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

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The Chinese government is not unaware of the many problems and has been pursuing gradual reforms. Many of these reforms have been market-oriented and have better aligned China's practices with international norms, including the lowering of barriers to capital flows between China and international markets. However, given the flaws in the US financial and economic model highlighted by the GFC, many in China's leadership have become even more sceptical than before about US free market ideology. To successfully bring about further financial and economic reforms now, the case needs to be stronger than in the past. US coercion has had some impact but is likely to be met with continual resistance. Ultimately, it is likely that domestic forces will be the most effective in pushing the Chinese government towards change.

In the aftermath of the GFC, Chinese officials have no doubt displayed some level of conceit and a greater degree of assertiveness in their interactions with other countries.ssss1 Following President's Xi Jinping's (习近平) coming to power in 2012, China has also stepped up the scale of its international ambitions, notably through the Belt and Road Initiative (BRI, 一带一路), a grand infrastructure development strategy encompassing a large number of developing countries and trading partners. China's Made in China 2025 (中国制造 2025) strategy also seeks to upgrade China's industrial base from low value export manufactures to high technology value products and services. To a great extent, these initiatives are a far-sighted recognition, triggered by the GFC, that China cannot indefinitely depend on growth in exports to Western markets in light of the structural economic headwinds that those countries face. However, China's increasing international ambitions have been seen as a threat to the US, particularly as Xi's administration appears to be centralising more power within the CCP.