DOCSLIB.ORG

Business Review of Premier Li Keqiang's Government Work Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Business Review of Premier Li Keqiang's Government Work Report www.pwccn.com Business Review of Premier Li Keqiang’s Government Work Report The annual Government Work Report, Investment leading the way March 2017 delivered by Chinese premier Li Keqiang at Fixed asset investment will remain a key the Fifth Session of the 12th National People’s driver of China’s economic growth, though Congress on 5th March, 2017, sent out many there is an emphasis on “effective important messages. Besides reviewing the investment” for 2017. The government will achievements of 2016 and rolling out the invest 800 billion yuan in railway government’s goals and priorities for 2017, construction and 1.8 trillion yuan in highway the Report discusses major investment and waterway projects in 2017. Construction opportunities that foreign companies should on another 15 major water conservancy be mindful of and the kind of business projects will begin; and work on major rail environment they will operate in, in the transport, civil aviation, and coming year. telecommunications infrastructure projects Premier Li announced a wide array of policy will be speeded up. goals, ranging from economic opening to The government is expected to continue its reform measures, creating over 11 million massive investment in major state projects in new urban jobs, keeping CPI at around 3% to the areas of clean energy, transport, seeking a steady rise in import and export communication, oil and gas, environmental volumes and reducing at least 3.4% in energy protection, modern logistics, city rail, consumption per unit of GDP. emerging industries and upgrading of Noticeably, GDP growth rate for the coming manufacturing, as included in the 13th year has been set at “around 6.5%, or higher if Five-Year Plan (2016-2020). possible in practice,” relative to the range of Given the lukewarm growth of 3.2% for 6.5-7% for 2016. The targeted GDP growth rate private investments relative to robust growth is lower than the actual GDP growth of 6.7% in of 18.7% for state sector in 2016, Premier Li 2016. This is a realistic goal, given the promised that the government would improve uncertainties at home and abroad, along with policies and measures to encourage private the squeezing effect of the supply-side structural investment, and continue to promote public- reforms which will be accelerated this year. private partnerships (PPPs). In order to pave the way and create an In terms of regional development, the amicable climate for the all-important 19th government will continue to pursue its National Congress of the Communist Party of “Three Grand Investment Strategies.” These China to be held in autumn this year, the are the Belt and Road Initiative, Beijing- government has adopted “seeking progress Tianjin-Hebei city cluster, and the Yangtze while maintaining stability” as the core theme River Economic Belt, in addition to for 2017. Focused on improving quality and international industrial capacity cooperation effectiveness of growth, the government has scheme. set the goals of “stabilising growth, deepening reform, making structural adjustments, improving living standards and guarding against risks.” Emerging industries and As the standards of living improve, people’s investment hot-spots demand for high-quality services has soared. Premier Li pledged to step up efforts to ensure China’s Development Plan for Strategic people’s access to equitable and quality Emerging Industries will be implemented education, make progress in building a fully this year. The government will healthy China, develop new types of think accelerate the R&D and commercialisation of tanks with distinctive Chinese features, work new materials, artificial intelligence, to develop cultural industries and launch integrated circuits, bio-pharmacy and 5-G extensive ‘Fitness-for-All’ initiatives so that mobile communications. more people can enjoy sports and stay fit and The government will also step up efforts to healthy. This will create enormous business implement the Made in China 2025 initiative, opportunities in areas such as education, promote application of big data, cloud elderly care, healthcare, tourism, e-commerce computing, and the Internet of Things. It will and creative services for foreign companies. also encourage use of new technologies, new forms of business, and new models to bring Pro-business reform actions about transformation in the production, A prominent feature of this year’s action plan management, and marketing models of is the government’s renewed commitment to traditional industries. National smart deepening structural reform to create a manufacturing demonstration zones and business-friendly environment. manufacturing innovation centres will Specifically, the government pledges to be built. streamline administration, delegate more Environmental protection will be another powers, and improve regulation and services sector of interest to foreign investors. The to enable the market to play the decisive role government has set aggressive targets of in resource allocation. It will