From Developmental to Entrepreneurial
Chapter 6: Crisis resolution and global financial competition
The 2008–9 global financial crisis became a catalyst of change for the increasing financial influence of Chinese money in the world economy. This chapter will first illustrate the meaning of globalization and international finance. Shanghai will be used as a case example to illustrate respective government policies for the creation of China’s own model of an international financial centre. Shanghai was an obvious choice for China to reinforce its global financial influence. However, as the second largest economy in the world, China’s financial footprint in the global economy is less obvious, especially as regards the internationalization of Chinese currency, the renminbi (RMB). Finally, this chapter will discuss the process, development and challenges of the internationalization of the RMB. We have already recognized China as ‘the factory of the world’. However, in order to further develop the RMB as the ‘money of the world’, there are many things to be considered and debated.
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