Nothing has altered the existing international financial system more than China's ascent during the past three decades. Despite of the country's growing economic weight, multilateral financial institutions have inadequately reformed their governance structure to accommodate for China's demand for greater influence. As a result, China has developed its own parallel financial institutions and initiatives, such as the Asian Infrastructure Investment Bank and the Belt and Road Initiative.
How has the dynamics of the global financial infrastructure changed as a result of China's rise? How can global governance be improved to better reflect the economic weight of emerging economies such as China? Should Chinese institutions and initiatives be viewed as competitive or complementary to the existing international financial architectural system?
Bruegel was delighted to host Paola Subacchi for a conversation about her recent report, China and the global financial architecture.