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China expanding agricultural cooperation with Belt and Road countries

Legacies of Definancialization and Defending Real Economy in China

Confronting the triple trap of the COVID-19 pandemic, economic downturn, and ecological crisis, the Chinese leadership has reiterated that “China puts the people’s interests first—nothing is more precious than people’s lives.” This kind of people-centered governance philosophy is ostensibly meant to protect the lives and health of the people, while defending people’s property under the basic system of collective ownership. | more…

A Boeing factory in South Carolina, US, employs about 7,000 workers

Toward Delinking: An Alternative Chinese Path Amid the New Cold War

During the 1960s, China was effectively excluded from the two major camps: the Soviet camp and the U.S. camp. For about a decade, China was obliged to seek development within its own borders and thereby achieved some extent of delinking: a refusal to succumb to U.S.-eurocentric globalization and an embrace of a people’s agenda of development. While foreign relations were later normalized and China once again brought in foreign capital, since being explicitly targeted as the primary rival of the United States, however, the situation may again warrant moves toward delinking and searching for alternatives, with ups and downs along the way. | more…

Rice fields in Jiande city, Zhejiang province, Sept 17, 2020

Tracing a Trajectory of Hope in Rural Communities in China

Survival Bricolage of Zhoujiazhuang and Puhan Rural Community

Zhoujiazhuang and the Puhan Rural Community offer contrasting experiences of how communities in different parts of China have responded to, negotiated, and undergone extensive changes during the last forty years since the reform policy was implemented in the country in 1979. | more…

Local staff members of Puhan cooperatives in the field

Negotiating Debt

The Making of Puhan Rural Community in North China

Originally set up in 1998 in China, the Puhan Rural Community was the first peasant-initiated, cross-village organization established after the collapse of the top-down people’s communes and the implementation of the household responsibility system. Puhan learned a lesson about the exploitation of usurious microfinance and decided that it was capable of establishing a system of mutual aid credit by itself, changing the cultural emphasis on money. Its story of struggling with rural financial organizations opens up a debate on the trap of marketization and monetization, the root causes of loans and debts, the negotiating power of collectives, the production mode of ecological agriculture, and the redefinition of the commonwealth. | more…

Chinese Yuan

Renminbi: A Century of Change

There is considerable interest in the history and characterization of China’s economy. This overview of the evolution of the renminbi from the late Qing dynasty to the present, shows how China’s political and economic changes in the twentieth and twenty-first centuries are reflected in the development of its highly contested modern currency system. | more…

Farmers fertilizing an aerobic rice field

Rural Communities and Economic Crises in Modern China

Throughout China’s nearly seventy-year history of industrialization and financialization, whenever the cost of an economic crisis could be transferred to the rural sector, capital-intensive urban industries have had a “soft landing” and existing institutional arrangements have been maintained—a pattern that continues today. We argue that Chinese peasants and rural communities have rescued the country from no fewer than ten such economic crises. | more…

The Tyranny of Monopoly-Finance Capital

A Chinese Perspective

Since the 1980s, economic growth in the core capitalist countries has been driven by an enormous expansion of financial capital, accompanied by steady deindustrialization. In recent years, the monopoly power of this financial capital has displayed increasingly tyrannical characteristics: it depends for its continued growth on ever-increasing indebtedness and dependence in developing nations, widening the divide between rich and poor and ultimately fostering state violence that serves to suppress popular resistance.… [Today,] military and monetary strength work together to profit from inequality and instability in emerging economies. | more…

One Belt, One Road Map

One Belt, One Road

China's Strategy for a New Global Financial Order

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the “Silk Road Economic Belt” and the “Twenty-First-Century Maritime Silk Road,” together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of “peaceful development.” Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance. | more…

What is the TPP?

The Rhetoric and Reality of the Trans-Pacific Partnership

A View from China

Since announcing its foreign policy “pivot to Asia” shortly after the election of Barack Obama, the United States has made extensive use of its institutional and discursive power to encourage denationalization among developing countries whose economies chiefly rely on manufacturing and trade—part of its global strategic goal of expanding the hegemony of finance capital at the lowest possible cost. The development of the Trans-Pacific Partnership (TTP) is a case in point. This article analyzes the TPP’s strategy in targeting China, pointing out that the TPP is a battle for the terms of economic development and discourse in the twenty-first century, as well as an illustration of the ideology of technocracy and soft power. Lastly, we criticize the TPP’s erosion of economic sovereignty, which would effectively relegate the economies of developing countries to a form of semi-colonial extraterritoriality. | more…