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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 8: Globalization, resistance and assimilation

Gordon C.K. Cheung

Extract

We are moving towards a multipolar world and China is a clear actor both working within but also redefining the rules. China has already shown a different type of model of economic development. We may need to begin to think more objectively to accept that there are different countries in the world developing in a direction more akin to their own pace of development. We may require a more inclusive, respectful, understanding mentality if globalization is actually something that we are striving for. China has shown both resistance and assimilation in its path of economic development without total subordination to the US-led world economy. With increased acceptance from the rest of the world, China can change even more and engage better with the global economy.

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