The Role of the State in the Internationalisation of China's Financial Relations

Authors

  • Jenny Simon

DOI:

https://doi.org/10.32387/prokla.v52i208.2012

Keywords:

China, Global Financial Relations, State Capitalism

Abstract

The article examines the role of the state in the process of China’s integration into global financial relations. Focusing on currency relations, international organizations, and China’s capital export, it analyses the objectives and strategies pursued by the Chinese state. It becomes clear not only that these shift over time, so that it would be inadequate to simply speak of a strong state. Contrary to the nation-state bias of the state capitalism discussion, the strategies are also significantly shaped by international factors - China’s subordinate position on the world market, but also various crisis experiences.

Downloads

Download data is not yet available.

References

Agnoli, Johannes (2019): Staat und Kapital. Theorie und Kritik. Stuttgart.

Aiddata (2017): By the Numbers. China’s Global Development Footprint. The Clearest Look yet at Chinese Official Finance Worldwide. URL: https://www.aiddata.org/china-official-finance, Zugriff: 27.6.2018.

AIIB (Hg.) (2021): 2020 AIIB Annual Report. Shanghai. URL: https://www.aiib.org/en/news-events/annual-report/2020/_common/pdf/2020-aiib-annual-report-and-financials.pdf, Zugriff: 12.7.2022.

– (2022): AIIB Expands Global Presence (7.7.2022). URL: https://www.aiib.org/en/news-events/news/2022/AIIB-Expands-Global-Presence.html, Zugriff: 12.7.2022.

Alami, Ilias / Dixon, Adam (2020): State Capitalism(s) Redux. Theories, Tensions, Controversies. In: Competition & Change 24(1): 70-94. DOI: https://doi.org/10.1177/1024529419881949.

American Enterprise Institute (o.J.): China Global Investment Tracker. URL: https://www.aei.org/china-global-investment-tracker/, Zugriff: 12.2.2021.

Bieling, Hans-Jürgen (2010): Die Globalisierungs- und Weltordnungspolitik der Europäischen Union. Wiesbaden. DOI: https://doi.org/10.1007/978-3-531-92546-2.

Chin, Gregory (2014): China’s Rising Monetary Power. In: Helleiner, Eric u.a. (Hg.): The Great Wall of Money. Power and Politics in China’s International Monetary Relations. Ithaca NY: 184-212. DOI: https://doi.org/10.7591/9780801454677-011.

China Power Project (o.J.): Does China Dominate Global Investment? URL: https://chinapower.csis.org/china-foreign-direct-investment/, Zugriff: 12.1.2019.

Cho, Hyekyung (2005): Chinas langer Marsch in den Kapitalismus. Münster.

Claar, Simone / Nölke, Andreas (2013): Deep Integration in North–South Relations: Compatibility Issues Between the EU and South Africa. In: Review of African Political Economy 40(136): 274-289. DOI: https://doi.org/10.1080/03056244.2013.794726.

Dieter, Heribert (1998): Die Asienkrise. Ursachen, Konsequenzen und die Rolle des Internationalen Währungsfonds. Marburg.

Drezner, Daniel W. (2009): Bad Debts. Assesing China’s Financial Influence in Great Power Politics. In: International Security 34(2): 7-45. DOI: https://doi.org/10.1162/isec.2009.34.2.7.

Eichengreen, Barry / Kawai, Masahiro (2014): Issues for Renminbi Internationalization. An Overview. Tokio. DOI: https://doi.org/10.2139/ssrn.2382420.

Eichengreen, Barry / Lombardi, Domenico (2017): RMBI or RMBR? Is the Renminbi Destined to Become a Global or Regional Currency? In: Asian Economic Papers 16(1): 35-59. DOI: https://doi.org/10.1162/ASEP_a_00483.

European Commission (2017): On Significant Distortions in the Economy of the People’s Republic of China for the Purposes of Trade Defence Investigations. URL: https://ec.europa.eu/transparency/regdoc/rep/other/SWD-2017-483-F2-EN-0-0.PDF, Zugriff: 14.4.2021.

Gill, Stephen (2003): Power and Resistance in the New World Order. Basingstoke.

Gowan, Peter (1999): The Global Gamble. Washington’s Faustian Bid for World Dominance. London u.a.

Gramsci, Antonio (1991ff.): Gefängnishefte. Kritische Gesamtausgabe. Hamburg.

Harvey, David (2003): The New Imperialism. Oxford-New York, NY. DOI: https://doi.org/10.1093/oso/9780199264315.001.0001.

He, Alex (2015): Domestic Sources and RMB Internationalization. A Unique Journey to a Major Global Currency. CIGI Papers 67. URL: https://www.cigionline.org/publications/domestic-sources-and-rmb-internationalization-unique-journey-major-global-currency, Zugriff: 18.5.2015.

Herr, Hansjörg (2008): Das chinesische Wechselkurssystem. In: Aus Politik und Zeitgeschichte (7): 27-32.

