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You searched for: Publishing Institution Centre for International Governance Innovation Remove constraint Publishing Institution: Centre for International Governance Innovation Political Geography China Remove constraint Political Geography: China Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic Development Remove constraint Topic: Development
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  • Author: Ming Zhang
  • Publication Date: 03-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Due to the 2008-2009 global financial crisis, the Chinese government began to promote renminbi (RMB) internationalization in order to raise its international status, decrease reliance on the US dollar (USD) and advance domestic structural reform. RMB internationalization has achieved progress not only in cross-border trade settlement, but also in the offshore RMB markets. However, the rampant cross-border arbitrage and the relatively slow development of RMB invoicing compared to RMB settlement are becoming increasingly problematic. RMB internationalization has exerted significant influence on not only the Chinese economy but also other emerging market economies. RMB internationalization complicates domestic monetary policy, exacerbates the currency mismatch on China's international balance sheet and increases both the scale and volatility of short-term capital flows. It offers emerging economies another alternative for pricing domestic currency and investing foreign exchange reserves. Its overall impact on the international monetary system's stability will depend on how the capital account is liberalized and the consistency and transparency of Chinese monetary policy. This paper concludes with five recommendations for Chinese policy makers to promote RMB internationalization in a sustainable way that is conducive to international stability.
  • Topic: Development, Economics, Government
  • Political Geography: United States, China
  • Author: John Whalley
  • Publication Date: 02-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded in September 2013, is a trial for China's new round of “reform and opening up” (China.org.cn 2008). The SPFTZ has promised liberalization on capital account and trade facilitation as its main objectives. This paper discusses reasons why China needs such a pilot zone after three decades of economic development, examines the differences between the SPFTZ and other free trade zones (FTZs) and highlights the developments of the SPFTZ since its inception. The SPFTZ's initial impressions are assessed, especially its impact on the opening of China's capital account and financial liberalization. The hope is that the success of the SPFTZ, and more pilot policies replicated in China, will give rise to a more balanced Chinese economy in the following decade.
  • Topic: Development, Economics
  • Political Geography: China
  • Publication Date: 07-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: China’s coal consumption fell marginally in 2014, the first such drop this century, in large part as a result of its policies to address its severe air pollution, develop renewable and alternative energy, and transition its economy away from heavy industry. China should take advantage of its current circumstances to adopt an aggressive national coal consumption cap target and policy to peak its coal consumption as soon as possible, no later than its next Five Year Plan (2016–2020), so that it can peak its CO2 emissions by 2025. It can achieve this target by building upon its existing achievements in developing clean energy such as wind and solar power, and by prioritizing renewable energy development over coal in its western expansion. China can help lead a transition to clean energy that will contribute greatly to global efforts to keep warming to no more than 2°C, and can serve as a model for other developing countries.
  • Topic: Climate Change, Development, Energy Policy, Industrial Policy
  • Political Geography: China