China & Its Role in G20

RIS INTERNSHIP PROGRAMME

Supervised by: Dr. Priyadarshi Dash, Asst Professor, RIS

Submitted by: Ms. Adhya Moona, Intern, RIS

ABSTRACT

This paper has set out to understand the Peoples Republic of China’s role in the international forum of G20. This can be seen as an extremely popular topic in within the realm of international relations mainly because China has the military and economic might, and a nation that the world and scholars believe is capable of challenging the hegemony of the United States of America. This paper has raised several rhetorical questions and calls out for further research in trying to understand China’s current position in the economic global governance. Furthermore, it is important to address the question of the institutionalisation of the G20 and what all steps can be taken to increase its efficiency and legitimacy. International affairs are at its peak of being contingent in nature especially after the change of the regime in the United States, this has changed the global ball game in various aspects. Whilst discussing the strategies pursued by China during the Hangzhou Summit in 2016, this paper has also shed some light on certain challenges that the nation came across while hosting their summit. This paper has also covered China as a part of the BRICS nations and what relationship it shares with its allies along with the countries in the African continent. Furthermore, the paper attempts understand the importance of the Chinese Yuan, but due to the ongoing trade war between US and China, this all is subject to further in-depth research and empirical observation.

INTRODUCTION

Twenty-first century isn’t about countries selfishly aiming for their individual economic growth and development but rather a time has come where in nation-states are coming together to attain a consentient goal of achieving “sustainable development”. The term “sustainable development” is quite self-explanatory where it aims to reach the highest levels of growth and development by using the non-renewable resources judiciously and efficiently using the renewable ones. However, in order to achieve such a goal, it requires the joint and sincere effort of both the developed countries and developing countries essentially the Global North and the Global South. Globalisation has led to the multilateral institutions being more accommodative of the current issues. In the international arena, the G20 also known as the “Group of Twenty” is an indispensable international forum which provides a platform to both the developed and the developing countries to voice their opinions, discuss their concerns and reach unanimous resolutions on matters of global concern and various issues. Whilst the essence of G20 lies in its agenda of promoting economic and financial stability throughout the world, a pattern has been noticed where the past few G20 summits have expanded upon the nature and kind of international issues that are being addressed in the forum. The scope of these issues is vast and wide ranging, they include discussions on women empowerment, corruption, global terrorism, climate change and alike. It is quite interesting to note that China is one of the fastest growing nations in all spheres be it military, economic or technology and which makes it more worthwhile to study impact of this growing superpower on the uni-multipolar world order and the challenges it poses to the

unipolar world dominated by the United States and the Western European Countries. China is concurrently participating actively in the initiatives led by BRICS and the Asian Infrastructure Investment Bank.1 Moreover, what’s more enthralling is that the Trump administration has been actively pursuing the economic policy of “protectionism” and imposition of trade tariffs, which is contrary to the “western liberal values” the States had always had faith in, especially during Obama administration. Simultaneously, the world witnessed the rise of China in the late 1970s onwards, where they adopted the policies of liberalisation and opened up their economy to the world market. Furthermore, Chinese president Xi Jinping is renowned to be the “defender of free trade”. The roles have been reversed and tables have turned. All of these events have made international relations more contingent than ever. China along with the other emerging powers like India, Brazil and South Africa confine to the Western led liberal order and are not looking to subvert the current international order. They are just seeking to reform the world order by seeking greater voice or seat in a forum like the G20. And as per the concept of balance of power within the realm of international relations theory, it is extremely important to research and find out if there are any other developing nation states that serve as a counterbalance to China’s unprecedented growth and attainment of power. Another aspect that is yet to be explored by International relations scholars and alike is the impact of nationalism on the performance and agenda setting of individual countries. Ideally any member country of the G20 should not pursue or advance their national self-interests at an international forum like the G20. Furthermore, it is important to understand that what led to the legitimization of China’s role in economic governance. According scholar Ren (2017), China was praised worldwide for the active role it played in AIIB (Asian Infrastructure Investment Bank) by providing funds to the developing countries to foster their infrastructural development.2 This paper will essentially focus on the significance of China’s role in the G20 and highlighting the outcome and issues that were discussed in the Hangzhou Summit of 2016. Furthermore, this paper will assess and showcase the contribution of China to this global forum.

