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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 7: Global inequality, sovereign wealth funds and China’s ‘go out’ enterprises

Gordon C.K. Cheung

Extract

This chapter will first assess the global inequality created by the over-concentration of wealth through the confluence of tax havens, global finance and the creed of capitalism. Increasingly, many individuals are becoming more vulnerable and they need something equally big, such as sovereign wealth funds (SWFs), with which to fight back. This chapter will go on to illustrate in what areas Chinese SWFs should be able to focus in the future in order to help the world economy by narrowing the inequality gap. Finally, the chapter will look at China’s two grand investment strategies, the Belt and Road Initiative and the Asian Infrastructure Investment Bank, and will use the UK as an example with which to examine how Chinese investment is performing. These latest development and investment schemes will aid a better understanding of the long-term meaning and direction of Chinese entrepreneurship.

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