A Tale of Ending Poverty: The New Financial Institutions and China’s Global Strategy

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Abstract

The term “end-poverty” is deployed by the World Bank (WB) in working with the Asian Infrastructure Investment Bank (AIIB) and countries along the Belt and Road on the Belt and Road Initiative (BRI). This chapter contextualizes the BRI in a world a struggle, one in which actors take actions, based on their own field of expertise and knowledge, to further their interests. Inspired by David Kennedy’s argument of the role of expertise in a world of struggle, this chapter explores the role of the term, “end poverty”, in enabling relevant actors to further their interests. This chapter argues that “end poverty” is the middle-ground between various actors, including the sovereign nations, new and established financial institutions involved in the BRI. The moral endowment and indeterminacy of the term enables WB and other institutions, including AIIB and New Development Bank (NDB), to engage with the BRI for the purpose of its own agendas. The term, as well, facilitates China to deploy its global strategy in the political economy of the contemporary world. The indeterminacy of the term, however, covers up the story of the struggle of the member countries of the new institutions for strategic advantages in multilateral lending and global economic governance, and largely conceals the political objectives and effects of particular countries within the new institutions. The term as well neglects the sufferings of those disadvantaged in regions and countries of the BRI, that the BRI projects strengthens the elites and their power in the recipient countries over their populations. In deploying the term and furthering the global strategy, China’s infrastructure financing increases uncertainty and risks in the global financial system.
Original languageEnglish
Title of host publicationNormative Readings of the Belt and Road Initiative: Road to New Paradigms : Road to New Paradigms
EditorsWenhua Shan, Kimmo Nuotio, Kangle Zhang
Number of pages23
PublisherSpringer
Publication date2018
Pages105-127
ISBN (Print)978-3-319-78017-7
ISBN (Electronic)978-3-319-78018-4
DOIs
Publication statusPublished - 2018
MoE publication typeA3 Book chapter

Fields of Science

  • 513 Law

Cite this

Zhang, K. (2018). A Tale of Ending Poverty: The New Financial Institutions and China’s Global Strategy. In W. Shan, K. Nuotio, & K. Zhang (Eds.), Normative Readings of the Belt and Road Initiative: Road to New Paradigms: Road to New Paradigms (pp. 105-127). Springer . https://doi.org/10.1007/978-3-319-78018-4_6
Zhang, Kangle. / A Tale of Ending Poverty : The New Financial Institutions and China’s Global Strategy. Normative Readings of the Belt and Road Initiative: Road to New Paradigms: Road to New Paradigms. editor / Wenhua Shan ; Kimmo Nuotio ; Kangle Zhang. Springer , 2018. pp. 105-127
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Zhang, K 2018, A Tale of Ending Poverty: The New Financial Institutions and China’s Global Strategy. in W Shan, K Nuotio & K Zhang (eds), Normative Readings of the Belt and Road Initiative: Road to New Paradigms: Road to New Paradigms. Springer , pp. 105-127. https://doi.org/10.1007/978-3-319-78018-4_6

A Tale of Ending Poverty : The New Financial Institutions and China’s Global Strategy. / Zhang, Kangle.

Normative Readings of the Belt and Road Initiative: Road to New Paradigms: Road to New Paradigms. ed. / Wenhua Shan; Kimmo Nuotio; Kangle Zhang. Springer , 2018. p. 105-127.

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

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AB - The term “end-poverty” is deployed by the World Bank (WB) in working with the Asian Infrastructure Investment Bank (AIIB) and countries along the Belt and Road on the Belt and Road Initiative (BRI). This chapter contextualizes the BRI in a world a struggle, one in which actors take actions, based on their own field of expertise and knowledge, to further their interests. Inspired by David Kennedy’s argument of the role of expertise in a world of struggle, this chapter explores the role of the term, “end poverty”, in enabling relevant actors to further their interests. This chapter argues that “end poverty” is the middle-ground between various actors, including the sovereign nations, new and established financial institutions involved in the BRI. The moral endowment and indeterminacy of the term enables WB and other institutions, including AIIB and New Development Bank (NDB), to engage with the BRI for the purpose of its own agendas. The term, as well, facilitates China to deploy its global strategy in the political economy of the contemporary world. The indeterminacy of the term, however, covers up the story of the struggle of the member countries of the new institutions for strategic advantages in multilateral lending and global economic governance, and largely conceals the political objectives and effects of particular countries within the new institutions. The term as well neglects the sufferings of those disadvantaged in regions and countries of the BRI, that the BRI projects strengthens the elites and their power in the recipient countries over their populations. In deploying the term and furthering the global strategy, China’s infrastructure financing increases uncertainty and risks in the global financial system.

KW - 513 Law

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DO - 10.1007/978-3-319-78018-4_6

M3 - Chapter

SN - 978-3-319-78017-7

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EP - 127

BT - Normative Readings of the Belt and Road Initiative: Road to New Paradigms

A2 - Shan, Wenhua

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PB - Springer

ER -

Zhang K. A Tale of Ending Poverty: The New Financial Institutions and China’s Global Strategy. In Shan W, Nuotio K, Zhang K, editors, Normative Readings of the Belt and Road Initiative: Road to New Paradigms: Road to New Paradigms. Springer . 2018. p. 105-127 https://doi.org/10.1007/978-3-319-78018-4_6