LITERATURE REVIEW

In writing this paper, the various primary and secondary sources of literature include academic journals, books and newspapers. Most notably, the widely-cited articles of Chin and He on China’s strategies and their implications are captured. Gregory (2016) mentioned about China pursuing a very ecologically sustainable plan including schemes like green bonds.3 Huang (2018) mentioned that China wanted to be a fervent participant of the economic and financial global coordination based on a

1 Jorgensen, Hugh, and Daniela Strube. 2014. "China, The G20 And Global Economic Governance",

pp. 1-22.

2 Ren, Xiao. 2017. "The G20: Emerging Chinese Leadership In Global Governance?". Global Policy 8

(4): pp. 433-441. 3 . Chin, Gregory, and Hugo Dobson. 2016. "China's Presidency Of The G20 Hangzhou: On Global

Leadership And Strategy", pp. 1-17.

liberal trade order, where China wanted to build a positive external image of itself.4 Whilst Alex He spoke more about the “institutionalisation” of G20 as a forum, where he strongly held the view that a permanent secretariat could be a way of legitimizing the body, whereas another scholar Zhu asserted that the informal and flexible character of the body gives it an advantage to actually reach a consensus between the developed markets economies and the emerging ones.5 So at broader perspective, G20 as an international body is often questioned on lines of its legitimacy. But when we look at China, a budding leading power, they are trying to make the most of this international platform to assert its global leadership in the economic sphere and eventually in other related military and political spheres too. China, despite being a socialistic economy, is a strong champion of an open world economy, which had also been displayed in the Hangzhou Summit in 2016, where their main aim was to bolster free trade practices that would benefit all the countries. Furthermore, since the PRC had already established a strong economic and financial standing post the 2007 crisis and through AIIB and their B&R initiative, they got a lot of support not just from the BRICS nations but from countries worldwide, which makes it much easier for them to take on a leadership role. Whilst still trying to understand and assess China’s role in global economic leadership, scholars and economists need to further research on the factors that impact the country’s economic standing like the ongoing U.S-China trade war and the value and importance of Chinese Yuan (RMB) in this century.

G20: AS AN INTERNATIONAL FORUM

Before trying to understand and analyse China’s role in the G20, it imperative to get a fundamental understanding of the structure of G20 and the manner in which it functions. Furthermore, there is an ongoing debate on the “institutionalisation” of this international forum as it is not a formal organisation. The Group of Twenty comprises of those nations that “account for 85 per cent of world GDP and two-thirds of its population”6. These summits are held annually and are attended by the Central Bank Heads and the Finance Ministers of the member countries. It is important to know that what led to the establishment of this convention. The flow of the event was, post the Asian financial crisis of 1997, a meeting by the G7 was held in 1999 wherein they agreed that another forum had to be created which would be more representative than the G7 which would include the developing countries with emerging markets, and together this flamboyant body would be able to take a call on the international financial issues posing challenge to the Twenty-first century.7 Conventionally, the

4 Huang, Wei. 2018. "Global Governance Under The G20: A Chinese Perspective", pp. 41-49.

Accessed August 2. 5 He, Alex. 2014. "China's Goals In The G20- Expectation, Strategy And Agenda". CIGI Papers, no.

39: pp. 4-23. 6 Mustafa, Jamil. 2017. "What Is The G20 And How Does It Work?". The Telegraph.

https://www.telegraph.co.uk/business/0/what-is-the-g20-and-how-does-it-work/. 7 "OVERVIEW OF ARGENTINA's G20 PRESIDENCY 2018". 2018. G20.Org.

https://www.g20.org/en/overview-argentinas-g20-presidency-2018.

