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New book released in Canada to analyze China's role in global financial system

Xinhua, October 24, 2015 Adjust font size:

A Canadian think tank on Friday released a book analyzing China's role in the international financial system, pointing out that China's rise has led to a more activist and central role, but that new role exposes the country to new risks.

The book titled "Enter the Dragon: China in the International Financial System", was released by the Centre for International Governance Innovation (CIGI) and co-edited by CIGI Director of Global Economy Program Domenico Lombardi and senior fellow Hongying Wang.

The new book brings together experts from both inside and outside of China to offer an in-depth look into China, further the understanding of China's economic and political interests, its agenda and policies on important issues of global financial governance, and the domestic and international implications of China's financial ascendancy on the global stage.

"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," Lombardi told Xinhua.

He said that the book "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 becoming 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 the integration into the global financial system, according to the book.

The book also explores how the Chinese yuan (or Reminbi) 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.

"China's rise in the international financial system is a highly complex and political process," said 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." Endi