China’s Unavoidable Financial Rise
A decade ago, few economists were bullish about the growth of China’s external financial strength. But the government’s commitment to capital-market opening and renminbi internationalization – together with China’s sheer size – have fueled a rapid financial rise that will only continue.
https://prosyn.org/iv7sqk4
SHANGHAI – The great powers in history have tended to have one thing in common: size matters. While a large market does not guarantee dominance in other realms, it certainly helps, perhaps more than any other single factor. This was true of the United States, and now it applies to China. Beyond being a leading economic and trading power, China is increasingly – and inexorably – becoming a global financial power.