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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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Chapter 2: From hegemonic decline to regional interdependence: a shifting economic paradigm

Gordon C.K. Cheung

Extract

The economic development of East Asian countries, where China is our central focus, may be challenged, if not complicated, by three factors: the development of US policy toward East Asia, the degree of regional integration amongst East Asian countries, and the emerging economic influence of China. In the case of East Asia, many countries have become more economically advanced and the region is more willing to shoulder its own responsibility for its own interests. For East Asia, the message from China’s economic rise is that East Asian countries should keep working hard because they cannot free-ride on future US support and global responsibility. The world is moving towards self-help and the world is also becoming more interdependent if common interest can be obtained amongst like-minded countries.

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