The Latecomer s Rise Policy Banks and the Globalization of China s Development Finance instant download

In The Latecomer’s Rise, Muyang Chen reveals the nature and impact of a rapidly growing form of international lending: Chinese development finance.

Over the past few decades, China has become the world’s largest provider of bilateral development finance. Through its two national policy banks, the China Development Bank (CDB) and the Export-Import Bank of China (China Exim), it has funded infrastructure and industrial projects in numerous emerging markets and developing countries. Yet this very surge and magnitude of capital has raised questions about the characteristics of Chinese bilateral lending and its repercussions on the international order.

Drawing on a variety of novel Chinese primary sources, including interviews and official bank documents, Chen pinpoints the distinctiveness of Chinese bilateral development finance, explains its origins, and analyzes its effects. She compares Chinese policy banks with their foreign counterparts to show that the CDB and China Exim, while state-supported, are in fact also market-oriented-they are as much government organs as they are profit-driven financial agencies that serve both state and firms’ interests. This approach, which emerged out of China’s particular economic history, suggests that Chinese overseas lending is not merely a tool of economic statecraft that challenges Western-led economic regimes. Instead, China’s responses to extant rules, norms, and practices across given issue areas have varied between contestation and convergence.

Rich with empirical detail and penetrating insights, The Latecomer’s Rise demystifies the little-known workings of Chinese development finance to revise our conceptions of China’s role in the international financial system.

Brief Summary of the Book

The Latecomer’s Rise: Policy Banks and the Globalization of China’s Development Finance (Cornell Studies in Money) by Muyang Chen offers an insightful analysis into the role of policy banks in China's expansion of development finance on a global scale. This book, published on June 15, 2024, explores:

• The historical development and strategic importance of China’s policy banks.
• The mechanisms and policies employed by these banks to support China's economic and political objectives internationally.
• Case studies illustrating the impact of China’s development finance on recipient countries and global markets.
• The challenges and controversies surrounding China’s approach to development finance.

Through detailed research and comprehensive analysis, Muyang Chen sheds light on how policy banks have been instrumental in propelling China’s influence in global finance, and the implications this has for international economic relations.