美中正處於一場全面的戰略競爭中，試圖超越彼此的實力。然而，這場競爭主要集中在經濟領域，特別是在全球金融與半導體方面。本論文旨在以結構權力與互賴武器化的觀點，並結合動態現實主義的理論架構，探討美中在這些領域中的經濟競爭。美國對全球金融結構的持續主導地位難以撼動，但中國為了保護其經濟利益，尤其希望能繼續與受美國制裁國家進行貿易，因此推動人民幣國際化與去美元化。儘管美國在半導體供應鏈中具有主導地位，卻仍將中國視為修正主義國家與科技領域的威脅；而中國則致力於在前沿科技方面與美國並駕齊驅，成為領導者。由於牽涉到安全與霸權等因素，美中在半導體產業的競爭異常激烈。總結來說，如果大國競爭只涉及有限的經濟安全議題，競爭強度會相對較低；但若同時涉及安全與非安全因素，競爭便會變得激烈。

The U.S. and China is in an all-out strategic competition, trying to outmatch each other’s capabilities. However, their competition is concentrated in the economic realm, particularly in global finance and semiconductors. This dissertation aims to explore the U.S.-China economic competition in these areas from the perspective of structural power and weaponized interdependence using dynamic realism as a theoretical framework. The U.S.’s persistent dominance over the financial structure is impossible to upend, but China internationalizes the Renminbi and de-dollarize to protect its economic interests as it wished to retain trade with U.S-sanctioned countries. Despite preeminence in the semiconductor supply chain, the U.S. perceived China as a revisionist and threat to its technological sector, while China aimed to become a leader in frontier technologies on par with the U.S. Consequently, the U.S.-China competition in the semiconductor in the industry is highly intense because it involved both security and hegemonic factors. In conclusion, great powers compete in a relatively low intensity if it only involves minimal economic security concerns, but if it involves both security and non-security factors, their competition will turn fierce.

List of Tables	viii
List of Figures	ix
Chapter 1 Introduction	1
I. Research Background	1
II. Research Motivations and Objectives	5
III. Literature Review	9
A. Relevant Theories	9
B. Structural Power	15
C. Weaponized Interdependence	26
D. The U.S.-China Strategic Rivalry	31
IV. Research Propositions	33
V. Research Methodology	33
A. Research Methods	33
B. Research Scope and Limitations	35
VI. Structure of the Dissertation	37
Chapter 2 Economic Statecraft and Great Power Competition	39
I. Dynamic Realism	40
A. The Three Economic Spheres	40
B. Characteristic of economic sphere	42
C. Clash of Economic Spheres	43
II. Factors Affecting Future Economic Prospects	48
A. Structural Power: Origins	48
B. Globalization of Structural Power	53
C. Weaponized Interdependence: Great Powers’s Coercion Instrument	57
III. Piecing the Puzzle	59
Chapter 3 The U.S. Financial Structural Power	63
I. Finance as Structural Power	64
II. The Financial Structure at a Glance	67
III. Polarity	73
IV. Summary	74
Chapter 4 A U.S.-China Currency Competition?	76
I. The U.S. Dollar Dominance and Weaponization of the Dollar	78
II. Heading towards a U.S.-China Currency Competition?	81
III. Acceleration of De-dollarization	85
IV. Challenges in De-dollarization	89
V. Summary	91
Chapter 5 Semiconductor as a Structural Power	93
I. Semiconductor as Structural Power	96
II. Semiconductor Supply Chain	98
III. Changes in the Semiconductor Supply Chain	100
A. Innovation Power	100
B. Import and Export	103
C. Chipmaking equipment	106
IV. Concentration Ratio	108
V. Summary	114
Chapter 6 The U.S.-China Competition in the Semiconductor Supply Chain	116
I. Made in China 2025: China’s Pursuit of Technological Leadership	119
II. The U.S.: Self-Sufficiency, Alliance, and Coercion	121
III. Conclusion	123
Chapter 7 Security and/or Supremacy	126
I. Threat Perception	126
II. Security and/or Supremacy?	128
A. Currency Competition	129
B. Competition in the Semiconductor Industry	131
III. Summary	133
Chapter 8 Conclusion	135
I. Findings	136
II. Recommendations	139
Bibliography	141

List of Tables

Table 1: Trade Realms and Economic Statecraft Choices 42

Table 2: Polarity according to HHI 42

Table 3: Forbes 2000 Data for Financial Sector 74

Table 4: Forbes 2000 Country Rankings for Semiconductor-related companies. 111

Table 5: Profit Share by Country in the Semiconductor Industry. 113

Table 6: Summary of The U.S. Threat Perception of China in Trump's First Administration and Biden's Administration 128


List of Figures

Figure 1: Revised Dynamic Realism Framework 61

Figure 2: Vehicle currency role: Currency shares of the global foreign exchange market. 68

Figure 3: Investment Currency Role: Currency Shares of the international banking market from 2016Q4 to 2024Q4 (percentage of total cross-border bank claims). 69

Figure 4: Investment currency role (international debt securities) for selected currencies from 2016Q4-2024Q4 70

Figure 5: Reserve Currency Composition of Selected Currencies (2007-2024) 71

Figure 6: Herfindahl-Hirschman Indices for Global Finance 73

Figure 7: Number of CIPS users. 84

Figure 8: Trend of CIPS Transaction from 2015 until 2023. 84

Figure 9: Semiconductor Patent Application by Country. 101

Figure 10: Semiconductor Patent Granted by Country. 102

Figure 11: Semiconductor Patent Granted/Count Ratio. 103

Figure 12: Semiconductor trade volume according to WTO HS Code 8542. 104

Figure 13: Semiconductor trade balance of selected countries (US$ billion) according to WTO HS Code 8542. 105

Figure 14: Chipmaking equipment and parts imports based on WTO HS Code 8486. 106

Figure 15: Chipmaking equipment and parts exports based on WTO HS Code 8486. 107

Figure 16: Herfindahl-Hirschman Index for Semiconductor Patent, Manufacturing, and Equipment. 108

Figure 17: Chinese source of semiconductors from 2011 to 2020. 120

Figure 18: Comparison of Financial and Semiconductor HHI. 129

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Reports
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