China in the Global Economy

Lorenzo Bencivelli and Flavia Tonelli
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Lorenzo Bencivelli: Bank of Italy
Flavia Tonelli: Bank of Italy

Chapter Chapter 3 in China's International Projection in the Xi Jinping Era, 2020, pp 9-35 from Springer

Abstract: Abstract At the turn of the decade, China has finally reached a middle-income status requiring the leadership to pursue a strategy of technological advancement and international recognition. At the same time, the legacy of the global financial crisis in terms of macroeconomic vulnerabilities weighs China’s ability to implement grand plans fostering those goals. For Beijing, the natural solution to the conundrum is to increase its global exposure through the levers of the economic diplomacy: trade, investments, and currency internationalization. It is in this light that we read the major Chinese plans: Made in China 2025 and Belt and Road Initiatives. While the first focuses prominently on the domestic agenda and the second on the international one, both have massive global fallout. The chapter ends with a brief outlook of the most recent events related to the COVID-19 pandemic.

Date: 2020
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DOI: 10.1007/978-3-030-54212-2_3

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