China’s New Economic Model as a Mark of Re-globalization

Abstract

After the end of Cold War, China has progressively started its trade competition among top developed states such as USA, Japan, Russia and Europe states in the world. Especially, since joining to the WTO in 2001, China has reached the global trade prominence in the market economy. However, the recent outbreak of Covid-19 pandemic has seriously knocked the most countries’ economic sector, and Chinese economic ties and budget trade relationship in the world has also shown considerable reduction. On this point, China’s own strategic policy and measure could, in a short time, effectively overcome the spreading virus and surprisingly captured world attention how to survive in such pandemic situation due to Xi Jinping strict administrative policy. In addition, Chinese massive effort for recovering its economy and further strategic plan for the creation of a new trade area has remarkably resulted in the region. Consequently, the signing another new trade agreement known as Regional Comprehensive Economic Partnership (RCEP) has created a new wave of trade relations as well as integration process not only in one region but involves European trade partners as New Zealand and Australian trade interests. As a result, Chinese reshaping its trade interest with RCEP members might consider as most leading competitive countries in the Asian region which has signaled as a new drive of market economy as well as the process of re-globalization. In this article, authors identify to what extent the Chinese current economic policy changes the globalization process in the Asia-Pacific region. Also, how China will affect the new integration zone and lead to the process of so-called re-globalization. Key words: China, globalization, geo-economic, Asia-Pacific region, cooperation, integration, ASEAN, Re-globalization.