United States assumed the role of a leader within the G20, as they had introduced open markets and free trade practices, however post Trump’s policy of protectionism and taking a stance of isolationism, the G20 has become a different ball game all together. This has led to Uncle Sam take a backseat and made G20 a symposium being driven by an emerging market like China. The forum G20 is extremely important and highly relevant to this century considering the fact that it represents the perspectives of both global south and north and covers a wide range of issues from social, to economic to environmental. Another sphere that could be introduced to this convention could be a “political” one, where member-states could work together to achieve larger political goals that are beneficial to all and can help the United Nations to achieve the greater common political objectives of the world. International affairs will always be contingent and will evolve with time, thus it is only fair that the existing international organisations and forums redefine and reshape themselves constantly so that they are up-to-date with the current global order and this in turn provides them with the legitimacy that they require to be acceptable globally. For G20 to be recognized as a legitimate international actor just like the other formal institutions, it is important that all the decisions and resolutions passed by the member-states are binding on all members and a committee should be appointed to oversee the effective implementation of these decisions taken. However, it is extremely difficult to aim or even achieve unanimous acceptance on certain issues because of the disparity and conflicting interests of the countries involved. Division of interests is one of the gravest challenges faced by any international organisation or forum to move together as one and proves to be hurdle in the path of larger success.

AGENDA SETTING: STATIC AND DYNAMIC

The relevance, applicability and one of the central characteristics of G20 lies in the process of “agenda setting” within the different summits that take place. The custom is as follows, the nation-state that hosts the summit is responsible for setting the agenda and drives the discussion in order to have an outcome beneficial to all. The agenda also includes those areas that were prioritised in the previous summit but where not given enough attention to or the objectives that had not be attained. Thus, one can infer that agenda setting is “static” where issues and different topics of interest like anti-corruption measures, increasing employment opportunities, working towards sustainable development and increasing the standard of living, these goals are constantly being tried to be fulfilled, examined or assessed. Therefore, this is the static nature of agenda setting. Whereas, on the other hand sometimes agenda setting is “dynamic” and gets extremely difficult to accommodate. With the rise of nationalism all around the globe, especially those countries dominated by right-wing leaders and parties have started closing up their borders for immigrants. Globalisation isn’t just movement of goods, ideas and technology, but also movement of people, this makes migration an indispensable issue that must be discussed at a forum like G20 where a trend can be observed- movement of labour and employable population from the global south to the global north. Furthermore, it is important to differentiate between core and non-core issues to have a clarity in the structure of the G20. This section of the paper is rather rhetorical, trying to urge

scholars and researchers around the globe to get an understanding of whether these global issues that the presidency countries select are covered adequately from a vast range of issues or are they something conveniently chosen wherein the country hosting the summit feels that the objectives set can be easily achieved, as though they are not willing to work out of their comfort zones. Another rhetorical question that we should look into is how much we have learnt from the crisis, whether it was the 1997 Asian financial crisis or the Financial Crisis of 2007-2008. Another thought to consider is that do these kinds of forums talk about what happens or what leads to a crisis so that the different economies have a crisis management system prepared to tackle these crisis, or should we consider that the crisis management is actually in crisis itself?

CHINA’S STRATEGY IN THE G20 AND THE HANGZHOU SUMMIT 2016

This is an imperative section of the paper that has set out to address the topic of discussion that is, trying to understand the role China plays in G20 including the strategies they pursued during the Hangzhou Summit in 2016 along with the contribution it has made to the forum at a global level. China is a firm believer in the realm of economic governance as stated earlier in this paper, and what gives it more legitimacy and legality is the fact that it in terms of the overall GDP it stands second in the world. China had a very thoughtful and holistic strategy in place that supported its credibility to play the role of a leader in the forum and provided it with an opportunity to hold the summit. As mentioned earlier in this paper, that China got support of the G20 members by impressing them by the role it played in the Asian Infrastructure Investment Bank, similarly, the G20 members applauded China for its “Belt and Road Initiative” where it was trying to bridge the gap between Asia and Europe, was seen as an action taken in the direction of global welfare.8 Furthermore, according to Bruegel post by Alicia G.Harrero, it could be safely assumed that China had a very strong reason to play an energetic and dynamic role in the convention.9 Primarily, it is through this global economic forum that the People’s Republic of China has been bolstering its standing in international society which has been effectively contributing to it soft power capabilities. And the twenty-first century has seen a substantial growth in the importance of soft power. Author Alex He, further ascertained China’s strong position in the realm of economic global governance, by mentioning the fact that China helped with the process of coping up post the 2007-2008 crisis and took necessary steps for the recovery of the global economy. China provided a large amount of US$50 billion to International Monetary Fund to improve its crisis management system and the ability to deal with such financial catastrophe.10 China was seen leading a steady macroeconomic policy. Moreover, one of China’s reform policies that was imperative to their agenda in the 2016

