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There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence.
Documenting major intellectual and paradigmatic changes in the field of comparative education in the light of the history and development of the journal Comparative Education, this book compiles a selection of articles from forty years of the journal’s distinguished history. It illustrates how changing times have been reflected in the nature and quality of published comparative research. Contributors explore the impact of key issues such as marketisation, accountability and globalisation upon policy and practice world-wide. They explore how new challenges faced by the social sciences have seen shifts in the contexts, issues and priorities attended to by comparatives and how different approaches to comparative education have influenced the intellectual and professional identities and positioning of those involved. Bridging theoretically oriented scholarship with empirically grounded research relating to issues of policy and practice and with chapters addressing questions of relevance throughout the world, this book is an invaluable resource of ideas and stimuli for further thinking and research.
This book raises interesting questions about the process of democratization in Hong Kong. It asks why democracy has been so long delayed when Hong Kong's level of socio-economic development has become so high. It relates democratization in Hong Kong to wider studies of the democratization process elsewhere, and it supplements the received wisdom - that democracy was delayed because of colonial rule and by the opposition of China - with new thinking, for example, that its quasi-bureaucratic authoritarian political structure vested power in bureaucrats who refused to have top-down democratization; a politically weak civil society and a non-participant political culture that crippled bottom-up democratization; plus the division between pro-democratic civil society and political society.
The approach to managing human resources has changed significantly in China over the last twenty-five years as its transformation from a state planned economy to a market-oriented economy continues. By adopting a broad notion of HRM, while remaining sympathetic to the strong emphasis on relationship management in the Chinese culture, Fang Lee Cooke builds on the foundations of traditional Chinese HRM practice and brings it right up to date, including analysis of currently under-explored issues such as diversity management, talent management, new pay schemes, and performance management. Including extensive first hand empirical data and pedagogical features such as vignettes, case studies, and further reading lists. This book will be of great use on upper level undergraduate, post graduate and MBA courses covering international/Chinese management and HRM as well as appealing to practitioners, students and scholars of Chinese Business, Asian Business and Human Resource Management.
This book provides unique insights into the politics of finance and the socio-political relations which drive financial policymaking in Hong kong, Singapore, and Shanghai. While the existing literature in the field focuses mainly on economic explanations for financial centre development, this book fills a gap by focusing on the socio-political relations which underpin the financial policy-making process. Drawing on extensive interviews with senior policy-makers and financial sector professionals, the book describes how state-industry relations drive financial policy-making in three major financial hubs. Insights and policy recommendations drawn from these interviews will be particularly useful for policy-makers and financial sector professionals hoping to draw lessons from the successful development of the three leading Asian financial centres. Business and Politics in Asia's Key Financial Centres draws on public policy theoretical frameworks for its analytical basis. The three chapters focusing on the historical development of Hong Kong, Singapore, and Shanghai also provide a consolidated narrative with regard to the development of these three cities as leading financial centres, while also serving as independent case studies. Scholars focusing on policy processes and political factors that underpin financial sector development, as well as instructors and students of public policy, international political economy, and financial sector policy, will find this book useful for their research.
The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic.
Lasting healthcare for the entire population, specifically the elderly, has become a main priority in society. It is imperative to find ways to boost the longevity of healthcare services for all users. Sustainable Health and Long-Term Care Solutions for an Aging Population is a pivotal reference source featuring the latest scholarly research on issues pertinent to health cost and finding effective ways of financing healthcare for the elderly. Including coverage on a number of topics such as provider accreditation, corporate social responsibility, and data management, this book is ideally designed for policy makers, academicians, researchers, and advanced-level students seeking current research on the innovative planning and development of healthcare.
People’s Republic of China—Macao Special Administrative Region: Selected Issues
All cities face a pressing challenge – how can they provide economic prosperity and social cohesion while achieving environmental sustainability? In response, new collaborations are emerging in the form of urban living labs – sites devised to design, test and learn from social and technical innovation in real time. The aim of this volume is to examine, inform and advance the governance of sustainability transitions through urban living labs. Notably, urban living labs are proliferating rapidly across the globe as a means through which public and private actors are testing innovations in buildings, transport and energy systems. Yet despite the experimentation taking place on the ground, we lack systematic learning and international comparison across urban and national contexts about their impacts and effectiveness. We have limited knowledge on how good practice can be scaled up to achieve the transformative change required. This book brings together leading international researchers within a systematic comparative framework for evaluating the design, practices and processes of urban living labs to enable the comparative analysis of their potential and limits. It provides new insights into the governance of urban sustainability and how to improve the design and implementation of urban living labs in order to realise their potential.
This book uses Pierre Bourdieu’s cultural capital model as a theoretical framework for exploring how students in Beijing and Hong Kong perceive parental influences—their parents’ cultural capital and support—on their participation in musical activities. By studying students’ perceptions of their parents’ cultural capital and support for their musical activities, this book revisits the applicability of Bourdieu’s cultural capital model in the contemporary Chinese context and reveals how inequality in terms of parental cultural capital governs parents’ support and influences the intergenerational transmission of cultural capital, which in turn contributes to inequality in terms of students’ cultural capital.