China's Participation in the IMF, the World Bank, and GATT

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China's Participation in the IMF, the World Bank, and GATT

Toward a Global Economic Order

Harold K. Jacobson and Michel Oksenberg

Studies the evolving relationship between China and the keystone international economic organizations

Description

Harold K. Jacobson and Michel Oksenberg bring their considerable knowledge of, respectively, international agencies and China to this study of the evolving relationship between the People's Republic of China and the keystone international economic organizations (KIEOs): the International Monetary Fund, the World Bank and its affiliated agencies, and the General Agreement on Tariffs and Trade (GATT).

Until the early 1970s China was hostile toward the KIEOs, seeing them as instruments of capitalist exploitation. The change in that position, and the ensuing rapprochement between the two sides culminating in the negotiations and Chinese membership in the KIEOs, is an important subject. It is made immeasurably more significant by the extraordinary potential of China in the world economy. The different perspectives of the two authors permits this process to be analyzed from the point of view of both sides and to be informed by discussions and interviews with senior officers of the KIEOs and high Chinese officials.

Among the questions addressed are: How and why did such a sharp change in the relationship between China and the KIEOs occur? What accounts for the Chinese decision to seek inclusion in the KIEOs? How did the KIEOs, and their most important members, the Western states, come to welcome China's inclusion? What have the consequences of China's involvement in the IMF and World Bank been for the two institutions and for China? What are the issues involved in China's request for entrance in the KIEOs and full participation in the GATT? How will China's involvement in the KIEOs affect the USSR's involvement?

Although the book deals with issues and events that predate the June, 1989, events in Tiananmen Square, the authors completed their manuscript after those events. They endeavor to interpret their observations in the light of the changed situation in China and the clear evidence that China has not yet settled into easy international participation with the Western states.

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Contents

Tables xv

Acronyms xvii

Chapter 1. China and the KIEOs: The Historical Significance
The Issues at Stake: Implications for International Political Economy; The Implications for China; A Historical Perspective; Principal Findings 1

Chapter 2. Two Moving Targets of Undetermined Trajectories
The Origins and Purposes of the KIEOs; The Evolution of the KIEOs; China's Successive National Security and Development Strategies; Conclusion 21

Chapter 3. The Process of Engagement with IMF and IBRD
A Successful Engagement; To the Mid-1970s; Establishing Direct Contact with the KIEOs, 1976-79; The Decision for Participation in IMF and the World Bank, 1979 through Winter, 1980; Negotiating the Terms for Membership in IMF and the World Bank, Spring-Summer, 1980 57

Chapter 4. Negotiations about China's Application for Full Participation in GATT
Early Contact, 1980-83; Linden and Dunkel Visits, 1984, 1985, and 1986; The Chinese Calculus; Initial Negotiations; The American Position; The Chinese Position in the Negotiations; Hong Kong and Taiwan; Prospects for GATT Negotiations; An Appraisal 83

Chapter 5. The Process of Initial Participation in the KIEOs
Integrating a State into the KIEOs: The Four Stages; The World Bank; The International Monetary Fund; GATT; An Appraisal 107

Chapter 6. The Process of Mutual Adjustment
Adjustment in the KIEOs; Adjustment in China; The Trouble Spots; Reasons for Success 129

Chapter 7. Implications for the Future
Implications for Perspectives about International Political Economy; A Cautionary Note; A Shared Responsibility; Implications for Soviet Union Entry into the KIEOs; Toward a Global Economic Order 157

Appendixes
1. World Bank China Approved Projects     173
2. World Bank Publications Dealing with China     176
3. Questionnaire: Substantive Questions     180

References 185

Index 193