Book contents
- The Cambridge Handbook of China and International Law
- The Cambridge Handbook of China and International Law
- Copyright page
- Contents
- Figures
- Contributors
- Foreword
- Acknowledgements
- Abbreviations
- Introduction
- Part I Taking Centre Stage in Global Governance and the International Legal Order
- Part II Interfaces between National and International Law
- Part III Selected Areas of Chinese State Practice
- Part IV International Peace and Security
- Part V Human-Centred International Law
- Part VI The Habitat and the Global Commons
- Part VII International Economic Law
- 20 China and International Trade Law
- 21 China
- 22 China and International Intellectual Property Law
- 23 Chinese Multilateralism in International Financial Law
- Part VIII International Dispute Settlement
- Index
23 - Chinese Multilateralism in International Financial Law
from Part VII - International Economic Law
Published online by Cambridge University Press: 04 January 2024
- The Cambridge Handbook of China and International Law
- The Cambridge Handbook of China and International Law
- Copyright page
- Contents
- Figures
- Contributors
- Foreword
- Acknowledgements
- Abbreviations
- Introduction
- Part I Taking Centre Stage in Global Governance and the International Legal Order
- Part II Interfaces between National and International Law
- Part III Selected Areas of Chinese State Practice
- Part IV International Peace and Security
- Part V Human-Centred International Law
- Part VI The Habitat and the Global Commons
- Part VII International Economic Law
- 20 China and International Trade Law
- 21 China
- 22 China and International Intellectual Property Law
- 23 Chinese Multilateralism in International Financial Law
- Part VIII International Dispute Settlement
- Index
Summary
This chapter examines China’s role and approach in the reforms of global financial governance. It investigates both the reforms of the traditional Bretton Woods institutions that the United States dominates, and the initiation and development of the new financial institutions that China leads, including the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB) and the Multilateral Cooperation Center for Development Finance (MCDF). It finds that China, by walking on two legs, commits to correcting and improving the unsustainable elements of the existing world order, rather than decoupling from it. The success of China’s multilateralism lies in its advocating for the principle of ‘extensive consultation, joint contribution, and shared benefits’, its adherence to high and feasible standards, and its use of a teleological perspective in legal interpretation. As a major driving force behind Chinese multilateralism, China needs to maintain the image of a self-restrained and benign power in international cooperation, while being assured that only an appropriate norm-taker makes a respected norm-maker.
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- The Cambridge Handbook of China and International Law , pp. 476 - 494Publisher: Cambridge University PressPrint publication year: 2024