Описание: In The Latecomers 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 worlds 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 Chinas 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, Chinas 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 Latecomers Rise demystifies the little-known workings of Chinese development finance to revise our conceptions of Chinas role in the international financial system.
