Edited by Ka Zeng
Chapter 22: China and regional financial cooperation: From observer, to participant, to (co-)leader. . .of an irrelevance?
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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.