Open AccessChina and Global Financial Governance: Centripetalism, Elevation and Disparity
Author(s) -
Falin Zhang
Publication year - 2013
Publication title -
regioninės studijos
Language(s) - English
Resource type - Journals
ISSN - 2029-2074
DOI - 10.2478/ijas-2013-0005
Subject(s) - china , financial crisis , corporate governance , hegemony , global governance , elevation (ballistics) , politics , coherence (philosophical gambling strategy) , political science , financial system , economic system , business , economics , finance , geometry , mathematics , law , physics , quantum mechanics , macroeconomics
In the post-2008 global financial crisis era, the global financial governance system has experienced dramatic changes and a comparatively new network system comes into the fore. Meanwhile, China’s extraordinary performance during the crisis by virtue of its unique political and economic systems urged the elevation of its role in the new system. Against this backdrop, three words are appropriate to describe the new system and China’s role in it in the post-crisis era-centripetalism (rather than centrifugalism), elevation (rather than domination) and disparity (rather than coherence). Centripetalism means that patched global financial governance network system has more force to coordinate states and related international organizations. Elevation refers to a relatively more important role of China in the new system, but, by no means, a dominant (or hegemonic) role. China is an indispensable participant rather than a leading power in global financial governance. Disparity indicates the differed strategies of China in various global financial governance institutions or toward different events