Li China’s Financial Opening

Coalition Politics and Policy Changes
1. Auflage 2018
ISBN: 978-1-351-75017-2
Verlag: Taylor & Francis
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 212 Seiten

Reihe: Routledge Contemporary China Series

The 21st century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese sponsored project financing schemes such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the spectre of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide.

Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. He charts China’s financial policy changes by revealing the coalition politics, and extensive lobbying of agents acting for players from outside the central ministries and party decision-making bodies. These include movers from the local authorities of financial centres and the financial industry itself, peddling policy initiatives and preferences critical to the origination, deliberation and implementation of central mandates. This book shows the complexity of the interplay among the range of domestic constituents and conceptualizes three mechanisms of policy change— agenda setting politics, leverage politics and concessionary politics— to describe and examine China’s’ liberalizing trajectory.

Autoren/Hrsg.

Li, Yu Wai Vic

Fachgebiete

• Geisteswissenschaften Geschichtswissenschaft Geschichtliche Themen Mentalitäts- und Sozialgeschichte
• Sozialwissenschaften Ethnologie | Volkskunde Volkskunde

Inhaltsverzeichnis

1. Introduction

2. Coalitional Perspective of Financial Policy Change

3. Let the Money Go Abroad: The Checkered Journey of Outbound Equity Investment

4. Let the Global Brands In: Failed Pushes to Internationalize China’s Stock Market

5. Let the Red-back Go Global: Ascent of the Offshore Renminbi Market in Hong Kong

6. Conclusion

Über Autor(innen)

Yu Wai Vic Li is Assistant Professor in the Department of Social Sciences at the Education University of Hong Kong