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4. Understanding the China-US Trade War
a. The US has engaged in a high profile trade wars with China since the beginning of 2018.
Explain how the trade war came about, how it will affect the growth momentum of these two
economies and that of the global economy. How do you think the trade war is likely to evolve
over time?
b. How do you think the trade war, if it persists, will affect the effectiveness of rule-based
global trading arrangements such as the World Trade Organization? Would the trade war
encourage the emergence of more bilateral and other preferential trading arrangements in the
world? How would it affect the leadership position of China and the US in the global economy?
c. Both China and the US are major trading partners of the 10-member ASEAN group. How
would the trade war affect the leadership position of China and the US in ASEAN? How do
you think ASEAN should respond to the trade war?
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7. Managing the Impossible Trinity: Hong Kong and Singapore
a. Hong Kong and Singapore share many common characteristics as a small open city state
economy. However, they have adopted very different exchange rate systems. What are their key
considerations in the choice of exchange rate system? Do you think both economies have been
well served by the exchange rate system they adopted? What do you think are the key challenges
they face in managing their exchange rate systems?
b. Do you expect to see major changes in the exchange rate systems of the two economies in the
next five years, and if so, what are these changes? What do you think are the key drivers for such
changes? What role do you think the evolving economy of China will play in changing the two
exchange rate systems?
c. What lessons do you think the experiences of Hong Kong and Singapore provide for other small
open economies in choosing their exchange rate systems?