Advertisement

Introduction

Chapter

Abstract

One of the most profound transformations of global finance in our time is China’s rise. What truly epitomizes the country’s surge in preeminence is the globalization of Chinese energy finance , for it is in this sector that China has outshined all other players. This chapter thus poses the research question: Why has China become the largest global finance of energy through its two policy banks—China Development Bank (CDB) and China Export and Import Bank (CHEXIM)? Understanding this question carries major implications for policy and theory. However, the literature on China’s global energy finance has little to say about why China has globalized its energy finance and energy firms through CDB and CHEXIM. This chapter lays out how the book aims to fill the lacuna and answer why China has globalized its Official development finance (ODF) for energy through CDB and CHEXIM at the beginning of the twenty-first century.

Keywords

Development finance Official development finance (ODF) China Development Bank (CDB) China Export and Import Bank (CHEXIM) 

References

  1. Brautigam, Deborah, and Kevin P. Gallagher. 2014. “Bartering Globalization: China’s Commodity-Backed Finance in Africa and Latin America.” Global Policy 5: 346–352.CrossRefGoogle Scholar
  2. Bremmer, Ian. 2009. “State Capitalism Comes of Age.” Foreign Affairs 88 (3): 40–46.Google Scholar
  3. Bremmer, Ian. 2010. The End of the Free Market. New York, NY: Portfolio.Google Scholar
  4. China Banking Regulatory Commission. 2017. China Banking Regulatory Commission 2016 Annual Report. Beijing: Zhongguo Jinrong Chubanshe (China Finance Publishing House).Google Scholar
  5. China Development Bank. 2017. China Development Bank 2016 Annual Report. Beijing: China Development Bank.Google Scholar
  6. China Export and Import Bank. 2017. China Export and Import Bank 2016 Annual Report. Beijing: China Export and Import Bank.Google Scholar
  7. Dollar, David. 2017. “Is China’s Development Finance a Challenge to the International Order?” Twenty-Sixth Asian Economic Policy Review Conference “Changing Global Financial and Trading Systems and Asia”, Tokyo, October 21.Google Scholar
  8. Downs, Erica. 2011. Inside China, INC: China Development Bank’s Cross-Border Energy Deals. Washington, DC: Brookings Institution.Google Scholar
  9. Dreher, Axel, Andreas Fuchs, Bradley Parks, Austin M. Strange, and Michael J. Tierney. 2017. “Aid, China, and Growth: Evidence from a New Global Development Finance Dataset.” In AidData Working Paper #46. Williamsburg, VA: AidData.Google Scholar
  10. Foster, Vivien, William Butterfield, Chuan Chen, and Nataliya Pushak. 2009. Building Bridges: China’s Growing Role as Infrastructure Financier for Sub-Saharan Africa. Washington, DC: The World Bank.CrossRefGoogle Scholar
  11. Friends of the Earth. 2012. China Development Bank’s Overseas Investments: An Assessment of Environmental and Social Policies and Practices. Berkeley, CA: Friends of the Earth.Google Scholar
  12. Gallagher, Kevin P. 2017. China’s Global Energy Finance. Boston University: Global Economic Governance Initiative.Google Scholar
  13. Gallagher, Kevin P., and Amos Irwin. 2014. “Exporting National Champions: China’s Outward Foreign Direct Investment Finance in Comparative Perspective.” China and World Economy 22 (6): 1–21.CrossRefGoogle Scholar
  14. Gallagher, Kevin P., and Amos Irwin. 2015. “China’s Economic Statecraft in Latin America: Evidence from China’s Policy Bank.” Pacific Affairs 88 (1): 98–121.CrossRefGoogle Scholar
  15. Gallagher, Kevin P., Rohini Kamal, and Yongzhong Wang. 2016. “Fueling Growth and Financing Risk: The Benefits and Risks of China’s Development Finance in the Global Energy Sector.” GEGI Working Paper 2: 1–27.Google Scholar
  16. Gregory, Neil, and Stoyan Tenev. 2001. “The Financing of Private Enterprise in China.” Finance and Development 38 (1): 14–17. Accessed June 7, 2018.Google Scholar
  17. Hannam, Phillip Matthew. 2016. “Contesting Authority: China and the New Landscape of Power Sector Governance in the Developing World.” Doctor of Philosophy Dissertation, Science, Technology and Environmental Policy, Princeton University (ProQuest 10240338).Google Scholar
  18. Kong, Bo. 2010. China’s International Petroleum Policy. Santa Barbara, CA: Praeger Security International.Google Scholar
  19. Kong, Bo, and Kevin P. Gallagher. 2017. “Globalizing Chinese Energy Finance: The Role of Policy Banks.” Journal of Contemporary China 26 (108): 834–851.  https://doi.org/10.1080/10670564.2017.1337307.CrossRefGoogle Scholar
  20. Kurlantzick, Joshua. 2007. Charm Offensive: How China’s Softpower Is Transforming the World. New Haven, CT: Yale University Press.Google Scholar
  21. Meckling, Jonas, Bo Kong, and Tanvi Madan. 2015. “Oil and State Capitalism: Government-Firm Coopetition in China and India.” Review of International Political Economy 22 (6): 1159–1187.CrossRefGoogle Scholar
  22. National Statistical Bureau of China. 2018. “2017 Nian Quanguo Nongcun Pingkun Renkou Mingxian Jianshao, Pingkun Diqu Nongcun Jumin Shouru Jiakuai Zengzhang” [The Rural Population Living Under Poverty Declined Notably While Their Income Saw a Faster Growth in 2017]. Beijing: National Statistical Bureau.Google Scholar
  23. Norris, William J. 2016. Chinese Economic Statecraft: Commercial Actors, Grand Strategy, and State Control. Ithaca, NY: Cornell University Press.Google Scholar
  24. Tunsjø, Øystein. 2013. Security and Profit in China’s Energy Policy. New York, NY: Columbia University Press.CrossRefGoogle Scholar
  25. Wu, Junjie, Jining Song, and Catherine Zeng. 2008. “An Empirical Evidence of Small Business Financing in China.” Management Research News 31 (12): 959–975.  https://doi.org/10.1108/01409170810920666.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.ConocoPhillips Petroleum Chair in Chinese and Asian Studies David L. Boren College of International StudiesUniversity of OklahomaNormanUSA

Personalised recommendations