A Coxian Reflection of China’s Global Development Agenda in Building a Sino-Centric Global Economic Order

Abstract

This thesis examines the monumental shift of China’s foreign policy in the wake of the Belt and Road Initiative which has undone decades of isolationist precedent under previous administrations. It also examines how China has utilized the Belt and Road through its mechanisms to bring about a Sino-centric global development agenda that serves the purpose of cementing China’s assertion as a global power by challenging the conventional norms and practices of the Western financial system in lieu of a new Chinese-led monetary architecture. This paper achieves this by adopting a Coxian approach which outlines three major categories of forces which in this case are the ideas that stem from China’s political, social, cultural, and historical aspects, the institutions and institutionalisation processes driven by China, and its use of its material capabilities to drive this agenda for hegemony. While several other aspects of China’s ascension to geopolitical prominence in the world order will be touched upon which remain relevant to the inquiry – this thesis at large analyses China’s utilisation of its flagship foreign and economic policy and its consequences to the targeted partner countries through what critics have accused as patterns of neo-colonialism which serves as a focal inquiry for this analysis. The findings of this paper are presented within the context of China’s emerging alternative to contest with the US-led western construction of world order. From this the author has concluded that China has been able to successfully navigate the twenty-first century as a contending power to lead the global economic order as the West continues to fall behind; utilising China’s three categories of social forces to counter US pressure to bend China back into the Western status quo. However the findings also note that China faces its own set of challenges when it comes to the return on investments, and the shortcomings of these major legacy projects in propping up China’s continued double digit growth rate; noting that China needs to secure its control over the BRI once again and ensure future projects align better with China’s long-term ambition rather than focusing on short term grains that can risk capitulating China’s advances against the Western status quo.