New regionalism reshaping the future of globalization

Abstract

The new regionalism distinguishes itself from the old one that it has emerged from, amid new circumstances and is catalyzed by new impetus. Its appearance shows that the free-market economy is being challenged and that the market mechanism of resource allocation has again been taken over by political game. The United States and some major Western powers are attempting to secure their hegemony by minimizing spillover of critical technology and industry within controllable regions which would accelerate technological growth by creating effective market space. The battle over technology and industry is becoming the mainstream paradigm of major-country competition, which is being intensified by nation states' concern over industrial security, techno-nationalism, and major-power politics - three main drivers of the new regionalism. While supporting globalization unswervingly, China has inevitably been affected by this widespread protectionism and is also embarking on the path of regional development. New regionalism could also provide another perspective to investigate the post-pandemic role of the Belt and Road Initiative and “dual circulation” strategy of China in order to consider the prospects of globalization.