CIGI Papers Series

About the series

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. 

In the Series

This is the third and final paper in a three-part series exploring the decision-making process in China. Xi’s style of highly concentrated power and full control over policy making has achieved a mixed result. It may have pushed through some difficult economic reforms but it created a variety of new problems and exacerbated the
existing bureaucratic problems in China’s political economy. These problems can have catastrophic consequences when facing an emergency situation such as a public health crisis, as the novel coronavirus epidemic beginning in January 2020 demonstrated.
The rapid digital transformation occurring worldwide poses significant governance challenges. The authors organize the issues facing policy makers under the broad pillars of “economic value capture,” “sovereignty” in public choice and “national security,” and outline a conceptual framework with which policy makers can start to think about a coherent integration of the many reform efforts now under way, considering how policies adopted in these areas can be reconciled with commitments under a multilateral framework adapted for the digital age.
Since the global financial crisis, the interconnectedness of large, complex financial institutions and the feedback effects and spillovers between the financial system and the real economy are better recognized. Macroprudential policies encompass measures designed to curb excessive risk taking and promote the accumulation of buffers to enhance the resiliency of the financial system. Complementing previous studies, this paper examines the macroeconomic foundations of macroprudential measures and the connection between them and other policies.
A ceasefire has been called in the trade war between the United States and China, but there is lingering uncertainty that will stifle aggregate spending until a “peace treaty” is signed. This paper offers recommendations on the policies that China might pursue to achieve its macroeconomic goals and step up to take a leadership role in World Trade Organization reform.
Since 2013, the Chinese government under President Xi Jinping has adopted a proactive approach to global governance and is committed to playing a leadership role to take on more international duties. China has proposed a series of new concepts and approaches on the issue of global governance, as well as an action plan for the next five to 10 years to push forward on reforming and strengthening the existing global governance institutions.
In recent years, the debate about the role of digital technology in our society, our economy and our democracies has shifted, and questions about the social and economic costs of the platform economy have emerged. Democratic governments around the world have begun to search for a strategy to govern the digital public sphere. Many are converging on what might be called a platform governance agenda. But what might a platform governance agenda look like?
Recent events have the potential to reverse the positive macroeconomic performance of the global economy and trigger a slowdown in both global growth and international trade. In particular, the implications of ongoing trade disputes that have undermined trust in the existing multilateral cooperation system and the incentive for countries to align with ongoing global policy coordination efforts.