Table Of ContentSTUDIES 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
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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
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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
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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