also expand the cutting sulphur dioxide and nitrogen oxide piloting of granting market access to foreign emissions by 3%, drastically reducing fine companies on the basis of a negative list1, and particulate matter (PM2.5) density, reduce the discretionary powers of the strengthening the prevention and control of government while giving the market more water and soil pollution, and improving freedom to take its course. control over exhaust emitted by motor To improve private investors’ confidence in vehicles. China’s judicial system, the government has State-owned enterprise (SOE) reform could vowed to improve the property rights and also provide some new opportunities as the protection system for the rights of economic government vows to make substantive entities under all forms of ownership and the progress this year on joint ownership in property rights of citizens. In addition to industries such as electricity, petroleum, addressing infringement on the property natural gas, railways, civil aviation, rights of businesses, the government will telecommunications, and defence. Further, provide equal rights and opportunities and the government plans to advance structural fair rules for all market entities. All industries reform in the power, and oil and gas sectors and sectors, for which entry is not explicitly to open their competitive operations to the prohibited by laws or regulations, “will be private sector. open to all types of market entities,” in Premier Li’s words. 1 The negative list refers to sectors and businesses that are off-limits to foreign investment, and is an extension to the existing investment-approval method of specifying categories that are "encouraged", "prohibited" or "restricted". The negative list method was first adopted in the China (Shanghai) Pilot Free Trade Zone after it opened in 2013. The term negative list first emerged during international investment treaty negotiations, and is now common practice globally, with many countries outlining sectors that are key to national security or sensitive to increased foreign competition. Source: http://usa.chinadaily.com.cn/epaper/2015-11/03/content_22359380.htm 2 PwC More importantly, following the set of new speculative house purchasing will be measures on attracting foreign investment prohibited, as “houses are built to be released in January 2017, Premier Li offered inhabited, not for speculation,” in President further commitments to foreign investors. Xi’s words. These include revisiting the catalogue of In 2017, the government will establish not industries open to foreign-invested firms only a robust long-term mechanism for (FIEs) and making service sector industries, promoting steady and sound development of manufacturing, and mining more open to the real estate sector, with multiple levels of FIEs; encouraging FIEs to be listed and issue demand being met primarily by the market, bonds in China; treating FIEs the same as they will also provide basic housing support. domestic firms on applications, standards- Cities that are under big pressure from rising setting and government procurement; and housing prices need to increase appropriate allowing FIEs to enjoy the same preferential supply of land for residential use. policies under the Made in China 2025 initiative. Thus, the housing boom of 2016 is unlikely to continue in 2017. As part of the supply-side structural reform efforts to cut cost for business, the RMB exchange rate and bad debt government has promised to overhaul government-managed funds, abolish The RMB has been under great pressure for municipal public utility surcharges and 35 devaluation recently as the interest rate of the administrative charges, reduce government US dollar has gone up and the M2 money imposed transaction costs and lower energy supply is projected to grow by another 12% and logistics costs. In addition, the this year. It reached a record 155 trillion yuan government will also investigate and punish by the end of 2016, making China’s stock of the production and sale of counterfeit and currency in circulation equivalent to that of substandard goods, false advertising, and the US, the EU and Japan combined. price fraud to better protect consumer rights. Given the changed situation, it is interesting It needs to be noted that all these liberal to note that in the Government Work Report, measures are set against the background of Premier Li used a new expression of dwindling foreign investment in China in “maintaining the currency’s stable position in recent years, particularly in manufacturing. the global monetary system.” This indicates With rising cost of production and that the government is more tolerant in depreciating RMB, more Chinese companies accepting a weaker yuan this year. are relocating to lower cost neighbouring Preventing systemic financial risk is one of the countries and even to America. Bold tax cut key priorities for 2017. China’s five biggest plans by the US and the UK for strengthening banks reported a combined loss of 274 billion their competitiveness will only encourage this yuan (around US$40 billion) from writing off trend. They also resonate with the calls of bad debts for the first nine months of 2016.
