China’s Quest for Financial Self-Reliance

How Beijing Plans to Decouple from the Dollar-Based Global Trading and Financial System Special Project Enodo Economics and the Wilson Center have joined forces working on a year-long project to explore how China plans to challenge the dollar-led global financial order, whether its strategy can feasibly allow its decoupling from the dollar and assess its chances of creating a parallel system based on the yuan. The team is led by Diana Choyleva and Dinny McMahon and overseen by our Senior Advisory Board. We will produce an in-depth report in the summer of 2022, intended to inform US policymakers on the impact this is likely to have on the US and suggest possible responses to safeguard America’s financial system, in line with its expressed national security goals. We start by developing a detailed understanding of China’s current efforts to promote the international use of the yuan, getting beyond the headlines to…

The Great Decoupling: China, America and the Struggle for Technological Supremacy

Will China’s drive to achieve global technological dominance unravel the world order? Book Get a copy of The Great Decoupling by Nigel Inkster here For much of recorded history, China was a leading science and technology power. But just as the West rose, China turned in on itself and missed the Industrial Revolution. The result was the ‘Hundred Years of Humiliation’, and a long struggle for a modern, yet distinctly Chinese, civilisational identity. Today, technological innovation has returned to the core of national pride and ambition. Since the 1980s, reforms have transformed China into the world’s second largest economy and a major global power. Cyber space and other advanced technologies have become a battleground for international dominance; but today’s world relies on global supply chains and interstate collaboration – at least for now. Growing tension between the USA and China could result in the two superpowers decoupling their technology –…

China’s Future Role in the Global Financial System

China Will Keep Opening Up, Promises Mr Renminbi Enodo Special Event Here is a sneak peak of the event. Zhou Xiaochuan, former Governor of the People’s Bank of China, and Mervyn King, former head of the Bank of England, discuss financial liberalisation in China, what’s wrong with the global financial system and the need for global rebalancing. Introduced by Enodo’s Diana Choyleva and moderated by the FT’s Martin Wolf. Crises that shook the world have held back China’s financial liberalisation and exchange-rate reform, but Beijing remains committed to further reform and opening up, says Zhou Xiaochuan, the former governor of the People’s Bank of China. The US-China trade war may hamper progress, since market access to China’s financial sector is a bargaining chip in talks to resolve the dispute, according to Zhou. Yet despite these “negotiation games… I think we have quite good determination to have much braver financial…

Navigate