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Accepted Paper:
Neither 'revisionist' nor 'status quo', both statist and (neo-)liberal institutionalist: China's comprehensive participating approach in international development finance
Jue Wang
(Leiden University)
Paper short abstract:
This paper specifies top Chinese political leaders, minister-level state agencies, provincial governments, policy and commercial banks, non-financial SOEs, and private companies' respective participation in bilateral and multilateral development finance cooperation.
Paper long abstract:
Why does China engage in multilateral development finance institutions (MDFIs) despite the effectiveness and convenience in reaching national objectives through bilateral lending? The existing literatures of international development finance distinguish China's bilateral development lending, sourced from its various domestic financial institutions to the developing world, from its participation in MDFIs such as the World Bank and ADB. The former is regarded as the Chinese state's self-serving outward expansion that challenges the liberal international order. Whereas the latter is considered as Beijing's subjection to the Bretton Woods system and that it is being socialised into the liberal economic norms. The dichotomy between describing China as a 'revisionist' power and 'status quo' supporter does not help us understand its strategic engagement in bilateral and multilateral development finance mechanisms simultaneously.
This paper details key domestic Chinese actors' institutional choices in international development. Further, the paper specifies top political leaders, minister-level state agencies, provincial governments, policy and commercial banks, non-financial SOEs, and private companies' respective participation in both bilateral and multilateral development finance cooperation, the challenges they face in bilateral lending, and how they pursue 'efficiency' and 'strategic' gains through engaging with the MDFIs. It argues that the domestic Chinese actors adopt a comprehensive participating approach to international development finance. They do not choose between either bilateral or multilateral approach to overseas development activities. Instead, they engage in both, the extent to which depending on their respective political and commercial interests as well as their 'efficiency' and 'strategic' needs.
Click the star to add/remove an item to/from your individual schedule.
You need to be logged in to avail of this functionality, and to see the links to virtual rooms. Log in
Accepted Paper:
Jue Wang (Leiden University)
Paper short abstract:
Paper long abstract:
Why does China engage in multilateral development finance institutions (MDFIs) despite the effectiveness and convenience in reaching national objectives through bilateral lending? The existing literatures of international development finance distinguish China's bilateral development lending, sourced from its various domestic financial institutions to the developing world, from its participation in MDFIs such as the World Bank and ADB. The former is regarded as the Chinese state's self-serving outward expansion that challenges the liberal international order. Whereas the latter is considered as Beijing's subjection to the Bretton Woods system and that it is being socialised into the liberal economic norms. The dichotomy between describing China as a 'revisionist' power and 'status quo' supporter does not help us understand its strategic engagement in bilateral and multilateral development finance mechanisms simultaneously.
This paper details key domestic Chinese actors' institutional choices in international development. Further, the paper specifies top political leaders, minister-level state agencies, provincial governments, policy and commercial banks, non-financial SOEs, and private companies' respective participation in both bilateral and multilateral development finance cooperation, the challenges they face in bilateral lending, and how they pursue 'efficiency' and 'strategic' gains through engaging with the MDFIs. It argues that the domestic Chinese actors adopt a comprehensive participating approach to international development finance. They do not choose between either bilateral or multilateral approach to overseas development activities. Instead, they engage in both, the extent to which depending on their respective political and commercial interests as well as their 'efficiency' and 'strategic' needs.
The rise of China and the re-scaling global development politics
Session 1 Friday 8 July, 2022, -