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The United States and China are the world’s two largest economies. Over the coming decades, no two countries will have a greater impact on the global economic order—the system of institutions, rules, and norms that govern international economic affairs. A global economy that delivers strong, sustainable, balanced, and inclusive growth will depend on such a well-managed order. More than ever before, Washington and Beijing must work together to identify potential areas of cooperation, as well as manage our differences.
It is this collaborative mission that has inspired the deep and productive relationship between our two institutions, the Center for Strategic and International Studies (CSIS) and the Shanghai Institutes for International Studies (SIIS), for many years. Since 2015, we have cohosted the U.S.-China Dialogue on the Global Economic Order, a track 1.5 dialogue that has sought to build mutual trust, enhance communication, identify issues, and propose solutions. The series of semiannual workshops, alternating between Beijing and Washington, has covered a wide range of topics across the global economic order, including trade, investment, finance, and climate change. The dialogue has drawn scholars, former policymakers, and current officials from the United States and China across a wide range of institutions and disciplines.
This essay collection harvests some of the rich bounty of our two-year dialogue. Scholars from the United States and China have contributed parallel essays presenting their respective positions on a wide variety of topics in the global economic order. We hope that this collection will generate new ideas that scholars, policymakers, and citizens in both countries can use to solve the most urgent problems in the global economy.
Contents
Introduction: The United States, China, and the Global Economic Order in 2017, by Kevin Nealer
Chapter 1 | Current State and Evolution of the Global Economic Order
A Grand Bargain to Strengthen the Global Economic Order, by Matthew P. Goodman
World Economic Order: Present and Future, by He Fan & Ye Qianlin
Chapter 2 | Macroeconomic Policy Coordination
U.S.-China Macroeconomic Policy Coordination: A MAP Without Daggers, by David Loevinger & Spencer Rodriguez
Economic Rebalancing Should Be the Core of China’s Supply Side Reform, by Wang Yuzhu
Chapter 3 | Financial Regulation
Living in Two Worlds: Chinese and U.S. Financial Regulation, by Douglas J. Elliott
Financial Regulation Reform and Financial Stability, by Zhao Xijun
Chapter 4 | International Financial Institutions
Toward Better Multilateral Development Banks: Can the United States and China Lead Together?, by Nancy Lee
China-U.S. Cooperation for a More Effective Multilateral Development Bank System, by Ye Yu
Chapter 5 | Global Trade Policy
Opportunities for U.S.-China Trade Cooperation, by William Reinsch
Managing Bilateral Trade Policy: A Quest for Rebalancing the Global Economy?, by Shen Minghui
Chapter 6 | U.S.-China Bilateral Economic Relations
A New Era in U.S.-China Economic Relations, by Amy P. Celico
The Trump Administration’s Trade Policy and Sino-American Economic Relations, by Song Guoyou
Chapter 7 | International Investment Policy
Prospects for U.S.-China Cooperation on Global Investment Policy, by Scott Miller
Changes in Global Trade and Investment and Implications for China-U.S. Economic Relations, by Xue Lei
Chapter 8 | Sustainable Development
A U.S.-China Partnership on the Sustainable Development Goals, by Scott Morris
The Development and Transformation of China’s Foreign Aid, by Zhang Haibing
Chapter 9 | Infrastructure
Addressing the Global Infrastructure Deficit: Channels for U.S.-China Cooperation, by Ziad Haider
The Belt and Road Initiative: Progress, Problems and Prospects, by Fang Jin
Chapter 10 | Climate Change and Energy
The U.S.-China Climate and Energy Relationship, by Joanna Lewis
Finance, Trade Policy, and the Implementation of the Paris Agreement, by Zhang Zhongxiang
