China, Economic Regionalism, and East Asian Integration

AbstractAs a rising power, China has become actively involved in regional bilateral/multilateral arrangements in the post-Cold War, especially post-crisis (1997– 98 financial crises) era, and this has attracted much attention from within and outside East Asia. Diverse understandings of China's regional ambition have appeared, especially since the launch of the China-ASEAN free trade agreement (FTA). Aiming at deciphering the ideas behind China's regional thinking, this paper argues that China's perspective on regionalism is a broadened economic regionalism, which is basically economic-centered, because economic performance is vital both to its long-term strategic target and to its internal social stability. This economic regionalism will last for some time because China will be a developing country at least in the mid-term, which means China will have to focus more on its economic performance. In practice, China will engage bilaterally or multilaterally with others through its FTA strategy. Thus, China cannot be a main contributor to East Asian integration as expected, owing to the inward-looking nature of its economic regionalism. Also, the institutional integration of East Asia needs the effort of all the players in the region.