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Chinese leadership of macroeconomic policymaking in a multipolar world

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  • Vines, David

Abstract

This paper discusses the kind of leadership in global macroeconomic policymaking that China might provide. The paper describes a form of leadership, which I call ‘concerted unilateralism’, that enables countries to pursue their own objectives, in a way which they would not have been able to do if they were acting on their own, and enables them to achieve a higher level of welfare. I contrast such leadership this with a form of authoritarian leadership in which the leader imposes obligations on other countries which are to the disadvantage of those countries. I argue that China could provide leadership of the first kind, by making use of the G20 Mutual Assessment Process, or G20MAP. In the short term, China might do this by consolidating the ‘2-in-5’ action plan, which Australia instituted within the G20MAP when it was Australia was President of the G20. In the longer term, China might do this by ensuring that there is convergence between the G20MAP and China's own One-Belt-One-Road strategy for international engagement in trade and finance.

Suggested Citation

  • Vines, David, 2016. "Chinese leadership of macroeconomic policymaking in a multipolar world," China Economic Review, Elsevier, vol. 40(C), pages 286-296.
    • Handle: RePEc:eee:chieco:v:40:y:2016:i:c:p:286-296
    DOI: 10.1016/j.chieco.2016.07.010
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    References listed on IDEAS

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    1. David Vines, 2016. "Fiscal Governance: How Can the Eurozone Get What It Needs?," Journal of Financial Regulation, Oxford University Press, vol. 2(1), pages 114-129.
    2. Elhanan Helpman & Assaf Razin (ed.), 1991. "International Trade and Trade Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262081997, December.
    3. Agénor,Pierre-Richard & Miller,Marcus & Vines,David & Weber,Axel (ed.), 1999. "The Asian Financial Crisis," Cambridge Books, Cambridge University Press, number 9780521770804.
    4. Christopher Allsopp & David Vines, 2015. "Monetary and fiscal policy in the Great Moderation and the Great Recession," Oxford Review of Economic Policy, Oxford University Press, vol. 31(2), pages 134-167.
    5. David Vines, 2015. "Cooperation between countries to ensure global economic growth: a role for the G20?," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 29(1), pages 1-24, May.
    6. Ross Garnaut & David Vines, 2007. "Regional free-trade areas: sorting out the tangled spaghetti," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 23(3), pages 508-527, Autumn.
    7. Peter Temin & David Vines, 2013. "The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It," Economics Books, Princeton University Press, edition 1, volume 1, number 9932.
    8. Mr. Tamim Bayoumi, 2014. "After the Fall: Lessons for Policy Cooperation from the Global Crisis," IMF Working Papers 2014/097, International Monetary Fund.
    9. Temin, Peter & Vines, David, 2014. "Keynes: Useful Economics for the World Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 026202831x, December.
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    Cited by:

    1. Qianqian, Li & Yijun, Liu, 2020. "The China-Pakistan economic corridor: The Pakistani media attitudes perspective," Technology in Society, Elsevier, vol. 62(C).

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