Hirsch, Joachim (1970): Wissenschaftlich-technischer Fortschritt und politisches System. Organisation und Grundlagen administrativer Wissenschaftsförderung in der BRD. Frankfurt/M.

– (1995): Der nationale Wettbewerbsstaat. Staat, Demokratie und Politik im globalen Kapitalismus. Berlin.

Hung, Ho-Fung (2008): Rise of China and the global overaccumulation crisis. In: Review of International Political Economy 15(2): 149-179. DOI: https://doi.org/10.1080/09692290701869654.

IWF (2012): IMF Adopts Institutional View on Capital Flows. IMF Survey Online vom 3. Dezember 2012. URL: https://www.imf.org/external/pubs/ft/survey/so/2012/POL120312A.htm?mod=article_inline, Zugriff: 10.3.2016.

– (2016a): IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts. IMF Press Release 16/440. URL: https://www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi, Zugriff: 5.1.2018.

– (2016b): IMF Members’ Quotas and Voting Power. URL: https://www.imf.org/external/np/sec/pr/2010/pdfs/pr10418_table.pdf, Zugriff: 9.3.2016.

– (2022): IMF Executive Board Concludes Quinquennial SDR Valuation Review and Determines New Currency Weights for SDR Valuation Basket. Press Release Nr. 22/153 vom 17. Mai 2022. URL: https://www.imf.org/en/News/Articles/2022/05/14/pr22153-imf-board-concludes-sdr-valuation-review, Zugriff: 12.7.2022.

Kalinowski, Thomas (2005): Der Internationale Währungsfonds in Südkorea. Strukturanpassung und Reformen seit der Asienkrise. Hamburg.

Lui, Wan-Hsin / Radke, Elisabeth (2021): Germany Particularly Attractive for Chinese Investors. Media Information des Kiel Institut für Weltwirtschaft vom 09.03.2021. URL: https://www.ifw-kiel.de/publications/media-information/2021/germany-particularly-attractive-for-chinese-investors/, Zugriff: 12.07.22.

McNally, Christopher (2015): The political economic logic of RMB internationalization. A study in Sino-capitalism. In: International Politics 52(6): 704-723. DOI: https://doi.org/10.1057/ip.2015.15.

Momani, Bessma (2015): China at the IMF. In: Lombardi, Domenico / Wang, Hongying (Hg.): Enter the Dragon. China in the International Financial System. Ontario: 267-293.

Naughton, Barry (2007): The Chinese Economy. Transitions and Growth. Cambridge-MA u.a.

NDB (Hg.) (2021): Meeting ever-evolving development challenges. NDB Annual Report 2020. Shanghai. URL: https://www.ndb.int/wp-content/uploads/2021/07/NDB-AR-2020_complete_v3.pdf, 12.7.2022.

– (2022): NDB’s Member Countries. URL: https://www.ndb.int/about-us/organisation/members/, Zugriff: 12.7.2022.

Nölke, Andreas u.a. (2015): Domestic structures, foreign economic policies and global economic order: Implications from the rise of large emerging economies. In: European Journal of International Relations 21(3): 538-567. DOI: https://doi.org/10.1177/1354066114553682.

Oliva, Juan (2015): China’s Power and the International Use of the RMB. In: Lombardi, Domenico / Wang, Hongying (Hg.): Enter the Dragon. China in the International Financial System. Ontario: 13-40.

Overbeek, Henk (2016): Globalizing China: A Critical Political Economy Perspective on China’s Rise. In: Cafruny, Alan u.a. (Hg.): The Palgrave handbook of critical international political economy. London: 309-329. DOI: https://doi.org/10.1057/978-1-137-50018-2_16.

PBoC (2021): 2021 RMB Internationalization Report. URL: http://www.pbc.gov.cn/en/3688110/3688172/4157443/4433239/2021122809344466286.pdf, Zugriff: 12.7.2022.

Poulantzas, Nico (1978): Staatstheorie. Politischer Überbau, Ideologie, Sozialistische Demokratie. Hamburg.

– (1991): Politische Macht und gesellschaftliche Klassen. Hamburg.

Prasad, Eswar S. (2016): China’s Efforts to Expand the International Use of the Renminbi. Report Prepared for the U.S.-China Economic and Security Review Commission. URL: https://www.brookings.edu/wp-content/uploads/2016/07/RMBReportFinal.pdf, Zugriff: 12.8.2017.

Reuters (2007): China Investment Corp buys $5 bln in M. Stanley units. URL: https://www.reuters.com/article/morganstanley-china-idUSN1957628320071219, Zugriff: 11.7.2022.

Sablowski, Thomas (2019a): Weltmarkt, Nationalstaat und ungleiche Entwicklung. Zur Analyse der Internationalisierung des Kapitals (Teil 1). In: PROKLA 194 49(1): 7-34. DOI: https://doi.org/10.32387/prokla.v49i194.1775.

