英文摘要

Abstracts

Assessment of the Development Trend of Relations Between China and Neighboring Countries in the New Era

LI Kaisheng et al.

Abstract： Since the 18th National Congress of the Communist Party of China， China has attached great importance to its relations with neighboring countries， pursuing region-specific policies that reflect the unique characteristics of each area. As a result， China’s relations across different regions have developed distinct features. In Northeast Asia， despite the structural constraints posed by major-power rivalry， China’s relations with neighboring countries have remained diverse and generally stable. In Southeast Asia， China and regional partners have gradually overcome “order anxieties” and are moving toward building a community with a shared future. In South Asia， with the exception of India， China has made steady progress in advancing all-round cooperation with other countries in the region. In Central Asia， political trust and strategic coordination between China and Central Asian states have been comprehensively strengthened. Against the backdrop of intensifying geopolitical competition and global economic volatility， China and its neighbors have managed crises prudently， strengthened political mutual trust， expanded economic and trade cooperation， and made tangible progress in advancing the diplomatic vision of amity， sincerity， mutual benefit， and inclusiveness. Nevertheless， challenges remain in areas such as regional cooperation mechanisms， production and supply chain resilience， and winning public support. Going forward， China’s relations with neighboring countries will hinge on how effectively it can consolidate mutually beneficial economic links and manage both domestic political dynamics and external interference. If these challenges can be successfully addressed and regional cooperation further deepened， China’s relations with its neighbors will enter a new phase of opportunity and development.

Keywords： neighborhood diplomacy， community with a shared future， regional cooperation， great power politics

Reshaping Regionalism： Open Innovation and Theoretical Reframing in China’s Regional Practices

LIU Lianlian and XU Jiali

Abstract： Traditional integrationist regionalism has long sought to universalize the European Union （EU） model， yet it remains constrained by inherent limitations such as sovereignty erosion and institutional convergence. Post–Cold War innovations—most notably open regionalism—have likewise struggled to establish systematic competitiveness or a coherent theoretical foundation. The key to overcoming this impasse lies in constructing a new theoretical paradigm that integrates the structural logic of integrationist regionalism with the normative orientation of open regionalism. China’s regional practices offer an empirical reference point for such theoretical innovation， advancing new conceptions of regions， states， objectives， and institutions. The Chinese model of open regionalism defines regions through a differential mode based on the density of interest linkages， marking a conceptual shift from natural regions to socially constructed ones. Its conception of the state as a civilization-state departs from the objectivist rationality inherent in the Western nation-state paradigm， emphasizing instead the cultivation of a sovereignty-centered community consciousness rooted in civilizational diversity. Its understanding of cooperation objectives as region-endogeneity underscores the endogenous formulation of regional agendas through deliberative processes， rather than through externally imposed priorities. Similarly， its view of institutions as consensus-building platforms rejects the orthodoxy of supranational institutionalism， highlighting instead the merits of deliberative mechanisms characterized by flexibility and inclusiveness. This paradigm embeds traditional Chinese philosophical principles within the analytical framework of regionalism. Its core values—peace， inclusivity， and non-interventionism—not only echo the spirit of the United Nations Charter but also provide a new perspective for interpreting regional governance in the contemporary international order.

Keywords： regional cooperation， regional integration， integrationist regionalism， open regionalism， China model

Can Stablecoins Sustain Dollar Hegemony？ An Analysis Based on Effective Monetary Issuance Reserves

WANG Yuzhu and ZHANG Ziyi

Abstract： The international credibility of any supranational currency must rest on an effective reserve base that supports its issuance. The earliest such currencies took the form of precious metals. The rise and evolution of the U.S. dollar’s international standing as a supranational currency has broadly followed a logical progression—from “gold” to “industrial capacity” to “transactional demand”—as the underlying foundation of monetary issuance. The dollar’s initial ascendancy was anchored in the massive transfer of gold reserves from the United Kingdom to the United States during World War I. Under the Bretton Woods system， gold remained the cornerstone of the dollar’s dominance. After the collapse of the gold standard， industrial strength and global transactional demand became the twin pillars sustaining the dollar’s national credit as a supranational currency. However， following decades of deindustrialization—and amid stagnating growth in transactional demand—the national credit base underpinning the dollar’s issuance has begun to show signs of strain. A range of unpredictable risks associated with the dollar and dollar-denominated assets have continued to accumulate， leaving its hegemonic status increasingly fragile. While the emergence of dollar-backed stablecoins has， to some extent， expanded global transactional demand for the dollar and temporarily alleviated the credit pressures arising from ballooning U.S. debt issuance， they do not fundamentally address the problem of insufficient effective reserves backing dollar issuance. Moreover， given the practical difficulties dollar-backed stablecoins face in maintaining the stability of their collateral and overcoming limits to transactional demand， they are unlikely to shoulder the burden of sustaining the dollar’s global hegemony.

