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Comprehending China's Stance in Global Financial COMPREHENDING CHINA’S STANCE IN GLOBAL FINANCIAL GOVERNANCE COMPREHENDING CHINA’S STANCE TOWARD GLOBAL FINANCIAL GOVERNANCE: A TWO-STAGE MODEL By FALIN ZHANG (B.A., M.A.) A Thesis Submitted to the School of Graduate Studies in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy McMaster University © Copyright by Falin Zhang, 2015 McMaster University DOCTOR OF PHILOSOPHY (2015) Hamilton, Ontario (Political Science) TITLE: Comprehending China’s Stance Toward Global Financial Governance: A Two-Stage Model AUTHOR: Falin Zhang, B.A., M.A. (Sichuan University), M.A. (McMaster University) SUPERVISOR: Professor Robert O’Brien NUMBER OF PAGES: x, 274 ii Abstract China’s attitude and foreign policies in global financial governance are not consistent. A two-stage model, which is comprised of formation of Guojia Liyi (interests and preferences of China, 国家利益) (Stage I) and decision-making process (Stage II), is established to explain China’s policy inconsistency in global financial governance. Through this model, the thesis makes two major explanations for policy inconsistency. First, China’s Guojia Liyi in various global financial governance institutions and/or events may be different. These different Guojia Liyi are constituted by personal epistemic interests, interests of the state and national interests and are constrained by both material and ideational factors, particularly the domestic and international political economic environment, state ideology and interpretation. Therefore, China’s policies based on these Guojia Liyi vary. Second, even if the Guojia Liyi formed are the same in different events or institutions, the final actions are not always in accordance to the Guojia Liyi due to the influence of some factors on the specific decision-making process, such as lobbying, institutional conflicts and others. The two-stage model explains the policy inconsistency through both ontological and epistemological integration. Ontologically, this model considers structure and agent and treats both state and decision- makers as units of analysis. Epistemologically, this model incorporates both rational and cognitive school of thoughts by separating Guojia Liyi formation with specific decision- making processes and considering time as a crucial variable. iii Acknowledgements I would like to extend my sincere gratitude to my supervisor, thesis committee members, colleagues, families and pet cat, without whom this journey would not have been possible and so impressive. It is the patient guidance, inspiring encouragement and generous financial support of my supervisor Prof. Robert O’Brien that turned an imagined picture in my mind into a tangible and amazing thesis on my desk. Among many things that I learned from him is that difficulties emerge only when you forget the positive possibilities. It is my thesis committee member Prof. Tony Porter, Prof. Michelle Dion and Prof. Lana Wylie’s valuable advice and suggestions, timely feedback and huge tolerance for my “email bomb” that make this project finished on time. The rigorous scholarship of Prof. Porter and the knowledgeableness of Prof. Dion and Prof. Wylie impressed me and taught me how to be an excellent scholar. It is the help of Prof. Richard Stubbs and Prof. Stephen McBride that make my thesis more interdisciplinary and less possible for criticism. It is the friendship of my colleagues in the department of political science that make this journey full of fun, warmness and beers. It is my wife’s companion that makes my study abroad feel like at home. It is my pet cat that wakened me up every morning to start work. Sincere thanks to all of you!!! iv Table of Contents Abstract ............................................................................................................................. iii Acknowledgements .......................................................................................................... iv List of Tables and Charts ............................................................................................... vii Tables ........................................................................................................................................ vii Charts ........................................................................................................................................ vii List of Abbreviations ..................................................................................................... viii Declaration of Academic Achievement ........................................................................... x Chapter One: Introduction .............................................................................................. 1 Global Governance and China ................................................................................................. 1 Global Financial Governance and China: Research Puzzles ................................................. 6 Foreign Policy Analysis Literature: Why a New Model? ..................................................... 12 Chapters Outline ...................................................................................................................... 17 Chapter Two: China and Global Financial Governance - Centripetalism, Elevation and Inconsistency ............................................................................................................ 20 A Newly-reconstituted Global Financial Governance System ............................................. 23 China in Global Financial Governance System: a rising star or a leader? ........................ 29 Internationally ........................................................................................................................ 30 Domestically: Achievements and Challenges ....................................................................... 39 China in Global Financial Governance: Inconsistency of Strategies .................................. 45 Conclusion ................................................................................................................................ 50 Chapter Three: A Two-Stage Theoretical Model ........................................................ 52 A Two-Stage Model: An Overview ......................................................................................... 53 Stage I: Formation of Interests and Preferences .................................................................. 56 National Interest .................................................................................................................... 56 Guojia Liyi ............................................................................................................................. 66 Stage II: Decision-Making Process ......................................................................................... 86 China’s Policy-Making Mechanism ...................................................................................... 86 Decision-making Environment .............................................................................................. 91 Conclusion: Explaining the Policy Inconsistency ................................................................. 97 Chapter Four: From G8 to G20 - Changing Guojia Liyi of China ........................... 100 China in the G8: A Revisionist Power ................................................................................. 100 Political Economic Environment ......................................................................................... 102 State Ideology ...................................................................................................................... 106 Interpretation ....................................................................................................................... 109 China in the G20: A Status-Quo Power ............................................................................... 110 Political Economic Environment ......................................................................................... 114 State Ideology ...................................................................................................................... 116 Interpretation ....................................................................................................................... 118 Conclusion: Verifying the Hypotheses ................................................................................. 120 v Chapter Five: International Monetary System Reform and China’s Choice: Formation of Guojia Liyi .............................................................................................. 128 Causes of the Crisis and China’s Response ......................................................................... 128 International Monetary System Reform .............................................................................. 131 China’s Ideas and Actions in Reforming the IMS .............................................................. 134 Guojia Liyi in Reforming the IMS and Influencing Factors .............................................. 142 Domestic Development and Problems ................................................................................ 142 International Environment ................................................................................................... 144 State Ideology ...................................................................................................................... 146 Interpretation ......................................................................................................................
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