The Northeast Asian Regional Economic Cooperation Under Global Financial Crisis

Since the 1990s, economic globalization and regional economic integration has became one important feature of the development of current world economy .Especially after entering the 21st century, regional economic cooperation developed very fast and appeared a series of new features and new models. Facing the high risk brought by economic globalization, it is realistic choices of many countries to join regional economic integration in order to offset and resolve the risk. The East Asian financial crisis in 1997 wake the East Asian countries up and made them begin to cooperate. Similarly, the global financial crisis, which began in 2008, made the Northeast Asian countries believe that only by enhancing cooperation can they raise the ability to resistance risk and the big crisis. Therefore, discussing Northeast Asian regional economic cooperation under the global financial crisis has significance both in theory and practice.This dissertation includes six chapters. The first Chapter introduces the background of choosing the topic and the research meaning and present study to make preparation for the later analysis.The second Chapter discusses the related theories of Northeast Asian regional cooperation, including the New Regionalism theory, the Regional Economic Integration theory and the development of Northeast Asian new regionalism.In Chapter three, the author introduces and analyses the Northeast Asian cooperation before Global Financial Crisis, including the Northeast Asian cooperation process, the main cooperation areas and the main restricting factors. Since the 70-80s of 20th century, the Northeast Asian regional cooperation experienced the embryo stage, the initial stage and the actual development stage. Pushed by the trend of regional economic integration, the Northeast Asian countries cooperated in so many areas such as technology, energy resources, trade and financial area. However, influenced by economic, political, historical and social factors, there are still many obstacles in Northeast Asian regional economic cooperation. There is neither an economic cooperation organization nor a system arrangement .Actually, the cooperation is loose.The fourth Chapter introduces the process of global financial crisis and analyses the influence of the Northeast Asian countries' economic development. The American subprime lending crisis began in 2008 and lead to global financial crisis. The crisis influenced the financial departments of American and the whole Europe and further influenced the development of the whole world .Under this situation, no country can avoid .Although the Northeast Asian countries are not the epicenter of this crisis, and their economy are heavily hit. Firstly, the global crisis influenced the Northeast Asian countries' real economies, which lead to the large reduction of trade and exports, reduction of foreign investments as well as the increase of unemployment rate. The crisis also influenced the financial departments of Northeast Asian countries. It affected not only the exchange rate, but also the stock market. The unstable of financial market and the poorer economic environment of the whole world further effected the economic development of all the Northeast Asian countries. However, this crisis gives a great chance to Northeast Asian countries. They are more willing to enhance cooperation in order to bound out of the crisis .The fifth Chapter discusses the routing affinity of Northeast Asian regional economic cooperation under the global financial crisis background. It is believed that the Northeast Asian countries should enhance regional economic cooperation based on choosing the right cooperation pattern. Firstly, in the trade cooperation area, the countries should build strategic partnership and cooperation platforms actively. They should expand the areas of cooperation and promote the development of cooperation. The important point of Northeast Asian regional economic and trade cooperation in the future should be industries which their comparison advantages are complementary and the science and technology area as well as the cultural area. They should promote the cooperation of competitive industries in Northeast Asian countries, speed up cooperation in automobile industry, and promote the cooperation of agricultural product development and deep processing, speed up cooperation in Chinese resources and tourism industry. Besides, they should promote cooperation in logistics and culture industry. Secondly, in financial cooperation area, the countries should improve the financial environment and promote financial cooperation. They should detail financial cooperation policy. By using currency swaps to resist financial risks together and to let the economic development of Northeast Asian countries be healthy and stable. Thirdly, in the energy cooperation area, the countries should adjust the energy policies actively, cooperate actively and establish a regional energy cooperation organization. Fourthly, in environmental cooperation area, the Northeast Asian countries should make laws and regulations. All the countries should work together and pay attention to the environmental education.In the end, the dissertation make a strategic thinking of the role China plays in Northeast Asian regional economic cooperation, China should make sure the role and play the leading role. It should handle the relations between different countries correctly and pay much attention to the healthy development of Northeast Asian regional economic cooperation. Firstly, as a big political country, China should handle political disagreement correctly. Secondly, by using economic complementarities advantages, China should handle economic disagreement. Thirdly, by using regional linkage, China should enhance economic cooperation. Fourthly, by using the geographical advantage, China should improve the cooperation mechanism gradually.