Analysis Of The Economic Integration Path Of East Asia

Under the background of economic globalization's continuous development, regional economic integration is developing rapidly, the economic cooperation in different economic bodies continuously present and develop, free trade areas, communities and customs unions in various forms become more and more, and they occupy increasingly important position in international trade and development of the world economy. Regional economic integration has become one of the main trends in today's world economic development.East Asia is the region that has the fastest economic growth speed and the biggest population, and it is known as one of the three major plates supporting the world economic structure. But in the condition that the economic integration of the other two plates - Europe and North America, has rapidly developed, and the integration of EU and NAFTA has made great achievements, the process of economic integration in East Asia has been in a dilemma. It cannot smoothly promote affected by various internal and external factors, and it greatly restricted the potential of economic growth and trade growth. After the Asian financial crisis, East Asian countries more profoundly aware the importance and the necessity of strengthening regional economic cooperation, and they begin to study the possibility of further expanding economic cooperation, and the selection of integration path becomes the focus of attention.As a successful example of regional economic integration, the experience of EU and NAFTA has been emphasized by other regions, and the significant achievements that they have made have fully proved this point. Therefore, studying the experience of EU and NAFTA in the regional economic has great significance for integration of East Asia. This paper makes comparative study of the integration process of EU and NAFTA on the basis of summing up previous experience, analyzes the actual reference value of experiences of EU and NAFTA to East Asia integration, and explores the feasibility and the expected economic effect of East Asia economic integration, in order to explore the best way for the economic integration of East Asia, and to give effective policy recommendations to promote the development of economic integration process in East Asia.This paper includes six parts:The first part is introduction; it mainly introduces the research background of East Asia economic integration, the presentation of the concept of economic integration of East Asia, and the necessity of economic integration in East Asia.The second part summarized related theories of the economic integration and relevant literatures researching the economic integration of East Asia, summed up the theory of customs union, the theory of optimum currency areas, and the presentation, development, main content and limitations of economic integration and economic growth, then summarizes the research of the economic integration of East Asia in the relevant literature from five aspects.In the third and the fourth Part, I respectively compared East Asia with NAFTA and EU, and points out its reference to East Asia on the basis of analyzing the same points and different points.The fifth Part analyses the feasibility of economic integration in East Asia from three aspects: the economic basis, the foundation of investment and trade, the structure and system, and proposed the expected effect of the economic integration of East Asia on the basis of summing up the economic integration effects of EU and NAFTA.The sixth Part is the research conclusions and policy recommendations. It put forward that EU and NAFTA provided references for the realization of economic integration of East Asia in the determination of led force, cooperation concept, and institutional arrangements and so on. East Asia economic integration should take progressive path, realize the transition from the three "10 +1" to the "10 +3" through the establishment of China-Japan-South Korea Free Trade Area, and rescind the restriction of various factors affecting the integration process, to achieve economic integration of East Asia.