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China's New International Financial Strategy amid the Global Financial Crisis

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  • Ming Zhang

Abstract

The Chinese Government has stepped up its drive to reconstruct its international financial strategy after the sub‐prime crisis developed into a global financial crisis in 2008. The main aim of the strategy is to reduce the country's dependence on the US dollar in foreign trade, cross‐border capital flows and foreign exchange reserve management. The strategy can be divided into three tiers: renminbi internationalization, regional monetary cooperation and reconstruction of the international monetary regime. So far, the Chinese Government has fared well in the application of all three tiers. We hold that the Chinese Government should continue in the same direction in a coordinated manner despite various challenges it faces.

Suggested Citation

  • Ming Zhang, 2009. "China's New International Financial Strategy amid the Global Financial Crisis," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(5), pages 22-35, September.
    • Handle: RePEc:bla:chinae:v:17:y:2009:i:5:p:22-35
    DOI: 10.1111/j.1749-124X.2009.01164.x
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    Cited by:

    1. Bernhard Zangl & Frederick Heußner & Andreas Kruck & Xenia Lanzendörfer, 2016. "Imperfect adaptation: how the WTO and the IMF adjust to shifting power distributions among their members," The Review of International Organizations, Springer, vol. 11(2), pages 171-196, June.
    2. Batten, Jonathan A. & Szilagyi, Peter G., 2016. "The internationalisation of the RMB: New starts, jumps and tipping points," Emerging Markets Review, Elsevier, vol. 28(C), pages 221-238.
    3. Luigi Bonatti & Andrea Fracasso, 2010. "Global Rebalancing and the Future of the Sino-US Codependency," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 18(s1), pages 70-87.

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