Load more

Recommended publications
  • Editorial - Beyond E-Commerce the Social Case of China’S Digital Economy
    China Perspectives 2017/4 | 2017 Grassroots Makers of Chinese Digital Economy Editorial - Beyond E-Commerce The Social Case of China’s Digital Economy Haiqing Yu Electronic version URL: http://journals.openedition.org/chinaperspectives/7452 DOI: 10.4000/chinaperspectives.7452 ISSN: 1996-4617 Publisher Centre d'étude français sur la Chine contemporaine Printed version Date of publication: 1 December 2017 Number of pages: 3-8 ISSN: 2070-3449 Electronic reference Haiqing Yu, « Editorial - Beyond E-Commerce », China Perspectives [Online], 2017/4 | 2017, Online since 01 December 2017, connection on 23 September 2020. URL : http://journals.openedition.org/ chinaperspectives/7452 ; DOI : https://doi.org/10.4000/chinaperspectives.7452 © All rights reserved Editorial China perspectives Beyond E-Commerce: The Social Case of China’s Digital Economy HAIQING YU his special feature brings together three original articles on Internet omy and the dominance of the US in global digital capitalism, China is finance, grassroots programmers, and an e-psychotherapy platform, poised to lead in digital productivity and innovation. This is a result of the Trespectively, to engage in the ongoing debate on China’s e-commerce state-centred approach to economic development and restructuring, with and digital economy. The three authors contribute to a rethinking of the digital media, technology, and telecommunication as the new epicentre of Chinese digital capitalism from the perspective of sociology (Nicholas Lou - economic growth and market reforms in the 2000s (Zhao 2008; Hong bere), anthropology (Ping Sun), and social psychology (Hsuan-Ying Huang). 2017a). Such a techno-economic discourse, particularly since the 2008 They pinpoint the role of commercial activities as vehicles to highlight global financial crisis, emphasises developing cutting-edge digital technolo - human agency and diversity in China’s transformations.
    [Show full text]
  • Issue 1 2015
    ISSUE 1 · 2015 《中国人大》对外版 NPC National People’s Congress of China THE NATIONAL PEOPLE’S CONGRESS ADVANCES RULE OF LAW Ethnic minority deputies wave farewell on March 15 when the Third Session of the 12th National People’s Congress (NPC) comes to an end at the Great Hall of the People in Beijing. Chen Wen The National People’s Congress 6 advances rule of law Contents Special Report 15 Streamlining administration is 25 ‘Internet Plus’ to fuel innova- government’s self-reform tion, development 6 The National People’s Congress 16 China sanguine on economy advances rule of law under new normal Diplomacy and Defense Report on the work of the Stand- 8 18 Pooling strength on ing Committee of the National Peo- 26 China eyes bigger global role ‘Belt and Road’ strategy ple’s Congress (excerpts) with Chinese solutions Free trade zone strategy in Zhang Dejiang stresses imple- 22 28 Defense budget 2015 lowest 13 speedy implementation mentation of ‘Four Comprehensives’ growth in 5 years 23 Prudent monetary policy still Judicial Reform in place Reform and Development China vows harsher punish- 23 Fertile soil provided for foreign 29 ment for corruption, terrorism investment 14 Slower growth target, tough- er environmental protection benefit Self-reproach is the right atti- Yuan’s full convertibility to 31 China and the world 24 tude to advance judicial reform advance 16 China sanguine on economy under new normal 8 Report on the work of the 18 Standing Committee of the Pooling strength on National People’s Congress (excerpts) ‘Belt and Road’ strategy ISSUE
    [Show full text]
  • The Chinese Economy Continuing Its Moderate Recovery -The Focus Is On
    Mizuho Economic Outlook & Analysis October 1, 2020 The Chinese economy continuing its moderate recovery The focus is on expanding domestic demand and enhancing innovation capability < Summary > ◆ The Chinese economy is recovering rapidly from the downturn because of the spread of COVID-19 infections. Behind the quick recovery are (a) an early containment of the spread of infections, (b) a rise in special demand for medical supplies and communication equipment, and (c) policy support such as infrastructure investment. ◆ Going forward, while special demand and the temporary policy effects will gradually diminish, the Chinese economy is expected to continue a moderate recovery with the support of infrastructure investment. However, there exist downside risks due to a resurgence of