A tale of two regions: China's Pan-PRD and ASEAN - cooperation in oil energy for mutual benefit

Abstract

In terms of the external environment, the 1990s was the beginning of the process of globalization and dominance of free trade that saw greater investments flows into China from Japan and the EU. An international trading system that supports free trade truly became global and the institutions that made free trade possible became dominant entities. China is a beneficiary of the global trading regime with its increased trade links with the major trading nations of the world. From 1985 to 2002, China's economic growth took off with annual high growth rates, emerging at the end of this period as an important investment destination for leading powers of the world. Since 1997, China's economy has grown at average rate of 7% to 8%.