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ID:
123984
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2013.
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| Summary/Abstract |
The International Monetary Fund was the international financial institution that was most alien to the Chinese government when it embarked upon its economic reforms at the end of the 1970s, because financial markets were neglected in China's centralized plan. Therefore, China's increasing cooperation with the IMF illuminates the extent to which China has changed through 'socialization' into the norms of global governance more generally.
The article examines the evolution of China's involvement with the IMF and argues that in many respects it has embraced those norms. Even though its political economy still substantially diverges from western prescriptions, many features are compatible with the (original) 'Washington Consensus'.
But China remains wary of becoming too dependent on possible IMF assistance; it tries to preserve its freedom of manoeuvre. Although the IMF has attempted to acknowledge China's growing global importance by increasing its voting rights, this has failed to keep pace with change in the global economy. China is thus attracted by the possibility of additional ways of pragmatically increasing its leverage over global decisions, for instance through regional financial cooperation in Asia.
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| 2 |
ID:
100312
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2010.
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| Summary/Abstract |
China's behaviour in East Asian financial cooperation has overall changed from passively responding to external pressures to taking proactive initiatives, which are highlighted by Chinese elites as evidence of a sense of responsibility. China has taken varied positions towards proposals for Asian financial regionalism, from 'silent' objection, to lukewarm or superficial support, to enthusiastic participation and substantial contribution, and this variance has not always taken place in a chronological order. Despite much speculation over the trajectory of China's role in East Asian regionalism, there has not been a study focused on China's policymaking towards East Asian financial cooperation. Therefore, this paper fills the gap by analysing the factors and policymaking processes that have led to those varied positions. It argues that China, recognising the momentum in the region to enhance cooperation, has replaced the blunt dismissals of proposals, particularly those from Japan, with a more subtle approach that is aimed at ensuring China's influence and promoting the image of a responsible great power; that the extent to which it can contribute to this process is mainly constrained by its economic conditions, particularly the financial institutions.
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