Chapter

China in the Global Crisis

Amiya Kumar Bagchi and Anthony P. D’Costa

in Transformation and Development

Published in print November 2012 | ISBN: 9780198082286
Published online January 2013 | e-ISBN: 9780199082377 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198082286.003.0005
China in the Global Crisis

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This chapter traces the historical and social origins of the rising dependence of China and its East Asian neighbours on the consumption market in the Global North for their export-driven growth, as well as their dependence on U.S. financial vehicles as the store of value for their savings. With these two dependencies, China and its Asian neighbours have few choices but to continue to help the U.S. maintain its global economic dominance amid the global crisis by extending more credit in the short run. The chapter also considers the options available to China to help lead East Asia out of its market and financial dependence on the US, and to facilitate the formation of a more autonomous economic order in Asia.

Keywords: Export-driven growth; Global North; consumption market; Chinese savings in USA; Chinese investments; US global dominance; East Asian economic order; US financial vehicles; Chinese financial dependence; East Asian credit

Chapter.  7451 words.  Illustrated.

Subjects: Comparative Politics

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