COVID-19 infections and a deterioration of the employment environment. ◆ With short-term economic stability on the horizon, the Chinese government has stepped up its efforts to address medium and long-term problems. In the wake of rising uncertainties in the external environment, expanding domestic demand and improving innovation capabilities have become important policy challenges. Mizuho Research Institute Ltd. Yoshino Tamai, Senior Economist China Unit, Research Department - Asia Mizuho Research Institute Ltd. [email protected] This publication is compiled solely for the purpose of providing readers with information on a free- of-charge basis and is in no way meant to solicit transactions. Although this publication is compiled on the basis of sources which we believe to be reliable and correct, Mizuho Research Institute does not warrant its accuracy and certainty. Readers are requested to exercise their own judgment in the use of this publication.
    [Show full text]
  • A Policy Proposal of Guangdong-Hong Kong-Macao Greater Bay Area Intellectual Property Rights Coordination Protection Center
    A POLICY PROPOSAL OF GUANGDONG-HONG KONG-MACAO GREATER BAY AREA INTELLECTUAL PROPERTY RIGHTS COORDINATION PROTECTION CENTER by Hanmin Cao A capstone project submitted to Johns Hopkins University in conformity with the requirements for the degree of Master of Arts in Public Management Baltimore, Maryland May 2020 ©2020 Hanmin Cao All Rights Reserved Abstract With a series of important administrative plans and instructions, such as such as the Outline Development Plan of Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong Province Three-year Action Plan on The Development in Guangdong-Hong Kong-Macao Greater Bay Area(2018- 2020), it has become a consensus to strengthen the protection of intellectual property rights in the Greater Bay area in order to promote legal business environment. Although the intellectual property cooperation of Guangdong, Hong Kong and Macao has a remarkable progress, it still faces some outstanding problems due to the imperfect cooperation platform and mechanism, the difference of system rules among the three regions, and the inconsistency of protection standards and levels among the nine cities in the Pearl River Delta. In this regard, this memorandum provides idea of establishing an Guangdong-Hong Kong-Macao Greater Bay Area intellectual property protection center. In addition, this memorandum discusses the functions of the center, the rights granted, the legislative procedures for its establishment, and the obstacles it may confront. By adopting this proposal, the level of intellectual property rights protection in the Greater Bay Area will be greatly improved. At the same time, it is a good attempt to integrate the judicial and administrative systems of Guangdong, Hong Kong and Macao.
    [Show full text]
  • Xi Jinping's China
    ESSAY XI JINPING’S CHINA François Godement In the six months since he took over as General Secretary SUMMARY In the six months since he took over as General of the Chinese Communist Party (CCP), Xi Jinping has Secretary of the Chinese Communist Party, Xi accumulated more power and more personal authority than Jinping has accumulated more power and more any Chinese leader since Mao Zedong, the founder of the personal authority than any Chinese leader since People’s Republic of China (PRC) whom Xi often quotes. Mao Zedong. During the lead-up to the succession last November, there was open debate in China Even Deng Xiaoping had to contend with a large group of about political reform and about economic and conservatives at the top of the party, from 1977 to 1984, and foreign policy. But this expectant and dramatic was increasingly unable to quell the infighting of different atmosphere has vanished as Xi has taken control of political factions after that date. Xi’s power also exceeds that China. Defying predictions, he has re-established of Jiang Zemin, an underestimated leader who excelled in the primacy of the party over the state and is reinstating personal leadership instead of the factional compromise and synthesis. It dwarfs that of his “collective leadership” that was thought in the past immediate predecessor, Hu Jintao, who increasingly hid decade to be the new norm in China. behind the screen of collective leadership and ended his reign without a clear sense of purpose. Xi’s style differs from that of his predecessors: he speaks in the first person, emphasises the greatness of China, and quotes Mao.
