Open AccessChina’s Experience in the Process of Financial Globalization
Author(s) -
Ekaterina Ryaskova
Publication year - 2021
Publication title -
vestnik volgogradskogo gosudarstvennogo universiteta. èkonomika
Language(s) - English
Resource type - Journals
eISSN - 2713-1599
pISSN - 2713-1580
DOI - 10.15688/ek.jvolsu.2021.1.16
Subject(s) - globalization , china , financial market , financial globalization , capital market , liberalization , economics , market economy , financial capital , stock market , economic system , business , financial system , international economics , finance , human capital , political science , context (archaeology) , paleontology , law , biology
The article examines the country’s strategy to “enter” the process of financial globalization. China’s embrace of globalization differs from many countries. In globalization processes, the financial component began to play a key role, giving multidirectional impulses to the development of the world economy. Financial globalization has engulfed all developing countries, which began to deregulate financial markets and promote capital liberalization, exposing national systems to systemic risks. The author proves the nature of China’s policy of “entering” the process of financial globalization, alternative from other countries, and describes the stages of introducing restrictions on the flows of speculative capital, the development of the stock market, as well as step-by-step decisions of the authorities to liberalize the conditions for the entry of foreign capital into the country. The article proves that the “moderate” nature of China’s strategy, the late opening of financial markets gave positive results for the country’s economic growth and the stability of the financial system. At the moment, China is actively opening its economy to foreign investors and capital without “shocks” and sets itself the goal of becoming a player that forms the rules in the world market.