(Maximizing Complementarities, Mitigating Competition in ASEAN-China Trade and Investments: A Philippine Perspective)
China’s emergence as an economic giant during the past quarter century has dramatically changed the global economic landscape, particularly in East Asia. Between 1995 and 2004 China’s economy grew by an average of 9.1 percent and as of 2005 it ranked second to the US in terms of gross domestic product (GDP) measured in purchasing power parity dollars (PPP$).
China’s global presence is largely felt in manufactured exports (Table 2). During the past twenty-five years the share of China in global manufactured exports increased tenfold and its share of global manufactured imports increased six-fold. As of 2004, China has overtaken Japan in the area of trade in manufactures. The reasons for China’s phenomenal growth have been described and analyzed by many experts and are not central to this paper.
This paper examines the adverse and beneficial effects of China’s meteoric rise on the economies of Southeast Asia. The analysis then looks at how the adverse effects can be mitigated and how the gains can be maximized, with focus on the Philippines.
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