    [Show full text]
  • After Xi Future Scenarios for Leadership Succession in Post-Xi Jinping Era
    APRIL 2021 After Xi Future Scenarios for Leadership Succession in Post-Xi Jinping Era AUTHORS Richard McGregor Jude Blanchette A Joint Report of the CSIS Freeman Chair in China Studies & the Lowy Institute APRIL 2021 After Xi Future Scenarios for Leadership Succession in Post-Xi Jinping Era AUTHORS Richard McGregor Jude Blanchette A Joint Report of the CSIS Freeman Chair in China Studies & the Lowy Institute About CSIS The Center for Strategic and International Studies (CSIS) is a bipartisan, nonprofit policy research organization dedicated to advancing practical ideas to address the world’s greatest challenges. Thomas J. Pritzker was named chairman of the CSIS Board of Trustees in 2015, succeeding former U.S. senator Sam Nunn (D-GA). Founded in 1962, CSIS is led by John J. Hamre, who has served as president and chief executive officer since 2000. CSIS’s purpose is to define the future of national security. We are guided by a distinct set of values— nonpartisanship, independent thought, innovative thinking, cross-disciplinary scholarship, integrity and professionalism, and talent development. CSIS’s values work in concert toward the goal of making real-world impact. CSIS scholars bring their policy expertise, judgment, and robust networks to their research, analysis, and recommendations. We organize conferences, publish, lecture, and make media appearances that aim to increase the knowledge, awareness, and salience of policy issues with relevant stakeholders and the interested public. CSIS has impact when our research helps to inform the decisionmaking of key policymakers and the thinking of key influencers. We work toward a vision of a safer and more prosperous world.
    [Show full text]
  • Foreign Investment in China Post-COVID-19: What’S Changed?
    Foreign investment in China post-COVID-19: What’s changed? Foreign investment in China post-COVID-19: What’s changed? Lessons learned from China’s Two Sessions 2020 China’s major, visible political event each spring is the “Two Sessions,” typically held in March, but this year delayed until May because of the pandemic. Under the current economic and social pressures, the sessions were discernibly different from previous years, and those differences are useful for entities looking to make foreign investment in China to contemplate when seeking guidance on future policy and regulatory trends. The Two Sessions are the most significant publication of five major reports: Premier Li Keqiang’s government work report and annual reports of the National Development and Reform Commission, Supreme People’s Court, Supreme People’s Procurate, and Ministry of Finance. It is also the formal beginning of work to craft the 14th Five-Year Plan. A massive number of participants streams Global media often refer to the NPC Among the significant features was the into Beijing for the China’s Two Sessions, as China’s “rubber stamp parliament” swapping of “sixes.” The GDP goal of members of two key political and social and emphasize that the CPPCC has growth in the 6 percent range was organizations. The National People’s no constitutionally defined power abandoned, and two rhetorical formulas Congress (NPC) is China’s legislature, a This significantly understates both emerged: the Six Stabilities and Six huge body of nearly 3,000 members with a the importance of the sessions and Guarantees. In mid-December of last representative standing committee of about the usefulness of understanding what year, President Xi spoke at the Party’s 170 members.
