Создание стабильной финансовой системы с целью укрепления совокупной мощи государства (на примере Китая)

Abstract

The authors have attempted to promote the conceptual views of Wang Yongli, a Chinese academic economist with extensive and authoritative practical experience, to the Russian audience of experts in the international monetary and financial sphere. The theoretical summary of the successful practice of China’s financial industry and the justification of the importance of urgent reform of the international monetary and financial system, presented in Wang Yongli’s book “China’s Choice in the Global Financial Turbulence” became the basis for this article. An informative translation of the book’s fragments dedicated to the reforms of the international monetary system highlights two areas, i.e. social positioning of monetary finance and reform of the international monetary system. The article analyzes the main issues identified as a result of China’s rapid financial development and determines possible ways to solve them. The purpose of financial development is to serve the real economy, and promote economic development for creating greater economic and social value through the examination of the relationship between the real economy and the virtual economy, the relationship between currency finance and real economy. The authors introduce a model of interaction of aggregate power and international influence of the country: the international influence of the country’s currency finances and its status in the international monetary and financial system. An appeal to various concepts explaining the global expansion of the US dollar leads to the conclusion that the International Monetary Fund (IMF) needs a deep reconstruction. A detailed analysis of the history of the formation, management and reform of the IMF is given, revealing its inconsistency with global development trends. The article shows the role of China after the 2008 financial crisis and the significance of the yuan in the currency basket. The study represents the author’s position on the transformation of special drawing rights (SDRs) into a super-sovereign world currency. By highlighting the issues Wang Yongli has foreseen many situations and events that are now taking place in the global monetary and financial system.