Pradumna B. Rana — US-led vs. China-led economic architecture

China’s frustration with the slow progress of IMF governance reform has contributed to the evolution of a China-led architecture that locks out the West – the latest examples being the New Development Bank and the Credit Reserve Arrangement established by the BRICS. This column argues that these institutions are not a threat to the IMF and the World Bank, but they complicate global economic governance. It is unlikely that Europe’s ‘troika’ model – where the IMF works jointly with regional financing facilities – will be possible in Asia. We perhaps need a New Bretton Woods.

The Washington Consensus cancelled for Asia. The US blew its global leadership by strong-arming.

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US-led vs. China-led economic architecture
Pradumna B. Rana | Associate Professor at the S, Rajaratnam School of International Studies, Nanyang Technological University, Singapore