Keywords： stablecoin， dollar hegemony， monetary issuance reserves， national credit

Normative Power， Trust Transfer， and the Construction of the EU’s International Trust—An Analysis Based on EU Climate Governance

ZHANG Xiaoxu and WANG Puqu

Abstract： The European Union （EU） enjoys a high level of international trust in global governance， largely attributable to its exercise of normative power. To elucidate the internal mechanisms through which normative power fosters the formation of international trust， this study constructs an analytical framework centered on the concept of trust transfer. The occurrence of trust transfer hinges on two conditions： the existence of a credible source of trust and the establishment of a robust association between the trustee and that source. Within this framework， the EU’s international trust-building in global governance can be understood along two dimensions. The first concerns internal governance， wherein the EU leverages value construction and rule-making to shape collective identity and generate public goods， thereby transforming internal governance into a credible source of trust. The second dimension involves the EU’s engagement in global governance. Through value convergence and rule interaction， the EU strengthens the association between its internal and external governance， enabling the international community’s trust in the EU’s domestic governance to be transferred to the global level. In this way， international trust in the EU is constructed within the broader architecture of global governance. The EU’s use of normative power to cultivate international trust in global climate governance provides empirical validation for this theoretical framework. The key implication for China is the need to establish stable and representative sources of trust， manage effectively the relationship between domestic and global governance， and harness the mechanism of trust transfer to strengthen international trust.

Keywords： international trust， normative power， trust transfer， climate governance， European Union

Leverage， Intent， and Compliance： Japan and South Korea in U.S. Semiconductor Sanctions Against China

BAI Yuchuan

Abstract： To unpack the decision-making calculus of allies in enforcing sanctions， this article introduces the concept of “industrial structural power”—a nation’s dominance in a given sector through market concentration and technological irreplaceability—as a key driver of a hegemon’s selective pressure on partners. In tech-focused coalitions， allies with greater industrial structural power offer outsized strategic value， prompting the leading power to exert intensified leverage to maximize sanction efficacy while protecting its own economic stakes. Yet， even under such duress， allies’ compliance strategies hinge on their intrinsic willingness to target the adversary， shaped by perceived costs and threat assessments. Through this dual lens of hegemonic pressure and ally intent， the article elucidates the divergent paths of Japan and South Korea in aligning with U.S. semiconductor export controls on China. These insights illuminate Washington’s playbook for eliciting tailored allied support amid escalating U.S.-China technological rivalry， highlighting the interplay of coercion， incentives， and national interests in multilateral sanctions regimes.

Keywords： sanctions compliance， industrial structural power， sanctions intent， semiconductor industry

The Logic of U.S. Sanctions Coalitions： Building Alliances and the Russia Case

MU Ruitong

Abstract： Since the end of World War II， the United States has employed economic sanctions as a central instrument for maintaining its hegemonic power， leveraging its dominant influence over the global economic order. Yet in an era of deep economic interdependence—where data， assets， and transactions transcend borders—the effectiveness of sanctions increasingly depends on multilateral cooperation. Washington must enlist partners’ support in gathering intelligence on targets’ activities and assets， coordinating cross-border enforcement， and ensuring compliance， all to sustain cohesive and credible sanctions coalitions. This article examines the U.S.-led sanctions regime against Russia in the wake of the 2022 Ukraine crisis， analyzing how Washington assesses prospective allies along three dimensions： security alignment， control over key economic levers， and capacity to shape global agendas. Based on these assessments， the United States pursues differentiated diplomatic strategies that combine incentives and pressure on both normative and material fronts—deepening institutionalized cooperation with core allies through inducements while constraining peripheral states to limit evasion channels. Looking ahead， the Trump administration may embrace a more “transactional” approach to sanctions diplomacy， emphasizing targeted coordination with select partners to achieve specific goals. Such a shift， however， risks intensifying interstate frictions and undermining the overall efficacy of the sanctions framework.

Keywords： economic sanctions， coalitions， U.S. hegemony， Ukraine crisis

Technological Resilience： The Winning Logic of Major-Power Competition in Technology

FU Qing

Abstract： Technological competition now stands at the vanguard of great-power strategic contests， with outcomes bearing profound implications for global dominance. Among the myriad factors shaping these rivalries， technological resilience emerges as paramount. This concept encompasses a nation’s ability to withstand， adapt to， and rebound from disruptions to its scientific and technological systems—while harnessing stress-induced learning to fortify innovation， rectify weaknesses， and sustain long-term progress. Core indicators include autonomy in critical technologies， redundancy in supply chains， institutional adaptability， and the dynamism of innovation ecosystems. Resilience modulates competition through cost-adjustment mechanisms， even as rivalry drives resilience via pressure-fueled learning， forging a virtuous cycle of interaction. Fundamentally evolutionary， resilience hinges on a state’s capacity to transform adversity into advancement， profoundly influencing competitive success. Drawing on the Cold War U.S.-Soviet tech showdown and the contemporary U.S.-China contest， this analysis affirms resilience’s pivotal role. For China， amid escalating U.S. pressures， cultivating such resilience is essential to convert challenges into catalysts for growth， embodying the paradigm of thriving under duress.

Keywords： technological resilience， great-power competition， pressure-induced learning， U.S.-Soviet tech rivalry， U.S.-China tech competition