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Against the backdrop of China's increasingly influential role in the international financial architecture, this book seeks to characterize and evaluate China's financial power potential. It does so by analyzing the relationship between domestic financial repression and international financial power in the context of the political economy of the developmental state. On the basis of a novel theoretical framework for the analysis of the financial power potential of developmental states, the book provides an in-depth analysis of China's approach to currency internationalization, its creditor status and its policies towards the Bretton Woods institutions while contrasting the country's present role in global finance with the position of the Japanese developmental state in the 1980s and 1990s.

Die Verschiebung der Kräfteverhältnisse und Pekings wachsende Hybris machen einen Angriff Chinas auf Taiwan wahrscheinlicher. Für die EU ist es an der Zeit, sich zu positionieren. (IP)

China's establishment of a sovereign wealth fund has caused concern in Germany; it is feared that the China Investment Corporation might engage in industrial espionage and thereby contribute to the outflow of advanced technology. Moreover, there is apprehension that the CIC might try to enhance China's political influence by investing in strategically important companies. These worries are not based on a deep knowledge of the CIC, however. In fact, they reflect a more general wariness about China's growing economic clout. This article tries to provide a realistic assessment of the potential risks resulting from the establishment of the CIC by analysing its organisation, financing and investment strategy. ; China's establishment of a sovereign wealth fund has caused concern in Germany; it is feared that the China Investment Corporation might engage in industrial espionage and thereby contribute to the outflow of advanced technology. Moreover, there is apprehension that the CIC might try to enhance China's political influence by investing in strategically important companies. These worries are not based on a deep knowledge of the CIC, however. In fact, they reflect a more general wariness about China's growing economic clout. This article tries to provide a realistic assessment of the potential risks resulting from the establishment of the CIC by analysing its organisation, financing and investment strategy.

China steht vor einem Wendepunkt. Das alte Wachstumsmodell mit seiner Konzentration auf Investitionen und Exporte hat seine Kraft verloren. Die Fundamente für ein neues Modell aber, das auf Binnennachfrage und Innovationen basiert, sind noch nicht lange gelegt. Die zweitgrößte Volkswirtschaft der Welt dürfte noch für Jahre eine Großbaustelle bleiben. (IP)

In the debate on authoritarian resilience, the importance of persuasion to regime legitimacy has been widely acknowledged, yet a conceptual framework explaining the role of persuasion is still lacking. Against this backdrop, we argue that the framing perspective (Benford and Snow 2000) provides a useful basis for such a framework. Drawing on Beetham's (1991) model of legitimacy, we contend that the ruling elites in authoritarian regimes propagate official frames in a continuous effort to reproduce the belief of the populace in the elites' leadership qualities and their determination to serve the common interest. In the empirical part of our paper we look at the case of China, where the Chinese Communist Party (CCP) has in recent years reemphasized persuasion as a means of reproducing legitimacy. We then apply our theory in an analysis of the conceptual shifts in the CCP's frames and ideology, as propagated under its secretary general, Hu Jintao.

Laut vernehmlich stellt China den Status quo der globalen Finanz- und Währungsordnung in Frage. Zentralbankchef Zhou Xiaochuan propagiert die Sonderziehungsrechte des IWF als Alternative zum US-Dollar als Weltreservewährung. Präsident Hu Jintao macht sich im Rahmen der G20 dafür stark, die Stimmrechte von Schwellenländern im IWF und in der Weltbank zu erhöhen. Zugleich wird es zum Ziel der chinesischen Außenwirtschaftspolitik, den Renminbi auf internationaler Ebene zu etablieren. Welche ökonomischen und politischen Motive stehen hinter Chinas währungspolitischer Agenda? Besitzt der Renminbi das Potential, sich langfristig zu einer internationalen Handels- und Reservewährung zu entwickeln? Und welche Konsequenzen hat Chinas Währungspolitik für die Zukunft des Weltwährungssystems?