The Role of 'Parallel Institutions' in China's Growing Participation in Global Economic Governance

摘要

China is creating or co-creating new international economic institutions in areas such as trade, development finance, currency settlement and credit rating that parallel those that arose out of the Bretton Woods conference of 1944 or are tied to the interests of rich, developed countries. What are its reasons for doing this? What are the characteristics of the new institutions? How do the new institutions relate to the old institutions? Will China's initiatives lead to better global economic governance? This paper attempts to answer these questions. Its main conclusions are that China is trying to create a new international economic order in which its political power is more commensurate with its economic power, its creation of new international institutions is an important part of this strategy, the institutions that China is creating are meant to be open and inclusive and to introduce "better practices", and it is possible - though not necessarily probable - that China can make a major contribution to global economic governance provided it can overcome operational challenges, skepticism about its intentions and too narrow a view of its national interest.