New Books in East Asian Studies Gregory T. Chin and Kevin P. Gallagher, "China and the Global Economic Order" (Cambridge UP, 2025)
Feb 2, 2026
Gregory T. Chin, Associate Professor of Political Economy at York University who studies China, finance, and global governance. He discusses China’s evolving dance with the IMF and World Bank. Short takes cover China moving from rule-taker to rule-shaker to rule-maker, its inside-outside strategies, differences with Western donors, and ambitions around the renminbi and new development banks.
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Hybrid Inside-Outside Strategy
- China adopted a hybrid strategy: rule-taking inside Bretton Woods, rule-making outside, and rule-shaking by returning to reshape institutions.
- Gregory T. Chin calls this "two-way countervailing power," driven by China’s growing weight and diplomatic leverage.
Crisis Triggered Strategic Shift
- China was largely a status-quo actor in its first two decades, learning from IMF and World Bank practices.
- Crises like the 1997–98 Asian financial crisis catalyzed China and regional states to push back and create alternatives.
China’s Prepared Negotiating Style
- Gregory T. Chin recalled China always coming to negotiations well prepared with clear objectives and in-kind contributions.
- That disciplined, coordinated bargaining helped China secure more flexible treatment from the World Bank than smaller states received.
