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| Financial Cooperation in East Asia from the Perspective of New Regionalism: Problems and Chinese Solution |
| WANG Hong-yu |
| College of International Relations, University of International Business and Economics, Beijing, 100029 |
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Abstract Financial cooperation in East Asia has been successful in system construction, but has not achieved substantial progress. The financial cooperation in East Asia at early stage was obviously enclosed, the “Chiang Mai initiative” was not inclusive, and there was no“regional identity”in its multilateral mechanism. There was a wide gap between the reality of East Asia financial cooperation and the features emphasized by the new regionalism such as openness, inclusiveness, and regional identity based on respect for national autonomy. This gap is the root cause for the slow progress in East Asia financial cooperation. At the system formation stage, East Asia financial cooperation lacked powerful actors. At the system development stage, it was subject to the principles of ASEAN and low institutionalization requirements, and thus was not able to form a truly effective cooperative mechanism. At the system maintenance stage, there were no regionally recognized cultural ties. To strengthen its strategic deployment in East Asia financial cooperation, China needs to strengthen national marketing, build regional consensus in East Asia, cultivate comparative and long-term advantages, well handle relations with other major powers, provide appropriate regional public goods, draw on experience in other regions, and actively explore new ways for regional financial cooperation.
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Received: 12 January 2018
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2018, Vol. 35 
