Description du livre
This book provides a comprehensive analysis of how the influence of China's economic emergence has reshaped the definition of SOEs in regional and bilateral trade and investment agreements. This inquiry unfolds through a meticulous examination of how the legal concept of SOE in regional and bilateral trade and investment agreements involving the USA, the EU, and Japan undergoes adaptation and reform in response to China's impact, resonating with their repercussions on third countries. The book argues that China has instigated a paradigm shift in the global regulatory landscape on SOEs, compelling the USA, the EU, and Japan to embrace a novel regulatory pattern. Their response takes the form of structural revisions to the legal definition of SOEs embedded within regional and bilateral trade and investment agreements.
A key contribution of this book is to indicate how their response takes the form of structural revisions to the legal definition of SOEs embedded within regional and bilateral trade and investment agreements. It points out a progressive convergence between the USA, the EU, and Japan towards the use of the legal framework of ownership and control to legally define SOEs in regional and bilateral trade and investment agreements. This convergence has caused the spread of the ownership and control framework as a new international regulatory pattern to the definition of SOE. The USA, the EU, and Japan have been employing the framework in agreements with a range of economies from both the Global North and South.
The framework of ownership and control has been introduced as a legal tool designed to make the regulation upon SOEs more rigid and restrictive. However, more recent domestic policies by the USA, the EU, and Japan point to increased State intervention in the economy. The book thus asserts that China's influence extends beyond its active policies and practices. The USA, the EU, and Japan are reshaping the overall framework governing the legal concept of SOEs in response to China. Regulatory clauses devised to address China's challenges have been implemented in diverse contexts, impacting countries with much more diverse domestic institutions.
Despite China's economic clout driving the current international push for SOE regulation, the book suggests there are relevant clues that the emerging framework could fail to account for the diverse contexts and objectives of developing nations.This raises concerns about the potential inequities and inefficiencies of applying a China-centric framework to the Global South. While the book does not argue for an immediate impact on the development of Global South economies, it opens research paths on how the spread of the ownership and control framework could curb legitimate development policies.