8 Aquino, Carlos. 2017. "China And The G20 Summit". Chinadaily.Com.Cn.

http://www.chinadaily.com.cn/opinion/2017-07/11/content_30070604.htm. 9 García-Herrero, Alicia. 2016. "China’S Political Agenda For The G20 Summit |

Bruegel". Bruegel.Org. http://bruegel.org/2016/08/chinas-political-agenda-for-the-g20-summit/. 10

He, Alex. 2014. "China In The G20 Summitry- Review And Decision-Making Process". CIGI Papers 46: pp.1-28.

Summit was to increase the voting percentage of the developing countries in Bretton Woods institutions like the International Monetary Fund and the World Bank.

The 2016 G20 Hangzhou Summit took place in Hangzhou city in the province of Zhejiang. The core theme of the summit was “building an Innovative, Invigorated, Interconnected and Inclusive World Economy”11. China’s approach towards the agenda is a flexible one where is it has always stood by the side of the forum in terms of the topics that were raised and debated upon. The issues covered in the 2016 Hangzhou include “industrial policy, the digital economy, structural reform, financial architecture, corruption and asset recovery, energy, trade, investment, inclusive business, infrastructure connectivity, entrepreneurship, sustainability, apprenticeships, and climate change finance”12. In terms of setting the agenda, China covered almost all of the relevant and pressing issues of the time by efficiently managing and taking a lead role in economic global governance. Chinese Premier Xi Jinping, especially after the first wave of globalisation and opening its economy to foreign direct investments from all over the world, he envisioned to put in place an extremely successful strategy to economic growth and development. He urged the international community to establish a system comprising of innovative strategies, technological expertise, and the R&D (Research and Development) required for the developing and developed countries to attain a certain level of steady and uniform economic global governance. He pursued a policy of economic cooperation and collaboration. Since the first wave of globalisation, majority of the economies of the world have been interconnected and a domino effect can be observed in the case of any major economic development or a financial crisis vice-versa. Furthermore, hailing from an emerging or rising power, Xi Jinping provided the 2016 summit with a level playing platform where he wanted the emerging markets and economies to voice their opinion, put forth their suggestions leading to a reform if need be, and come up with solutions which would in turn help these newly evolving countries gain legitimacy and a higher seat in the existing economic institutions like the International Monetary Fund and the World Bank. Another aim of the Hangzhou Summit was to continue building an open world economy and even for that matter bolster the existing one. They believed that through globalisation and different initiatives like “One Belt, One Road” ideas of urbanisation, industrialisation, technological equipment and infrastructure would flow from the developed nations to the developing ones that would help uplift the emerging nations and bring them at par or at least bridge the disparity between global north and the global south. Through this we can see that PRC has been exercising multilateral diplomacy. In this century, countries are heading towards growth and development but not at the cost of the environment or exploitation of non-renewable resources, thus aiming for a sustainable approach towards attaining the highest degree of development. Besides the Paris Climate Change, China during their presidency had called for the need for

11

T. Chin, Gregory, and Hugo Dobson. 2016. "China's Presidency Of The G20 Hangzhou: On Global Leadership And Strategy", pp. 1-17. 12

Low, Patrick. 2016. "Three Fixes That Can Save The G20 From Becoming Just ‘A Meeting Place For Leaders’". South China Morning Post. https://www.scmp.com/business/global-economy/article/2019245/three-fixes-can-save-g20-becoming-just-meeting-place-leaders.

a global creation of green financial markets and green bonds thereby making a transition towards an environmental friendly growth and development.13

