China, Japan, and the Changing Global Development Landscape

May 24, 2022


Type Lecture
Intended for Enrolled students / Academic and Administrative Staff
Date(s) June 14, 2022 19:00 — 20:30
Location Online
Entrance Fee No charge
Registration Method Advance registration required

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Registration Period May 24, 2022 — June 13, 2022
Contact GraSPP Research Seminar Secretariat | graspp_eventinfo<>
Prof. Toshiro Nishizawa | tnishizawa<>
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Online seminar for UTokyo students and faculty members

How is the rise of China affecting international governance? This paper examines the domain of infrastructure finance by focusing on China’s two policy banks, which are the main creditors of China’s overseas infrastructure projects. While the incumbent international credit regimes led by the Organisation for Economic Co-operation and Development (OECD) distinguish development-oriented aid from commercially oriented export credits, emerging late-developed economies blur this dichotomy by largely funding development projects with state-backed export credits. The way China alters the OECD’s credit governance, this paper argues, demonstrates both the generality of late development and the peculiarity of “Chinese” development. Rather than directly subsidizing firms’ international business with the state’s fiscal revenue, policy banks financialized host country’s state-owned and state-coordinated assets using various market instruments. By doing so, they gave Chinese firms a comparative advantage in the markets of less developed regions, allowing them to undertake projects that firms from advanced industrial countries cannot. This financing mechanism has reshaped the international development regime by transforming the dominant means of credit allocation from state-led aid-giving to market-based exchange, and rewritten the liberal rules of the international export credit regime by financing the developing world in a both statist and liberalist manner. As a result, China has built a paralleled regime in regions insufficiently covered by the existing financial schemes of incumbent credit regimes.
Chen, M. “Infrastructure Finance, Late Development, and China’s Reshaping of International Credit Governance.” European Journal of International Relations (2021)

About the speaker
Prof. Muyang Chen is affiliated with Peking University’s School of International Studies. Her research and teaching interests lie at the intersection of development, political economy, and international relations. Prof. Muyang’s research focuses on understanding the role of the state in development, and addresses the question of how China’s development finance affects global order. She also studies the role of public financial agencies in facilitating development assistance, export finance, and industrialization.
Prior to joining Peking University, Prof. Muyang was a JSPS-funded Visiting Scholar at the National Graduate Institute for Policy Studies (2017), a Pre-Doctoral Fellow at the Global Development Policy Center (2018), and was offered Fairbank Center for Chinese Studies An Wang Postdoctoral Fellowship at Harvard University (2019-2020). Prof. Muyang holds a Ph.D. in International Studies from the University of Washington, an M.A. in Asian Studies from the University of California, Berkeley, and dual bachelor’s degrees from Peking University and Waseda University.

NOTICE: Please provide your ECCS cloud email address ( in the registration form. Private free email addresses will not receive a confirmation email with information about joining the webinar.
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