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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 4: From developmental to entrepreneurial: varieties of political economy

Gordon C.K. Cheung

Extract

China’s economic identity is moving from a developmental to an entrepreneurial spirit. China has been transforming and moving towards a market economy according to many observers, although the definition can be different from person to person. This chapter begins with a theoretical assessment on the relationship between technology and economic growth. It then examines the significance of the WTO and China’s economic integration with the world economy. If the Greater Pearl River Delta represents the previous developmental model of China, the new phase towards economic growth will focus on an entrepreneurial policy realized through science and technology, looking at examples such as the Suzhou Industrial Park and the e-commerce industries. The future economic identity of China is going to be more consolidated, and the global economy should be better prepared for that change.

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