A challenge faced by the presidency countries who host the summit is to differentiate between their domestic interests or agenda and their international priorities as G20 is a forum established to advance international concerns, not a mechanism through which countries can easily achieve their domestic agendas. Because G20 does not have binding laws or any other commission in place that can oversee the conduct of the countries and the extent to which they are using the forum to manipulate it to their best interests. Especially in the case of China, member countries are required to be a little aware of the manner in which China pursues its strategies and act as watchdogs to ensure that China does not use the G20 as a platform to solve its domestic issues or achieve national economic goals. Foreign policy analysts, economists and finance ministers of member countries are justified in being a little precautious, as it has been seen in the past that former Prime Minister Zhu Rongji used the platform provided by World Trade Organisation (WTO) to advance and attain their domestic agendas which otherwise would have been hard to achieve.14 Another potential challenge to effective economic global governance is the lack of any one country or a rising power to actually support and advocate a united global agenda. Thus, due to the scattered attention paid to a various range of issues that to in different magnitudes, has an impact on the legitimacy of G20 as a body which further prevents it from carrying out functions of financial regulations and economic coordination. However, this can be overcome if China uses it economic power and form strong trade relations with other countries and unite with them on grounds of common interests or shared understanding of values and build strong allies. This would help provide legitimacy to both the China and the G20 forum. An issue of concern is also, to what is China ready to be flexible or sacrifice its independence and sovereignty for this multilateral body? This is a question which is always up for debate.

CHINA, BRICS NATIONS AND AFRICA

China considers its alliance with the Brazil, Russia, India and South Africa of utmost importance. This is because these countries fall in the same category of “emerging or rising powers”, somewhere between developed nations and the underdeveloped ones. If the BRICS nations stand strong and united throughout all the crisis and other unfavourable situations, then they can eventually gather a leverage over the United States alone. What’s more interesting to note is the dedication with which China has been working in Africa to improve their overall economic growth and development. China being a fervent advocate of open world economy, it has been actively investing in the continent of Africa in the direction of achieving global economic welfare for the citizens in different countries of Africa, this is a proof of China acting as a responsible global power. In a larger perspective, China’s foreign direct

13

T. Chin, Gregory, and Hugo Dobson. 2016. "China's Presidency Of The G20 Hangzhou: On Global Leadership And Strategy", pp. 1-17. 14

He, Alex. 2014. "China's Goals In The G20- Expectation, Strategy And Agenda". CIGI Papers, no. 39: pp. 4-23.

investment in Africa has been beneficial to Africa to the extent that it has reduced the poverty levels and increased subsequent economic growth and infrastructural progress. And the main reason why China has been so keen on investing in the continent is because they are rich in minerals and natural resources like copper, iron, oil and zinc.15 According to the John Hopkins School of Advanced International Studies, the three sectors where China has heavily invested in are mining, construction and manufacturing.16 China has extended its Belt and Road Initiative to West Africa by providing funds and investing in Senegal and Rwanda, and this had been formalised after President Xi Jinping visited the two countries.17 These investments can be seen as a way of China trying to increase its connectivity and diplomatic and strategic cooperation with the nations in Africa, with the intention of gaining strong support from these nations, that in turn bolsters its global position. African countries have benefitted by the skills, technology, ideas and the human capital that China brought into their nations. According to the World Bank, China is pursuing a very long term strategy in Africa, where they know that their investments will earn them profits at the end of the day. By investing millions of dollars in the African countries, PRC is hoping to “have greater impact on economic transformation and export diversification”18. It can be seen as a way of asserting greater geopolitical influence in the continent. China has established strong diplomatic and soft power ties with Africa because they see opportunity and the potential for possible growth and development in that region. Whereas, the West saw Africa as a region as unstable, chaotic, one with a massive migration problem and harbouring terrorism, China saw the region as profitable in terms of achieving a greater geopolitical power and they were more driven by the availability of the minerals and resources found in the region.

