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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 6: Crisis resolution and global financial competition

Gordon C.K. Cheung


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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