博鳌亚洲论坛亚洲竞争力2014年度报告（英文版） [Boao Forum for Asia Asian Competitiveness Annual Report 2014]_李丽，刘丹_9787566309716

经历了国际环境一年的洗礼，亚洲各经济体和企业的竞争力在继承历史惯性的基础上表现出新的特点。1、“亚洲四小龙”竞争力依然名列前茅。2、中国竞争力稳步提升。3、中国企业在亚洲扮演着更加重要的角色。

Ackn owledg ements
Preface
Part One Annual Report 2014-Competitiveness of Asian Economies
Chapter 1 Internal and External Environments Affecting the Competitiveness of the
Asian Economies
1.1 Developed Economies on the Way of Recovery， with Emerging Economies Faced with Greater Downward Pressure
1.2 Major Asian Economies in Clearly Downward Trend， with Differences Between Economies
1.3 Some Asian Economies Faced with Similar Internal and External Environment of the Asian Financial Crisis in 1997
Chapter 2 China's Economic and Trade Cooperation Strategy of Sharing Prosperity with Neighboring Economies
2.1 Updated China-ASEAN Free Trade Area （FTA） to Enhance China-ASEAN Cooperation
2.2 Construct the Silk Road Economic Belt Jointly to Realize the Common Prosperity of China and Central Asian Economies
2.3 Accelerate the Construction of the 21st Century Maritime Silk Road to Rebuild the Former Glory in Economic and Trade Cooperation
2.4 China-Pakistan Economic Corridor and the Bangladesh-China-India-Myanmar （BCIM） Economic Corridor
Chapter 3 Evaluation Report on Competitiveness of Asian Economies
3.1 Target Economies to Be Evaluated in 2013
3.2 Final and Sub-Item Ranking in 2013
3.3 Analysis of the Evaluation Results of Asian Economies Competitiveness 2013

Part Two Annual Report 2014-Competitiveness of Listed Asian Enterprises
Chapter 4 Internal and External Environments Affecting the Competitiveness of Asian Enterprises
4.1 Deteriorated International Financial Market Worsened the Financing Environment for Asian Enterprises
4.2 Sluggish Global Consumption Environment Aggravates Asian Enterprises' Headache of Overcapaaty
4.3 Trade Environment Worsens and Restrains Asian Enterprises'International Competitiveness
4.4 Business Environment for Asian Enterprises Shows Signs oflmprovement in 2014
Chapter 5 Report on Competitiveness of Listed As'ian Enterprises
5.1 Selected Listed Asian Enterprises
5.2 Evaluation Results and Related Analysis of Listed Asian Enterprises
5.3 Results and Analysis of Sub-Item Evaluation of Listed Asian Enterprises'Competitiveness
5.4 Evaluation of Asian Listed Banking and Insurance Enterprises
Chapter 6 Competitiveness of Listed Asian Enterprises-2013 Rankings
6.1 2013 Rankings by Comprehensive Capacity： Listed Asian Enterprises'Competitiveness （300）
6.2 2013 Rankings by Categories： Listed Asian Enterprises'Competitiveness
6.3 2013 Rankings by Regions： Listed Asian Enterprises'Competitiveness
6.4 2013 Rankings by Industries： Listed Asian Enterprises'（Non-Financial） Competitiveness
6.5 2013 Competitiveness Rankings of Asian Listed Banking and Insurance Enterprises

Appendix 1 Introduction to Competitiveness Indices of Asian Economies
Appendix 1.1 Purpose and Target of Evaluation
Appendix 1.2 Introduction to Competitiveness Indices of Asian Economies
Appendix 1.3 Introduction to Competitiveness Indicators ofAsian Economies
Appendix 2 Introduction to Competitiveness Indices of Listed Asian Enterprises
Appendix 2.1 Principles of Establishing the Competitiveness Evaluation Indicators System of
Listed Asian Enterprises
Appendix 2.2 Introduction to the Competitiveness Indices of Listed Asian Enterprises
Appendix 2.3 Introduction to Competitiveness Evaluation Indices of Banking and Insurance Enterprises
Listed in Asia
Appendix 2.4 Calculation Method ofCompetitiveness Indices of Listed Asian Enterprises
References

Some emerging economies in Asia， such as Malaysia， Indonesia， Thailand， Korea， China's Taiwan， are also faced with the problem similar to that in the Asian financial crisis， large scale of external debts， or a high proportion of short-term external debts.The ratio of external debts to GDP in the above mentioned economies had all come above 30%， and for the latter four economies， short-term external debts had accounted for more than a third of their total foreign debts.In the case of indonesia and Korea， their total external debt had already outnumbered their foreign exchange reserves.This indicates that once there is a reversal of capital flows， the solvency of Asia's some emerging economies would be worrisome.The occurrence of this situation is an inseparable result of the developed economies' credit expansion after their quantitative easing monetary policy in recent years， which exacerbated the financial fragility.Pa rticularly for India， Indonesia and some other Asian economies， there is an obvious trend of expanding credit and rising leverage in recent years.The M2/ GDP proportion had risen sharply， and asset price bubbles like the real estate had become the severe ills of the economies.After the economic slowdown， emerging economies should cut interest rates to boost growth， but the increased pressure of capital outflows forced central banks of India and Indonesia to raise interest rates to support the exchange rate of their currencies.Once the real estate bubble bursts， financial institutions will be cornered with surging bad debts， which will further amplify the financial market turmoil.
　　However， it is undeniable that compared with 1997， most Asian economies have significantly improved their ability of resisting financial risks.First， their foreign exchange reserves are relatively high， as most economies'see their foreign exchange reserves to GDP ratio well above 30%， except for Indonesia， which only has a ratio of 10%.Second，unlike the situation in the 1990s， when most Asian economies adopted the fixed exchange rate mechanism，they are now mostly applying a floating exchange rate system， making the exchange rate significantly flexible， thus capable to alleviate the impact of external shocks.On the one hand， the two-way exchange rate fluctuations ease central banks' pressure as to intervene in the market at any specific point of time， reducing the consumption of foreign exchange reserves to maintain exchange rate stability.On the other hand， increased exchange rate flexibility will prevent short-term capital betting on "unilateral devaiuation"， and add up the speculative costs.
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