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The Latecomer's Rise : Policy Banks and the Globalization of China's Development Finance - Muyang Chen

The Latecomer's Rise

Policy Banks and the Globalization of China's Development Finance

By: Muyang Chen

Hardcover | 15 June 2024

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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 decades, China has become the world's largest provider of bilateral development finance, funding infrastructure and industrial projects in emerging markets and developing countries through its two national policy banks, the China Development Bank (CDB) and the Export-Import Bank of China (China Exim). 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. Comparing Chinese policy banks with their foreign counterparts, she argues 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 challenging Western-led economic regimes as is commonly perceived. 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.

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