Regulating the Rise of China: Australia’s Foray into Middle Power Economics PDF
Preview Regulating the Rise of China: Australia’s Foray into Middle Power Economics
STUDIES IN THE POLITICAL ECONOMY OF PUBLIC POLICY Regulating the Rise of China Australia’s Foray into Middle Power Economics Michael Peters Studies in the Political Economy of Public Policy Series Editors Toby Carroll Department of Asian and International Studies City University of Hong Kong Hong Kong Paul Cammack University of Manchester Manchester, UK Kelly Gerard School of Social Sciences The University of Western Australia Crawley, Australia Darryl S. L. Jarvis Faculty of Liberal Arts and Social Sciences The Education University of Hong Kong Hong Kong Studies in the Political Economy of Public Policy presents cutting edge, innovative research on the origins and impacts of public policy. Going beyond mainstream public policy debates, the series encourages heterodox and heterogeneous studies of sites of contestation, conflict and cooperation that explore policy processes and their consequences at the local, national, regional or global levels. Fundamentally pluralist in nature, the series is designed to provide high quality original research of both a theoretical and empirical nature that supports a global network of scholars exploring the implications of policy on society. The series is supported by a diverse international advisory board drawn from Asia, Europe, Australia, and North America, and welcomes manuscript submissions from scholars in the global South and North that pioneer new understandings of public policy. International Advisory Board: Caner Bakir, Koç University, Turkey Jacqui Baker, Murdoch University, Australia Shaun Breslin, University of Warwick, UK Paul Cammack, University of Manchester, UK Giliberto Capano, Bologna University, Italy Sydney Calkin, University of Durham, UK Paul Chambers, Naresuan University, Thailand Barry Gills, University of Helsinki, Finland Ruben Gonzalez-Vicente, Leiden University, The Netherlands Paul K. Gellert, University of Tennessee, USA Penny Griffin, University of New South Wales, Australia M. Shamsul Haque, National University of Singapore, Singapore Pascale Hatcher, University of Canterbury, New Zealand Heng Yee Kuang, GraSPP, University of Tokyo, Japan Kevin Hewison, Murdoch University, Australia Wil Hout, Institute of Social Studies, Erasmus University, The Netherlands Michael Howlett, Simon Fraser University, Canada Kanishka Jayasuriya, University of Adelaide, Australia Lee Jones, Quuen Mary University of London, UK Zhang Jun, City University of Hong Kong, Hong Kong SAR Max Lane, Victoria University, Australia Kun-chin Lin, University of Cambridge, UK Adrienne Roberts, University of Manchester, UK Stuart Shields, University of Manchester, UK Richard Stubbs, McMaster University, Canada Silke Trommer, University of Manchester, UK Philippe Zittoun, Science Po, Grenoble, France All books in the series are subject to Palgrave’s rigorous peer review process: https://www.palgrave.com/gb/demystifying-peer-review/792492. More information about this series at http://www.palgrave.com/gp/series/14465 Michael Peters Regulating the Rise of China Australia’s Foray into Middle Power Economics Michael Peters School of Social Sciences University of New South Wales Kensington, NSW, Australia ISSN 2524-7441 ISSN 2524-745X (electronic) Studies in the Political Economy of Public Policy ISBN 978-3-030-05465-6 ISBN 978-3-030-05466-3 (eBook) https://doi.org/10.1007/978-3-030-05466-3 Library of Congress Control Number: 2018963735 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Photo credit: Toby Carroll This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland A cknowledgements My thanks to Elizabeth Thurbon and William Clapton for their wisdom, insights, and patience over the last four years. Thanks also to the postgraduates of Morvern Brown for their com- pany and to Patrick Richardson who has been an enormous support. Finally, many thanks to my parents, who have always been enormously supportive of all my endeavours. v c ontents 1 Introduction 1 2 Governmental Policy Analysis 23 3 The Policy Departure 65 4 The Policy Problematisation 119 5 Official Discourses of Economics 153 6 Official Discourses of Security 189 7 A Governmental Account of the Policy 231 8 Evaluating the Policy 251 9 Conclusion 275 Bibliography 281 Index 305 vii A cronyms ABARES A ustralian Bureau of Agriculture and Resource Economic and Science ABC A ustralian Broadcasting Corporation ABrA A ustralian Broadcasting Authority ACBC A ustralia–China Business Council ACCC A ustralian Consumer and Competition Commission ACT A ustralian Capital Territory AFIP A ustralian Foreign Investment Policy AIDC A ustralian Industry Development Corporation ANZUS A ustralia, New Zealand, United States Security Treaty APEC A sia-Pacific Economic Cooperation APRA A ustralian Prudential Regulation Authority ASEAN A ssociation of South East Asian Nations ASEAN+3 A ssociation of South East Asian Nations plus the People’s Republic of China, Japan, and Korea ASIC A ustralian Securities and Investment Commission ATO A ustralian Taxation Office AUSFTA A ustralia–United States Free Trade Agreement AUSTRAC A ustralian Transactions Reports and Analysis Centre CBRC C hina Banking Regulation Commission CCP C hina Communist Party CEO C hief Executive Officer Chinalco A luminium Corporation of China CIC C hina Investment Corporation CIRC C hina Insurance Regulatory Commission CISA C hina Iron and Steel Association ix x ACRONYMS CNMC C hina Nonferrous Metals (Group) Co. COFT C ommittee on Foreign Takeovers CRA C onsolidated Zinc Corporation or Conzinc Rio Tinto of Australia Ltd. DFAT D epartment of Foreign Affairs and Trade FATA 1975 T he Foreign Acquisition and Takeovers 1975 FATR 1989 F oreign Acquisitions and Takeovers Regulations 1989 FDI F oreign Direct Investment FIC F oreign Investment Committee FID F oreign Investment Division FIRB F oreign Investment Review Board FSF F inancial Stability Forum FTA 1972 C ompanies (Foreign Takeovers) Act 1972 FTA F ree Trade Agreement GATT G eneral Agreement on Tariffs and Trade GDP G ross Domestic Product IAC I ndustries Assistance Commission IMF I nternational Monetary Fund MLC M utual Life and Citizens Assurance Co. Ltd. MOFCOM M inistry of Commerce of the People’s Republic of China MOFERT M inistry of Foreign Economic Relations and Trade of the People’s Republic of China MOFTEC M inistry of Foreign Trade and Economic Cooperation of the People’s Republic of China NCC N ational Competition Commission NCSC N ational Companies and Securities Commission NDRC N ational Development and Reform Commission of the People’s Republic of China NIAB N ational Investment Advisory Board NSCC N ational Security Committee of Cabinet OECD O rganisation for Economic Cooperation and Development PB F inancing provided by China’s two policy banks: the China Development Bank and the China Export-Import Bank PJT P rices Justification Tribunal PM&C D epartment of Prime Minister and Cabinet SAEC S tate Administration of Exchange Control SAFE S tate Administration and Foreign Exchange SASAC S tate Asset Supervision and Administration Commission SCB S tate-Owned Commercial Bank SGAEC S tate General Administration for Exchange Control SOE S overeign Owned Enterprise ACRONYMS xi SWF S overeign Wealth Fund TPC T rade Practices Commission UN United Nations US United States VDR V ariable Deposit Requirement WTO W orld Trade Organisation
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