CHINESE CAPITAL GOES GLOBAL: THE BELT AND ROAD INITIATIVE AND BEYOND

• Published in: Journal of East Asian studies Vol. 21; no. 2; pp. 173 - 192
• Main Authors: Shi, Weiyi, Ye, Min
• Format: Journal Article
• Language: English
• Published: New York, USA Cambridge University Press 01.07.2021; 동아시아연구원
• Subjects: Analysis; Bureaucracy; Capital; Capital movements; Capitalism; China; Chinese foreign relations; Coal; Coal industry; COVID-19; Development banks; Economic aspects; Economic growth; Economic research; Employment; Epidemics; Forecasts and trends; Foreign direct investment; Foreign investments; Foreign policy; Geopolitics; Global economy; Globalization; Government lending; Market trend/market analysis; Markets; Pandemics; Policy implementation; Political leadership; Sovereignty; State role; Symposium; 지역학; China; Australia; Beijing China; state capitalism; debt traps; reputation deficit; China; domestic drivers; BRI; policy process; Go Out policy; economic statecraft
• ISSN: 1598-2408; 2234-6643
• DOI: 10.1017/jea.2021.14

The Belt and Road Initiative (BRI), and China's state-led model for economic globalization more generally, have attracted controversy: Are state-led overseas investment and lending driven by strategic motives or market rationale? How have the recipient economies reacted to the influx of Chinese capital? This special issue sheds light on these questions by first outlining the fragmented state system driving the BRI, a system featuring both Beijing's strategic logic at the top and market considerations in policy implementation. The role of the state is unpacked further in China's globalizing coal industry and in the growth of Chinese industry export to BRI countries. Finally, the issue explores the mechanisms behind public backlash and political pushback facing China in Zambia and Australia. As the COVID-19 pandemic continues to shift China's relationship with the world, this special issue contributes to a more nuanced understanding of the modus operandi of Chinese capital going global.