The EU, the US and China – Towards a New International Order?
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The EU, the US and China – Towards a New International Order?

Edited by Men Jing and Wei Shen

The interaction between the EU, the US and China is of particular importance to the formation of the international order in the 21st century. This book focuses on the latest developments and examines how critical the interactions between these three players are to future global governance.
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Chapter 10: The adjustment of global economic governance and China's role

Haibing Zhang

Extract

Against the backdrop of the global financial crisis, world economic governance regimes face long needed reforms. Generally speaking, the study of global economic governance includes two interlinked domains for consideration: a domestic and an international level. The first one represents the most basic level and refers to hard economic power. The latter adds the dimension of international institutions, pointing to the power distribution in global economic governance regimes. Both levels are co-dependent; though this does not imply that the accumulation of national power automatically influences the realm of international institutions. As a matter of fact, it will take much more time than expected for such effects to be realized. Due to the impact of the financial crisis, caused by Western states, the overall economic power of developed countries is in relative decline. However, their declining economic power does not have much impact on their status in international regimes. On the contrary, it seems that their situation could even be enhanced in the future. In the following decades, developed countries such as the US and the EU member states will still possess their traditional influence in global economic governance. Yet the key question for them is how to get along with emerging market economies and make global governance more effective. As for the developing countries, the emerging market economies have become to the forefront of global economic governance adjustment.

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