| Summary/Abstract |
After the eighteenth Congress of the Chinese Communist Party, China adjusted its diplomatic strategy and
transformed its pattern of economic development. This has had and will continue to have both a positive
and a negative impact on the international financial institutions and the regional and global economy.
The ‘One Belt, One Road’ (OBOR) strategy, combined with the Asian Infrastructure Investment Bank
(AIIB) and the internationalisation of the yuan, is the main focus, and exerts a strong impact on the
existing international financial institutions as well as the economic relations between China and many
other countries in the world. It has attracted many developed and developing countries to join the AIIB.
It also has made many emerging economies become closely linked to China. Moreover, it contributes to
the emergence of many ‘asymmetric’ pairs of economic relations between China and its neighbours. China
is now connected with Europe through an overland route as well as through the boosting of economic,
trade and investment ties between Asia and Europe. Furthermore, while Europe has been concerned
about China’s unfair competition and the dependence on Chinese investment, ASEAN has increasingly
deepened the mutual economic dependence between itself and Beijing. A negative outcome of this is the
rising economic dependence on China of quite a few ASEAN member states, including Vietnam.
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