The Latecomer's Rise

Muyang Chen is Associate Professor at Peking University's School of International Studies. She has published in World Development, International Affairs, European Journal of International Relations, and Review of International Political Economy.

Introduction 1. Capitalizing Development: From Tax Revenue to Bonds 2. Debt For Growth? : The Domestic Origin of the Chinese Pathway 3. Globalizing Late Development: What Makes China's Industrial Catch-up Special? 4. The Latecomer's Challenge: China and the West 5. What's Next: China's Development Finance at a Crossroads Conclusion

"It should be essential reading for scholars of modern China, as well as policymakers and financial practitioners seeking to understand the implications of China's rise. As China's influence in global finance grows, The Latecomer's Rise will remain a seminal text for years to come." - China Journal "The Latecomer's Rise is an excellent book that introduces the reader to China's two main policy banks active in global development: the China Development Bank (CDB) and China Exim Bank. It is a very valuable source for scholars, policymakers, business professionals, development practitioners, students, and everyone interested in China's rise." - The Review of International Organizations "China's policy banks are distinctive in seeking to simultaneously advance public policy goals and make a profit. Conflicts arise from these mixed motives, which include underwriting infrastructure investment and financing Chinese exports but also advancing Beijing's geopolitical interests. According to Chen, China can reduce this tension by more clearly distinguishing policy and commercial lending, including by establishing separate financial accounts for the two activities." - Foreign Affairs