A Reform-Minded Status Quo Power? China, the G20, and Changes in the International Monetary System

Abstract

This paper analyzes the case of China in the G20 process and examines China's position and policies on relevant issues, including the international monetary system (IMS) reform, reform of the IFIs, international financial regulation, the future of the dollar, and internationalization of the Renminbi. My findings demonstrate that China has actively participated in the G20's deliberations and actions, put forward its suggestions, sought expanded share and voting power in the IFIs in correspondence with its rising status, and promoted the internationalization of the Renminbi. While having accepted and observed the current international rules of the game, China seeks changes for greater institutional power and for better global governance. I come to the conclusion that China is a status quo power which at the same time is hoping for constructive changes in the existing international order, and is thus a reform-minded status quo power.