CHINA-U.S. RELATIONS

China’s role in the sphere of economic global governance became prominent and received a lot of attention when they called for a joint need for all the G20 countries to provide large amount of stimulus to address 2007-2008 financial crisis. According to Alex He (2014), China shifted their larger international economic policy towards addressing the structural deficits and the macroeconomic imbalances in the world.19 Currently, 2018 is a witness to the ongoing trade war between the United States and China. This trade war is of high interest and importance to this paper and the question arises that what circumstances fuelled this trade war that the international community is observing? According to the author Moosa (2012), the United States

15

Chen, Wenjie, and David Dollar. 2015. "Why Is China Investing In Africa? Evidence From The Firm Level", pp.1-30. 16

Pilling, David. 2017. "Chinese Investment In Africa: Beijing’S Testing Ground | Financial Times". Ft.Com. https://www.ft.com/content/0f534aa4-4549-11e7-8519-9f94ee97d996. 17

Tiezzi, Shannon. 2018. "China’S Belt And Road Makes Inroads In Africa". The Diplomat. https://thediplomat.com/2018/07/chinas-belt-and-road-makes-inroads-in-africa/.

18

"AFRICA - CHINA: Investment Forum". 2016. Africa Research Bulletin: Economic, Financial And Technical Series 53 (9): 21413C-21414A. doi:10.1111/j.1467-6346.2016.07274.x. 19

He, Alex. 2014. "China In The G20 Summitry- Review And Decision-Making Process". CIGI Papers 46: pp.1-28.

has been accusing China of playing an unfair game wherein they are trying to manipulate their currency Renminbi to their advantage and reap the benefits of mercantilism and this had an adverse impact on America’s manufacturing sector.20 In 2018, when U.S. president Donald Trump imposed a 10%and 25% tariff on aluminium and steel imports, this new led to a wave of economic destruction to all the trading allies of Uncle Sam.21 This trade war has been seen as a tit-for-tat tariff game which started with the US increasing tariffs on imports of steel and aluminium, and justifying the increase by claiming it to be a national security need, similarly China imposed taxes on the imports from the US.22 The importance of Chinese Yuan had significantly increased post China’s opening of its border to the international financial sector where they were indulging in trans-national trade and investments in Belt and Road initiatives, RMB (renminbi) slowly started gaining its international recognition after the 2001 crisis. According to Xinhua, liberal free trade had led to a greater role played by renminbi, also the IMF in 2016 considered the Chinese Yuan as an alternative asset to the US dollar.23

CONCLUSION

In conclusion, this paper displayed an overall understanding of China’s position in economic global governance, and more specifically in the G20. Late 20th century and the 21st century have been dominated by trade liberalisation practices and the mechanisms that comprise globalisation. Therefore, no country in the world is economically isolated and thus engages in cross-border trade with its trade partners, which not only enhances its economic power but also contributes to its soft power ability. It can be seen that China has been engaging in trans-national trade practices not just to participate in global coordination or play a lead role in economic governance but also to enhance its international image and reputation as a rising power that is driven by the motto of achieving global economic welfare. Furthermore, this paper briefly spoke about the need for institutionalisation of the G20 forum and that this topic is yet to be further researched upon by scholars in this field. This paper also briefly mentioned the strategies, free trade practices and the agenda set by China for the Hangzhou Summit. Where the primary focus of the summit was that the economic growth should benefit people of all countries. Moreover, this paper shed some light on the part played by China as a member of the BRICS nations. PRC is also one of the most active investors in different African countries, extending their Belt and Road initiative beyond Asia and Europe. By taking initiatives like the Belt and Road action plan, the AIIB and providing FDIs and building alliances with other nation-states, it is safe to assume that China has been seizing these opportunities just to increase its overall representation at a global platform. This can later on give them the leverage to induce any reforms or bring about change in any

20

Moosa, Imad. 2012. The US-China Trade Dispute. Cheltenham: Edward Elgar Publishing Limited. 21

Khor, Martin. 2017. "Has Trump Just Launched A Global Trade War?". Resurgence, , 2017. Pp.11-17 22

Ibid pp.11-17 23 Xin, Zhou. 2018. "Economic Watch: Chinese Yuan Ready For Greater Global Role - Xinhua |

English.News.Cn". Xinhuanet.Com. http://www.xinhuanet.com/english/2018-03/10/c_137029948.htm.

of the international institutions or forums. As the US-China trade war is going on currently, it makes it hard to find scholarly literature on as the economists and scholars around the globe are trying to make sense of it, and they are yet to reach a conclusion on this trade war and determine the importance of the Chinese Yuan in the foreign exchange market.

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