Handbook on the International Political Economy of China
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Handbook on the International Political Economy of China

Edited by Ka Zeng

This book examines the processes, evolution and consequences of China’s rapid integration into the global economy. Through analyses of Beijing’s international economic engagement in areas such as trade, investment, finance, sustainable development and global economic governance, it highlights the forces shaping China’s increasingly prominent role in the global economic arena. Chapters explore China’s behavior in global economic governance, the interests and motivations underlying China’s international economic initiatives and the influence of politics, including both domestic politics and foreign relations, on the country’s global economic footprint.
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Chapter 22: China and regional financial cooperation: From observer, to participant, to (co-)leader. . .of an irrelevance?

Paul Bowles and Brian K. MacLean

Abstract

Asian regional financial cooperation has its origins some two decades ago with the spur being the 1997–98 Asian Financial Crisis. Regional financial cooperation took place under the auspices of the ASEAN+3 grouping, but China was initially a reluctant player. Over time, China gradually began to participate and then to assert its regional leadership credentials and has participated more fully in processes such as the multilateralization of the Chiang Mai Initiative. However, at the same time that China became more interested in leadership of Asian financial cooperation, that process has slowly ground to a halt and now stands, some 20 years later, at its point of least relevance. This, in part, results from China’s other initiatives such as renminbi internationalization and the Asian Infrastructure Investment Bank, as well as other developments at the national and global levels. We analyse how Asian regional financial cooperation has been, and continues to be, subject to intra-regional rivalry between China and Japan.

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