    [Show full text]
  • June 2020 Trade Bulletin
    June 8, 2020 Highlights of This Month’s Edition • Bilateral trade: U.S. exports to China reached $8.6 billion in April 2020, the first year-on-year increase since January 2020. • Bilateral policy issues: On May 28, the National People’s Congress approved a plan to impose a national security law on Hong Kong, sparking protests in the territory; the Trump Administration declared its intention to begin revoking Hong Kong’s special status in U.S. law; two final rules from the Department of Commerce’s Bureau of Industry and Security (BIS) add to the Entity List Chinese entities involved in human rights abuses and facilitating military use of U.S. technology; BIS also strengthens controls over semiconductor exports to Huawei; Chinese companies look to other capital markets as the United States tightens scrutiny on Chinese securities. • In Focus – Two Sessions 2020: Convening in Beijing to set national-level priorities, China’s top leaders abandoned the country’s GDP growth target in favor of measures supporting employment and social stability, unveiled large-scale economic stimulus policies, and announced an ambitious legislative agenda. Contents Bilateral Trade ............................................................................................................................................................2 U.S. Goods Exports to China Up in April 2020, but Outlook Uncertain ...............................................................2 Bilateral Policy Issues ................................................................................................................................................3
    [Show full text]
  • China Lowers Growth Target
    BEIJING Your Beijing Bible • Insightful and interactive – real voices from the capital’s expat community • Issues, life and style • Culture, eating, nightlife and more Metro Beijing appears in the English edition of the Global Times here in Beijing, Monday to Friday. Nation Depth of Field Life Business Parking Women Hats, shiny Experts discuss pedals speaking leather & government 6 up 12-13 fur 18 work report B1 www.globaltimes.com.cn VOLUME 8 • NO. 2233 • MONDAY MARCH 6, 2017 PRICE 2 YUAN Nation to spend more on rural healthcare By Yang Sheng China spent 1.32 trillion yuan ($191 billion) in 2016 on medi- cal services, four times the expenditure before reforms to the medical system were in- troduced in 2008. But experts and lawmakers from undevel- oped rural areas have noted the shortage of medical talent still hampers the promotion of the reform. China will increase an- nual government subsidies for health insurance for rural and urban residents from 380 yuan per person to 450 yuan, Premier Li Keqiang said on Sunday 2 Chinese President Xi Jinping (central) and other State leaders Li Keqiang (third from right), Yu Zhengsheng (second from left), when delivering China Liu Yunshan, Wang Qishan and Zhang Gaoli attend the opening session of the National People’s Congress, China’s legislature, at Beijing’s Great Hall of the People on Sunday. Photo: Xinhua Global contribution China’s GDP growth (%) 7.7 2013 7.4 2014 Nation contributed 30.5% to global growth from 2011-15 6.9 6.7 2015 2016 6.5 2017 China lowers growth target Yearly contribution to world GDP growth in 2011-15 Li Keqiang said China 6.7 percent.
    [Show full text]
  • Comparative Connections a Triannual E-Journal on East Asian Bilateral Relations
    Comparative Connections A Triannual E-Journal on East Asian Bilateral Relations China-Southeast Asia Relations: South China Sea Advances Meet Stiff US-led Opposition Robert Sutter, George Washington University Chin-hao Huang, University of Southern California Chinese leadership’s efforts in late 2013 to shift the emphasis of China’s regional posture toward positive economic and diplomatic initiatives and to play down South China Sea territorial disputes foundered in early 2014. Led by US government officials, notably the secretaries of State and Defense, increasing international criticism focused on Chinese efforts to advance territorial control through coercive, intimidating, and disruptive means. Beijing’s continued assertiveness and advances involving fishing regulations, air defense rights, and coast guard and naval activities based on China’s vague and broad territorial claims received repeated, strong US executive branch criticism and firmer opposition in Congress. The US was joined by regional allies Japan, the Philippines, and Australia. Official Chinese media noted President Barack Obama’s endeavor to sidestep direct criticism of China during stops in Malaysia and the Philippines in his April visit to Asia, though the Philippine-US Enhanced Defense Cooperation Agreement marking Obama’s Manila visit was widely criticized. Although Southeast Asian media and other non-government commentary also registered concerns with Chinese assertiveness, most governments tended to avoid criticism of China. Nevertheless, Malaysia and Indonesia voiced unusual concern for their interests posed by China’s broad territorial ambitions. China’s image of success, beneficence, and resolve Leadership pronouncements and supporting commentary portrayed China as successfully striking the “right balance” in efforts to advance control over disputed territory while winning regional support through active and avowed mutually beneficial economic, diplomatic, and other initiatives with Southeast Asian governments, ASEAN, and other regional groups.
