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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 3: From peaceful rise to soft power: the manufacturing of attractiveness

Gordon C.K. Cheung

Extract

The theoretical notion of hegemonic stability needs substantial improvement given that the current hegemon – the US – is increasingly less able to facilitate many functions that were taken for granted for decades. With the approach of a more interdependent and diversified global environment, international affairs are perhaps less suitable to be carried out by a single dominant power. The peaceful rise of China within the arena of foreign policy culminated with the unique nature of Chinese economic and social changes. However, these factors do not necessarily coincide with the established power relations in the East Asian region. China’s cultural past therefore has become more useful and increasingly will be exploited more extensively, as long as it fits the political dynamics and economic changes in East Asia.

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