Suchergebnisse

Chapter 3 examines the decisions that inform the BRI's institution building. It explores the tension between strategic and effficiency-oriented concerns, tracing these tensions across three issue areas: tax, trade, and development finance. The chapter shows that, in dealing with challenges, the Chinese government lacks an integral governance framework that systemically coordinates all relevant institutions. Instead, it takes varied institutional approaches to overseeing BRI projects, ranging from bilateral trade agreements to multilateral fijinancial institutions. This raises the question of what is driving China's development of agreements and institutions for the BRI. The chapter argues that China's development of BRI tax initiatives is mostly motivated by efficiency drivers, its trade agreements with key BRI partners by strategic drivers, and its efforts to establish multilateral financial institutions by both drivers.

The anemic pace of the recovery of the U.S. economy from the Great Recession has frequently been blamed on heightened uncertainty, much of which concerns the nation's fiscal policy. Intuition suggests that increased policy uncertainty likely has different impacts on industries with different exposure to government actions. Such heterogeneity can help identify the effect of shocks due to policy uncertainty. This study uses industry data to explore whether policy uncertainty indeed affects the dynamics of employment during this recovery, and particularly whether it has a differential impact on employment across industries. This analysis focuses on heterogeneity across industries in terms of the fraction of their product demand that can ultimately be attributed to federal government expenditures. The estimation results reveal that policy uncertainty indeed retards employment growth more in industries that rely more heavily on federal government demand: the growth rate in the number of production employees in these industries appears to have been four-tenths of a percentage point lower during the quarters in recent years when policy uncertainty spiked. A similar impact is found for the growth of total employment, which also includes nonproduction employees. In addition, the evidence suggests that increased policy uncertainty renders firms more reluctant to adjust the number of employees in response to changes in output, a contributing factor to the sluggish recovery in employment. Moreover, this damping effect is stronger for industries with higher shares of output sold directly and indirectly to the federal government. By comparison, the adverse effect of heightened policy uncertainty on average weekly hours differs little across industries.

In recent years, the U.S. has vigorously pursued the policy of "using Taiwan to contain mainland China" to thwart China's rise and maintain its hegemonic position. This policy has further exacerbated the China U.S. rivalry in the Taiwan Strait. The audacious visit to Taiwan by Nancy Pelosi, Speaker of the U.S. House of Representatives, in August 2022 triggered a systematic countermeasure from China and dramatically exacerbated tensions in the Taiwan Strait. This article first analyzes the purpose of Pelosi's visit to Taiwan, then reviews China‟s countermeasures against the visit. The author argues that the tensions in the Taiwan Strait have not escalated into the so-called "Fourth Taiwan Strait Crisis" because the policies of the mainland China, the United States, and Taiwan are still self-restrained. However, these tensions have negatively affected China U.S. relations and Cross-Strait relations. 在危机的 边缘 佩洛西 访 台及其 对 中美博弈的冲 击 近年来，为了阻滞中国的持续崛起以维护其霸权地位，美国积极推行"以台制华"的政策，进而提升了中美台海博弈的烈度。2022年8月，美国国会众议院议长佩洛西访问台湾之行引发了中方的系统性反制，显著加剧了台海的紧张形势。本文首先对佩洛西访台事件及其动因进行了分析，其次梳理了中方针对佩洛西访台的全面反制举措，在此基础上指出由于中国大陆、美国与台湾地区均采取了较为克制的应对举措，使得此次台海紧张形势未升级为"第四次台海危机"，但仍对中美关系和两岸关系造成了恶劣的影响。