Waterloo, Canada – As China prepares to assume the G20 Presidency in 2016 and recovers from recent economic turmoil that sent aftershocks through economies around the world, the Centre for International Governance Innovation (CIGI) has released a new book titled Enter the Dragon: China in the International Financial System offering an in-depth look into the country, shedding new light on its economic and political goals as well as its capacities and new role in the global economy.
Co-edited by CIGI’s Director of Global Economy Program Domenico Lombardi and Senior Fellow Hongying Wang, Enter the Dragon brings together experts from both inside and outside of the People’s Republic of China to further the understanding of China’s complex economic and political interests, its agenda and policy initiatives on important issues of global financial governance, and the domestic and international implications of its financial ascendance.
“As China prepares to preside over the discussions of the world’s most powerful economies as chair of the Group of 20 next year, it is crucial for nations to understand its economic and political motivations, tensions, strengths and foibles, and their potential for global impact,” says Lombardi. “Enter the Dragon shines a direct spotlight on China’s financial linkages with the rest of the world – with lenses from both inside and outside the country, looking at China at home and on the world stage.”
China has experienced a remarkable transformation since the 1990s, now boasting one of the largest economies in the world, and as the largest goods-trading nation. China’s economic rise has led to a more activist and central role in international monetary and financial governance, but that new role exposes the country to new risks associated with integration into the global financial system.
Enter the Dragon explores how the reminbi (RMB) is becoming a major international currency, how the country is being financially integrated with the rest of the world, and how China’s role has evolved in global financial governance. What are the motivations and consequences of China’s effort to internationalize the RMB? What is the political logic underlying China’s foreign financial policy? What forces have shaped China’s preferences and capacities in global financial governance? These are the central questions addressed in the book.
“China’s rise in the international financial system is a highly complex and political process,” says Wang. “In Enter the Dragon, our contributors provide a variety of interesting and innovative perspectives on this process and its consequences for China and the world at large. We hope the book is a timely contribution to the important international dialogue on the rise of China.”
Enter the Dragon is now available through CIGI Press. For more information, or to purchase the book, please visit: https://www.cigionline.org/publications/enter-dragon-china-international-financial-system
Tammy Bender, Communications Specialist, CIGI
Tel: 519.998.1861, Email: [email protected]
The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI’s interdisciplinary work includes collaboration with policy, business and academic communities around the world. CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. For more information, please visit www.cigionline.org.