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Books > Reference & Interdisciplinary > Interdisciplinary studies > Area / regional studies
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China's Financial Opening - Coalition Politics and Policy Changes (Hardcover)
Loot Price: R4,405
Discovery Miles 44 050
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China's Financial Opening - Coalition Politics and Policy Changes (Hardcover)
Series: Routledge Contemporary China Series
Expected to ship within 12 - 17 working days
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Total price: R4,425
Discovery Miles: 44 250
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The twenty-first century has not only seen China become one of the
world's largest trading nations, but also its gradual integration
into the global financial system. Chinese-sponsored project
financing schemes, such as the Belt-and-Road Initiative and the
Asian Infrastructure Investment Bank, and the expanding
international footprint of the renminbi, have raised the specter of
Beijing shaping established market rules and practices with its
financial firepower. These dramatic developments beyond the "Great
Wall of Money" have overshadowed the equally remarkable opening of
China's domestic capital markets. These include initiatives that
make cross-border equity trade and investment easier; attempts to
internationalize exclusively domestic-oriented equity markets; and
creation of the first offshore renminbi hub in Hong Kong, paving
the way for the "big bang" of renminbi use worldwide. Li
interrogates the domestic political dynamics underlying the
dizzying switches between liberalization and restriction. This book
argues that the interplay between the pro-opening coalitions and
dissenting parties has been central to the policymaking process.
Financial opening has not only been driven by central bureaucratic
actors, but also by financial industry interests and the local
authorities of financial centers acting in concert as coalitions.
The local and financial constituents have shaped policy agendas and
priorities, and defined and framed liberalizing initiatives in ways
that appealed to bureaucratic entities. They also sought wider
political support by capitalizing on connections with top
decision-making elites. To allay opposition and maintain political
and technical consensus, the coalition constituents have offered
concessions to dissenting parties over implementation specifics.
This, however, has not always succeeded. Dissenting parties who
recognized adverse distributional and policy risk implications
inherent in the opening initiatives might decline concessionary
offers, leading to policy tendencies other than opening. As one of
the very first political economy contributions to studies of
China's financial opening from the 2000s, this book will appeal to
researchers of international political economy, East Asia and China
specialists, and financial practitioners and policymakers wanting
to make sense of the country's liberalizing logic.
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