Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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The US-instigated North Atlantic Treaty Organisation (NATO) bombings of Yugoslav troops during the Kosovo War in 1999 also set a worrying precedent for China's leadership, who had strenuously opposed the action alongside Russia as interference in the internal affairs of another sovereign country. The pretext of humanitarian intervention, given continuous US attacks on China's human rights record, was a cause for serious concern to the CCP. The Bush Administration's pursuit of an invasion of Iraq in 2003 further compounded insecurities. The Chinese leadership saw little option other than to pursue comprehensive military modernisation as economic growth provided the financial means.

During the 1997 Asian Financial Crisis, in contrast to other countries in the region, China resisted devaluing the renminbi. It was hoped that currency stability would demonstrate China's financial discipline and help maintain confidence in its economy, but it also served to bolster regional economic stability. As its balance of payments surplus, particularly versus the US, surged after the turn of the millennium, China then drew heavy criticism from US policymakers for holding down the value of its currency. China's manufacturing growth contrasted with a decline in America's manufacturing capacity and it became easy to blame China for the loss of American jobs. However, on closer inspection of China's manufacturing exports, the picture becomes rather less clear cut.