Chinese leadership of macroeconomic policymaking in a multipolar world |
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| Affiliation: | 1. Research School of Finance, Actuarial Studies and Statistics, Australian National University, Level 4 RSFAS, CBE Building 26C, Kingsley Street, Acton, ACT 2601, Australia;2. Sloan School of Management, Massachusetts Institute of Technology, 50 Memorial Drive, E52-551, Cambridge, MA 02142-1347, United States;1. Nanjing Agricultural University, College of Economics and Management, 210095 Nanjing, Jiangsu, China;2. Cornell University, Department of Applied Economics and Management, 14853 Ithaca, NY, USA;3. University of Kentucky, Department of Agricultural Economics, 40546 Lexington, KY, USA;1. Center for Economic Research, Shandong University, Jinan, Shandong 250100, China;2. Institute for Studies in County Development, Shandong University, Jinan, Shandong 250100, China;3. Centre for the Health Economy, Macquarie University, New South Wales 2109, Australia;4. Department of Economics, Monash Business School, Monash University, Victoria 3800, Australia;1. Central University of Finance and Economics, China;2. Beijing Normal University, China; IZA, Germany;1. Queen Mary University of London, UK;2. University of the Balearic Islands, Spain;1. Vanderbilt University, VU Station B#351819, 2301 Vanderbilt Place, Nashville, TN 37235, USA;2. Beijing Academy of Educational Sciences, 95 Beisihuandonglu, Chaoyang District, Beijing 100101, China |
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| Abstract: | This paper discusses the kind of leadership in global macroeconomic policymaking that China might provide. The paper describes a form of leadership, which I call ‘concerted unilateralism’, that enables countries to pursue their own objectives, in a way which they would not have been able to do if they were acting on their own, and enables them to achieve a higher level of welfare. I contrast such leadership this with a form of authoritarian leadership in which the leader imposes obligations on other countries which are to the disadvantage of those countries. I argue that China could provide leadership of the first kind, by making use of the G20 Mutual Assessment Process, or G20MAP. In the short term, China might do this by consolidating the ‘2-in-5’ action plan, which Australia instituted within the G20MAP when it was Australia was President of the G20. In the longer term, China might do this by ensuring that there is convergence between the G20MAP and China's own One-Belt-One-Road strategy for international engagement in trade and finance. |
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