Paradigm(s) Shifting? Responding to China’s Response to the Global Financial Crisis

Shaun Breslin

in The Consequences of the Global Financial Crisis

Published in print May 2012 | ISBN: 9780199641987
Published online September 2012 | e-ISBN: 9780191741586 | DOI:

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This chapter considers how China responded to the impact of the global crisis, and the subsequent debates over what this response means for the balance of power in the global order. A massive injection of funds through both official stimulus packages and an expansion of bank loans helped overcome a sharp drop in exports in the short term, but reignited debates over the structure of economic power in China, and the need to develop a new mode of growth promotion in the long term. Despite some problems related to asset bubbles and increasing bank debt, China’s ability to bounce back quickly from the impact of the crisis has cemented China as a leading actor in attempts to reform global economic governance, and has led many to rethink the efficacy of strong state-led developmental strategies vis-à-vis (neo)liberal alternatives.

Keywords: China; export-led growth; developmental state; global crisis; power transition

Chapter.  9333 words. 

Subjects: Political Economy ; Financial Institutions and Services

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