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Abstract<\/strong>
\nHow is the rise of China affecting international governance? This paper examines the domain of infrastructure finance by focusing on China\u2019s two policy banks, which are the main creditors of China\u2019s overseas infrastructure projects. While the incumbent international credit regimes led by the Organisation for Economic Co-operation and Development (OECD) distinguish development-oriented aid from commercially oriented export credits, emerging late-developed economies blur this dichotomy by largely funding development projects with state-backed export credits. The way China alters the OECD\u2019s credit governance, this paper argues, demonstrates both the generality of late development and the peculiarity of \u201cChinese\u201d development. Rather than directly subsidizing firms\u2019 international business with the state\u2019s fiscal revenue, policy banks financialized host country\u2019s state-owned and state-coordinated assets using various market instruments. By doing so, they gave Chinese firms a comparative advantage in the markets of less developed regions, allowing them to undertake projects that firms from advanced industrial countries cannot. This financing mechanism has reshaped the international development regime by transforming the dominant means of credit allocation from state-led aid-giving to market-based exchange, and rewritten the liberal rules of the international export credit regime by financing the developing world in a both statist and liberalist manner. As a result, China has built a paralleled regime in regions insufficiently covered by the existing financial schemes of incumbent credit regimes.
\nChen, M. \u201cInfrastructure Finance, Late Development, and China\u2019s Reshaping of International Credit Governance.\u201d European Journal of International Relations (2021)<\/p>\nAbout the speaker<\/strong>
\nProf. Muyang Chen is affiliated with Peking University’s School of International Studies. Her research and teaching interests lie at the intersection of development, political economy, and international relations. Prof. Muyang\u2019s research focuses on understanding the role of the state in development, and addresses the question of how China\u2019s development finance affects global order. She also studies the role of public financial agencies in facilitating development assistance, export finance, and industrialization.
\nPrior to joining Peking University, Prof. Muyang was a JSPS-funded Visiting Scholar at the National Graduate Institute for Policy Studies (2017), a Pre-Doctoral Fellow at the Global Development Policy Center (2018), and was offered Fairbank Center for Chinese Studies An Wang Postdoctoral Fellowship at Harvard University (2019-2020).
\nProf. Muyang holds a Ph.D. in International Studies from the University of Washington, an M.A. in Asian Studies from the University of California, Berkeley, and dual bachelor\u2019s degrees from Peking University and Waseda University.<\/p>\nInquiry<\/strong>
\nGraSPP Research Seminar Secretariat | graspp_eventinfo<>pp.u-tokyo.ac.jp
\nProf. Toshiro Nishizawa | tnishizawa<>pp.u-tokyo.ac.jp
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