The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance (Cornell Studies in Money)

In The Latecomer's Rise, Muyang Chen reveals the nature and impact of a rapidly growing form of international lending: Chinese development finance. Over the past few decades, China has become the world's largest provider of bilateral development finance.Through its two national policy banks, the China Development Bank (CDB) and the Export-Import Bank of China (China Exim), it has funded infrastructure and industrial projects in numerous emerging markets and developing countries.Yet this very surge and magnitude of capital has raised questions about the characteristics of Chinese bilateral lending and its repercussions on the international order.Drawing on a variety of novel Chinese primary sources, including interviews and official bank documents, Chen pinpoints the distinctiveness of Chinese bilateral development finance, explains its origins, and analyzes its effects.She compares Chinese policy banks with their foreign counterparts to show that the CDB and China Exim, while state-sup