The economic and institutional dynamics of China's growing financial influence: a "structural power" perspective

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What are the economic and institutional dynamics behind China’s growing aspirations to expand its financial influence? Drawing on Susan Strange’s notion of “structural power”, this article examines China’s quest for superiority within the financial realm since the early 2000s. Our findings suggest that China’s financial rise is mainly driven by its efforts at increasing its “international monetary power” and developing its ability to control international credit and investment flows within a new normative and institutional framework. The main contribution of this article lies in conceptualizing China’s growing financial influence based on a comprehensive set of indicators to develop Strange’s theory.