Following the global financial crisis, international financial standard-setting bodies granted emerging economies unprecedented representation. Some observers expected the existing system of international financial regulation to be undermined by the larger number of players and their diverging interests from the traditional standard setters. This paper examines whether China, the largest emerging economy, has influenced the international financial regulatory regime. It finds that China has, by and large, been a “rule taker” so far, but points out some important signs of change. It argues that with improved technical capacity, greater stakes in international financial standards and rising structural power, China is poised to increase its participation in the making of international financial standards.
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CIGI Papers present in-depth analysis and discussion on governance-related subjects. They include policy papers that present CIGI experts' positions or contributions to policy debates, and background papers that contain research findings, insights and data that contribute to the development of policy positions.