The evolution of the world economic system and giant FTA negotiations

ZHU Caihua1 FENG Xingyan1

(1.School of International Economics, China Foreign Affairs University)

【Abstract】At present, the world economic system takes on three major characteristics in its evolution, namely, the transformation of “a century of Europe and America” to “a century of Asia;” the status of the United States as the only “center" challenged by China; and the change in the interest pattern from “center – periphery” to “plate-type and network-type.” Meanwhile, three giant FTA negotiations, namely, the Regional Comprehensive Economic Partnership (RCEP), Trans-Pacific Partnership Agreement (TPP) and Transatlantic Trade and Investment Partnership (TTIP), came into being in the world economic system. If the current giant Free Trade Agreement (FTA) phenomenon is analyzed from the perspective of the evolution of the world economic system, TPP and TTIP are the two major platforms for developed countries to rebalance the “century of Asia,” and RCEP is the essential carrier on which Asia balances TPP and TTIP. The interaction between China and the United States is the key factor in the game of balance.

【Keywords】 world economic system; rebalance; RCEP; TPP; TTIP;

【DOI】

【Funds】 the Theory and Practice of Great Power’s Economic Diplomacy with Chinese Characteristics (Project No.: 3162014ZYKA03) and Study on Opening up and Diplomatic Strategies for Chinese Economic Development under "new normal" (Project No.:3162014ZYKB04) of the Fundamental Research Funds for the Central Universities.

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(Translated by WANG Can)

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This Article

ISSN:1006-9550

CN: 11-1343/F

Vol , No. 06, Pages 23-38+156-157

June 2015

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Article Outline

Abstract

  • 1 Three major characteristics of the evolution of the current world economic system
  • 2 TPP and TTIP: developed countries are rebalancing the “Asian Century”
  • 3 RECP: “rebalancing” of the Asia to balance developed countries
  • 4 Conclusion
  • Footnote