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China in the Global Political Economy

From Developmental to Entrepreneurial

Gordon C.K. Cheung

Is the US losing its economic authority to China, whose global economic identity is being determined more by entrepreneurial spirit than developmental principle? Through the exercise of soft power and hard currency in some areas of the global economy, China has clear national interest in the protection of intellectual property rights, financial integration and sovereign wealth funds. China’s Belt and Road Initiative and the Asian Infrastructure Investment Bank will set new standard to global economic development.
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Abbreviations

Gordon C.K. Cheung

ABC

Agricultural Bank of China

ADB

Asian Development Bank

AEC

ASEAN Economic Community

AIIB

Asian Infrastructure Investment Bank

AMF

Asian Monetary Fund

ARF

ASEAN Regional Forum

ASEAN

Association of Southeast Asian Nations

BFA

Boao Forum for Asia

BOC

Bank of China

BRI

Belt and Road Initiative

BWS

Bretton Woods System

CASS

Chinese Academy of Social Sciences

CCB

China Construction Bank

CCP

Chinese Communist Party

CCTV

China Central Television

CIC

China Investment Corporation

CMI

Chiang Mai Initiative

CNKI

China National Knowledge Infrastructure

CNOOC

China National Offshore Oil Corporation

DLHET

Dushu Lake Higher Education Town

DPP

Democratic Progressive Party (Taiwan)

DSB

disputes settlement board

EAS

East Asia Summit

ECB

European Central Bank

ECFA

Economic Cooperation Framework Agreement

EDB

Economic Development Board (Singapore)

EU

European Union

FDI

foreign direct investment

G20

Group of Twenty

GPRD

Greater Pearl River Delta

HSBC

The Hong Kong and Shanghai Banking Corporation

ILO

International Labour Organization

IMF

International Monetary Fund

IPE

international political economy

IPO

initial public offering

IPRs

intellectual property rights

IT

information technology

JCCT

Joint Commission on Commerce and Trade

KMT

Kuomintang (Taiwan)

M&A

mergers and acquisitions

MAC

Mainland Affairs Council (Taiwan)

METI

Ministry of Economy, Trade and Industry (Japan)

MIIT

Ministry of Industry and Information Technology

MITI

Ministry of International Trade and Industry (Japan)

MNCs

multinational corporations

MOF

Ministry of Finance

NDRC

National Development and Reform Commission

NETs

natural economic territories

NICs

newly industrialized countries

OBOR

One Belt, One Road

OECD

Organisation for Economic Co-operation and Development

OFDI

outward foreign direct investment

PBC

The People’s Bank of China

QSHKCZ

Qianhai Shenzhen-Hong Kong Cooperation Zone

R&D

research and development

REF

Research Excellence Framework

RMB

renminbi

SAFE

State Administration of Foreign Exchange

SDRs

Special Drawing Rights

SEZs

Special Economic Zones

SFTZ

Shanghai Free Trade Zone

SIP

Suzhou Industrial Park

SIPO

State Intellectual Property Office

SOEs

state-owned enterprises

SWFs

sovereign wealth funds

TRIPS

Trade-Related Aspects of Intellectual Property Rights

UNESCAP

United Nations Economic and Social Commission for Asia and the Pacific

USTR

United States Trade Representative

WIPO

World Intellectual Property Organization

WTO

World Trade Organization