’s participation in globalization, including: China’s new role in global economic governance; outward direct investment; China’s soft power and the implications for foreign relations; global migration, diaspora and talent. An enriching range of case studies and extensive empirical research are used to explore the successes and failures of globalization in China, and to discuss the dilemmas facing decision makers in today’s globalized world. A major contribution to the field, this Handbook offers valuable insights to China’s often misunderstood globalization process.

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● Links：

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● Published by Springer

● Authors: Wang Huiyao, President and Miao Lu, Vice President, Center for China and Globalization(CCG), Beijing, China 

The first effort to address the gap regarding higher-end talent within the scholarly work on internal labor migration in China

Provides an essential overview of the major milestones in China’s talents attraction policies, as well as several recommendations to help further improve those policies

Investigates corresponding policies in Germany, Japan, and Singapore to serve as a basis for comparison

Provides a snapshot of first-hand reference material for relevant stakeholders involved in cooperation with China

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This book offers the most comprehensive, up-to-date assessment of China’s domestic and international migration. Restructuring economic development requires large numbers of educated and skilled talents, but this effort comes at a time when the size of China’s domestic workforce is shrinking. In response, both national and regional governments in China have been keen to encourage overseas Chinese talents and professionals to return to the country. Meanwhile, the Chinese government has initiated a number of policies to attract international highly-skilled talents and enhance the country’s competitiveness, and some Chinese policies have started attracting foreign talents, who are coming to the country to work, and even to stay. Since Chinese policies, mechanisms, and administration efforts to attract and retain skilled domestic or overseas talents are helping to reshape China’s economy and are significantly affecting the cooperation on migration and talent mobility, these aspects, in addition to being of scholarly and research interest, hold considerable commercial potential.

● Links：

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