Asia Economic Policy Conference
Asia's Role in the Post-Crisis Global Economy
Organized by the Federal Reserve Bank of San Francisco
San Francisco, California
November 28-30, 2011
Other Conferences
2010 Pacific Basin Research Conference
Research Seminars
Upcoming seminars:
Conference and seminar attendance is by invitation only. Please contact Sylvia Papa if interested in attending any of the events.
Annual Report
Working Papers
Pacific Basin Notes
Goods and services from China accounted for only 2.7% of U.S. personal consumption expenditures in 2010, of which less than half reflected the actual costs of Chinese imports. The rest went to U.S. businesses and workers transporting, selling, and marketing goods carrying the "Made in China" label. Although the fraction is higher when the imported content of goods made in the United States is considered, Chinese imports still make up only a small share of total U.S. consumer spending. This suggests that Chinese inflation will have little direct effect on U.S. consumer prices.
Economists drew a number of lessons from the Asian financial crisis of 1997-98 for preventing such episodes or mitigating their effects. Some of those are similar to lessons drawn from the global financial crisis of 2007-09. But differences in economic development and sophistication of the financial systems of East Asian countries compared with those of the United States and Western Europe made it difficult to apply the lessons of the earlier crisis.
China is becoming increasingly active in international markets for mergers and acquisitions. Chinese acquirers are buying stakes in foreign companies to get access to resources, markets, and technology, among other reasons. With China's expanding wealth and vast foreign exchange resources, further growth in the volume and variety of foreign direct investment is likely.
Geographical Composition of China´s Foreign Trade
Economic Developments in Pacific Basin
| Country | GDP Growth | Inflation Rate | US Trade Balance |
|---|---|---|---|
| 2011:Q3, %, annualized |
Nov 2011, %, Y/Y |
Oct 2011, USD billions |
|
| Australia* | 3.8 | 3.5 | 2.1 |
| China | 9.2 | 4.2 | -28.1 |
| Hong Kong | 0.3 | 5.8 | 3.0 |
| India | 6.4 | 9.3 | -1.6 |
| Indonesia | 5.0 | 4.2 | -1.0 |
| Japan | 5.5 | -0.5 | -6.2 |
| Korea | 3.2 | 4.2 | -1.4 |
| Malaysia | 3.2 | 3.3 | -1.2 |
| New Zealand* | 3.9 | 4.6 | 0.12 |
| Philippines | -0.8 | 4.7 | -0.11 |
| Singapore | 1.9 | 5.7 | 1.0 |
| *Inflation numbers are for 2011:Q3 | |||
Related Links
AsiaSource
A joint program of CPBS and the Country Analysis Unit, designed as a gateway to information on Asia produced by the Federal Reserve Bank of San Francisco.