– (2019b): Weltmarkt, Nationalstaat und ungleiche Entwicklung. Zur Analyse der Internationalisierung des Kapitals (Teil 2). In: PROKLA 195 49(2): 295-321. DOI: https://doi.org/10.32387/prokla.v49i195.1824.

Scherrer, Christoph (2021): America Second? Die USA, China und der Weltmarkt. Berlin.

Schmalz, Stefan (2018): Machtverschiebungen im Weltsystem. Der Aufstieg Chinas und die große Krise. Frankfurt/M.

– (2019): The Three Stages of Chinese Capital Export. In: Journal für Entwicklungspolitik 35(3): 17-38. DOI: https://doi.org/10.20446/JEP-2414-3197-35-3-17.

Shih, Victor C. (2009): Factions and Finance in China. Elite Conflict and Inflation. Cambridge-New York.

Simon, Jenny (2019): Contesting Consensus? Chinas Integration in die globalen Finanzbeziehungen. Dissertation, unpublished manuscript.

– (2022): ›Lock-In‹ statt ›Grand Strategy‹. Chinas regionale Strategien in der Regulierung und Standardisierung der transnationalen Ökonomie. In: Das Argument 64(3): 382-394.

Sorkin, Andrew / Barboza, David (2007): China to Buy $3 Billion Stake in Blackstone (20.5.2007). URL: https://www.nytimes.com/2007/05/20/business/worldbusiness/20cnd-yuan.html, Zugriff: 11.7.2022.

Stutz, Malina / Kaiser, Jürgen (2019): China als Gläubiger von Staaten im Globalen Süden. Antiimperialistische Solidarität oder moderne Schuldenfalle?

Stützle, Ingo (2003): Staatstheorien oder »BeckenrandschwimmerInnen der Welt vereinigt euch!«. URL: https://www.grundrisse.net/grundrisse06/6staatstheorien.htm, Zugriff 22.7.2022.

SWIFT (2019): Beyond borders: China opens up to the world. The effects of globalisation on China and Belt and Road countries. RMB Tracker June 2019 Special Edition. URL: https://www.swift.com/de/node/227406#report, Zugriff: 12.3.2021.

– (2021): RMB Tracker. Monthly reporting and statistics on renminbi (RMB) progress towards becoming an international currency. URL: https://www.swift.com/swift-resource/251742/download, Zugriff: 7.3.2022.

ten Brink, Tobias (2013): Chinas Kapitalismus. Entstehung, Verlauf, Paradoxien. Frankfurt/M.

– (2014): The Challenge of China’s Non-Liberal Capitalism for the Liberal Global Economic Order. In: Harvard Asia Quarterly 16(2): 36-44.

– / Nölke, Andreas (2013): Staatskapitalismus 3.0. In: dms – der moderne staat 6(1): 21-32. DOI: https://doi.org/10.3224/dms.v6i1.02.

U.S. Departement of the Treasury (2022): The Committee on Foreign Investment in the United States (CFIUS). URL: https://home.treasury.gov/policy-issues/international/the-committee-on-foreign-investment-in-the-united-states-cfius, Zugriff: 12.7.2022.

U.S.-China Economic and Security Review Commission (2008): Annual Report to Congress. URL: https://www.uscc.gov/Annual_Reports?page=1, Zugriff: 3.10.2016.

Wang, Jue (2018): China-IMF Collaboration. Toward the Leadership in Global Monetary Governance. In: Chinese Political Science Review 3(1): 62-80. DOI: https://doi.org/10.1007/s41111-017-0085-8.

Weber, Isabella M. (2021): How China escaped shock therapy. The market reform debate. London/New York. DOI: https://doi.org/10.4324/9780429490125.

Wemheuer, Felix (2019): Chinas grosse Umwälzung. Soziale Konflikte und Aufstieg im Weltsystem. Köln.

Wübbeke, Jost u.a. (2016): Made in China 2025. The making of a high-tech superpower and consequences for industrial countries. Merics Papers on China. URL: https://merics.org/en/report/made-china-202, Zugriff: 12.7.2022.

Yeh, Emily T. / Wharton, Elizabeth (2016): Going West and Going Out: discourses, migrants, and models in Chinese development. In: Eurasian Geography and Economics 57(3): 286-315. DOI: https://doi.org/10.1080/15387216.2016.1235982.

Zenglein, Max / Kernfelt, Maximilian (2019): China’s Caution About Loosening Cross-Border Capital Flows. Fear of financial instability will continue to slow the liberalization of the capital account. URL: https://merics.org/sites/default/files/2020-04/190718_merics_ChinaMonitor_CapitalAccount_53_final.pdf, Zugriff: 12.7.22.

Downloads

Published

2022-09-05

How to Cite

Simon, J. (2022). The Role of the State in the Internationalisation of China’s Financial Relations. PROKLA. Journal of Critical Social Science, 52(208), 385–408. https://doi.org/10.32387/prokla.v52i208.2012

Issue

Section

Articles of the Special Issue

Most read articles by the same author(s)

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.