Intl. Financial Architecture
The international financial architecture is in need of fundamental reform. The system needs to be larger, work better and provide more voice representation to emerging market and developing countries. The necessary reforms will not be possible without the active and welcome participation of the People’s Republic of China.
As the most dynamic growth miracle of the century, the most interconnected trading nation on earth and the largest emitter of carbon emissions with the world’s largest population, China has a major role to play in the reform and maintenance of the system.
The Global China Initiative’s work in this area advances policy-oriented research on China’s role in the international financial architecture, with particular emphasis on the Global Financial Safety Net and global development finance. We advance this work through collaborative and parallel research with institutes in China and other emerging market and developing countries.
Research Highlights
Latest News & Publications
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The Lender of First Resort? Chinese Swap Lines, the IMF and the Changing International Financial Architecture
April 28, 2025Since its founding, the International Monetary Fund (IMF) has in theory sought to act as the international “lender of last resort,” providing financing to countries... [ More ]
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The IMF’s 17th General Review of Quotas Needs a New Formula to Deliver on Development
April 14, 2025By Tim Hirschel-Burns and Marina Zucker-Marques Quotas are at the core of the International Monetary Fund (IMF)’s finances and governance, and they are overdue for reform. [ More ]
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A Challenging Imperative: IMF Reform, the 17th Quota Review and Increasing Voice and Representation for Developing Countries
April 14, 2025Quotas are at the core of the International Monetary Fund (IMF)’s finances and governance. Beyond serving as the IMF’s primary funding source to support IMF lending... [ More ]
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The Role of Government Guidance Funds in Financing Innovation in China
April 02, 2025By Cornel Ban and Xuan Li In most Western economies, venture capital (VC) is largely a private enterprise, driven by the pursuit of profit. The state... [ More ]
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Financing Technological Innovation in China: Neo-developmental Financial Statecraft through Government Guidance Funds
April 02, 2025Driven by geopolitics and the threat of climate change, industrial policy has reclaimed center stage in the comparative political economy of national economies, irrespective of... [ More ]
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Beyond Debt: The Case for Public Sector Net Worth
March 03, 2025By Hua Chai and Yan Wang In recent years, the traditional focus on public debt as the cornerstone of fiscal policy has come under scrutiny. Many... [ More ]
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The Potential Role of Panda Bonds in Development Finance
February 11, 2025By Yan Wang and Zheng Zhai Over the past two decades, China has become the largest bilateral provider of development finance. At the 2024 Forum on... [ More ]
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Acting in Parallel on Debt and Development before It is Too Costly and Too Late
November 26, 2024Emerging market and developed countries must meet their shared climate and development goals to avoid the catastrophic costs of inaction. Yet, the International Monetary Fund... [ More ]
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China’s Creditor Diversification in Africa: Impacts and Challenges of Infrastructure Debt-Financing by Chinese Commercial Creditors
November 20, 2024Chinese overseas lending has drawn attention for their support to developing countries in infrastructure development, as well as growing criticism for sovereign debt impacts. However, the... [ More ]