Lee Jong-Wha — China’s New World Order

China – already the world’s largest exporter, manufacturer, and international-reserve-asset holder – is poised to overtake the United States as the world’s largest economy (measured according to purchasing power parity) this year. Now, it is using its growing clout to reshape global economic governance. Indeed, the country’s days of following Deng Xiaoping’s injunction to “hide brightness and cherish obscurity” are long gone.

Professor Lee brings up some obstacles China will face in bringing a new world order rebalanced to take account of the emerging world. What he omits is that the face of over whether neoliberalism will continue as the guiding force for globalization or some other ordering principle. Many emerging nations are losing faith in neoliberalism, especially after the GFC revealed the emperor to be less than fully clothed and the heavy-hand of US foreign policy has destabilized the Post WWII order.

Project Syndicate
China’s New World Order
Lee Jong-Wha | Professor of Economics and Director of the Asiatic Research Institute at Korea University, served as Chief Economist and Head of the Office of Regional Economic Integration at the Asian Development Bank and was a senior adviser for international economic affairs to former President Lee Myung-bak of South Korea