    [Show full text]
  • Vulnerabilities in China's Financial System and Risks for the United
    SECTION 2: VULNERABILITIES IN CHINA’S FINANCIAL SYSTEM AND RISKS FOR THE UNITED STATES Key Findings • China’s formal financial system is dominated by state-owned banks, whose position has been strengthened in the wake of the novel coronavirus (COVID-19) pandemic in 2020. These banks favor state-owned enterprises (SOEs) and privileged companies, leaving other Chinese companies starved for cap- ital. Between 2008 and 2016, a large and unwieldy shadow banking sector emerged to fill this gap, leading to a prolifer- ation of risky financial products and rising leverage across China’s financial sector. • In 2016, Beijing launched a financial de-risking campaign to rein in shadow banking activity and clean up the financial sec- tor. This campaign choked off small private companies’ access to financing. The COVID-19 pandemic has further deteriorated the financial health of these companies, forcing the government to ease its regulatory tightening and prioritize economic stability over financial de-risking. With such vulnerabilities remaining unaddressed, investors in China’s capital markets are increas- ingly exposed to structural problems in China’s financial sys- tem. • As Beijing strategically opens its financial sector to secure foreign capital and global investment indices shift asset allo- cations toward Chinese securities, U.S. investors’ exposure to the unique and significant risks accumulated in China’s capital markets rises. These risks center around the opacity of China’s financial system and Beijing’s interference in market activity to advance its political objectives. • Increased financial exposure to China threatens to undermine U.S. efforts to defend against China’s unfair economic practic- es and protect U.S.
    [Show full text]
  • The Chinese State's Perception of International Monetary Order A
    The Chinese State’s Perception of International Monetary Order A Dissertation Submitted in Partial Fulfilment of the Requirements for the Degree of Doctor Rerum Politicarum to the Department of Political and Social Sciences of Freie Universität Berlin by LIU Weihao Berlin, 2020 Supervisor: Prof. Dr. Eberhard Sandschneider Second examiner: Prof. Dr. Michael Bolle Date of defense: 18/12/2020 ------------------------------------------------------------------------------------------------------------------------------- Declaration of authorship I hereby declare that I have completed the dissertation independently without the use of the literature and resources other than those specified. Berlin, 12/2/2021 Weihao LIU Acknowledgments Acknowledgments This dissertation would not have been possible without the guidance and help of many people who are acknowledged herein. First and foremost, I wish to express my sincerest gratitude to my supervisors and advisor, Prof. Dr. Eberhard Sandschneider, Prof. Dr. Michael Bolle, and Prof. Dr. Theocharis Grigoriadis, who have supported me throughout the course of my dissertation with their time and knowledge, whilst granting me the freedom to work on my own way. Without their help, this work cannot be realized. I am sincerely obliged to them for their lasting support. Finally, I want to thank myself for going against the expected. For the resolve and passion that I dedicated to this original research project. i Acknowledgments ii Abstract Abstract This dissertation analyzes what has framed and conditioned the Chinese State’s perception of international monetary order, which is so far of problematic interpretation. Market economic reforms can be seen as what indicates its views on the matter. However, the unfulfilled promise to open the capital account since 2007 and the concurrent crisis in the international monetary system constitute what has perplexed the interpretation of its perception.
    [Show full text]