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미국의 대중 금융제재 영향과 시사점(The US Financial Sanctions on China and Its Implications on Korea)

Author

Listed:
  • Yeon, Wonho

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Hyosang

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Moon, Jiyoung

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Na, Suyeob

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Youngsun

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

Abstract

본 연구에서는 미·중 간 전략경쟁이 첨예화되는 가운데, 미국의 대중국 금융제재 현황과 중국의 대응을 살펴봤다. 향후 미국의 대중국 제재는 본격적인 금융제재로 확대될 가능성이 커 보인다. 본 연구는 2014년 러시아에 대한 금융제재 사례연구를 통해 금융부문의 탈세계화가 중국의 경제성장에 부정적인 영향을 미칠 것으로 전망했다. 다만 미국과 중국이 금융부문에서 완전한 탈동조화를 시도하는 시나리오는 가능성이 낮아 보인다. Economic sanctions are typically imposed as coercive measures to restrict a target’s economic activities, with the aim of achieving foreign policy and national security objectives. The United States has employed many methods of economic sanctions, such as imposing import and export limitations, withholding foreign aid and investment, seizing foreign assets, and forbidding its nationals from doing economic transactions with sanctioned individuals and companies. Financial sanctions encompass a range of measures that particularly limit the movement of funds and other forms of asset value to countries, companies, and individuals subject to sanctions. These measures have a wide-reaching impact as they can freeze assets, prohibi t or restrict financial transactions, and even disrupt the settlement of import and export activities. The utilization of economic sanctions as a geopolitical instrument has a lengthy historical background, but, the current impact and efficacy of U.S. sanctions are unparalleled. Although countries other than the United States have the authority to enforce tariffs, import and export controls, and other non-tariff barriers, they lack the ability to independently limit access to the global financial system, unlike the United States. Therefore, the secondary sanctions imposed by the United States, which limit dollar transactions, enables the United States to exert its influence on a worldwide scale through working in conjunction with other economic restrictions, such as export controls. Amidst the escalating strategic rivalry between the United States and China, the United States is broadening both the extent and substance of its financial sanctions. In the ongoing competition for technological supremacy between the United States and China, the United States can leverage its influence in the financial sector to impede China’s access to the necessary resources for the advancement of its own high-tech sectors. Furthermore, the United States has the ability to intervene in transactions occurring within the supply chain of high-tech enterprises that utilize U.S. currency, in addition to imposing restrictions on domestic U.S. companies selling components to China. (the rest omitted)

Suggested Citation

  • Yeon, Wonho & Kim, Hyosang & Moon, Jiyoung & Na, Suyeob & Kim, Youngsun, 2022. "미국의 대중 금융제재 영향과 시사점(The US Financial Sanctions on China and Its Implications on Korea)," Policy Analyses 22-23, Korea Institute for International Economic Policy.
  • Handle: RePEc:ris:kieppa:2022_023
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    Keywords

    Economic security; financial liberalization; US financial sanctions against China;
    All these keywords.

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