Abstract
International financial sanctions have been increasingly used since the World War II. But what about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? This paper begins with the definition of international financial sanctions by analyzing the characteristics of international financial sanctions. Next, it sorts out its historical evolution process and then discusses the rationality of its existence. It is concluded that the implementation of relevant sanctions should be decided by the U.N. Security Council in the way of resolution. The secondary sanctions are in essence a tool for the U.S. with unique financial advantages to interfere in other countries’ internal affairs and lack international legitimacy. Finally, it’s suggested that on one hand, China needs to take precautions in financial sanctions imposed by other countries; on the other hand, China should have a correct understanding of financial sanctions and give full play to non-violent means such as financial sanctions so as to maintain its core national interests. Therefore, China should promote the reform of the UN sanctions system and improve its domestic system.
Highlights
Economic sanctions play a significant role in the foreign strategy of a country
Hufbauer et al conducted a study of 115 cases of largely trade-based sanctions between 1914 and 1990, and found that sanctions were at least partially successful in just 34 per cent of all the cases. They concluded that sanctions are of limited utility in achieving foreign policy goals aimed at compelling a target country to take actions it resists, though they noted that the success rate varied in accordance with the type of policy or governmental change sought [1]
What about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? In the practice of China’s major country diplomacy, how should China perceive the international financial sanctions so as to take the initiative to safeguard national interests? This article will proceed from the definition of international financial sanction and sort out its development
Summary
Economic sanctions play a significant role in the foreign strategy of a country. From the macro perspective, it constitutes an important part of the economic diplomacy; from the micro perspective, it presents a choice of foreign strategy between military action and diplomatic negotiation. Hufbauer et al conducted a study of 115 cases of largely trade-based sanctions between 1914 and 1990, and found that sanctions were at least partially successful in just 34 per cent of all the cases. As such, they concluded that sanctions are of limited utility in achieving foreign policy goals aimed at compelling a target country to take actions it resists, though they noted that the success rate varied in accordance with the type of policy or governmental change sought [1]. In the practice of China’s major country diplomacy, how should China perceive the international financial sanctions so as to take the initiative to safeguard national interests? What about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? In the practice of China’s major country diplomacy, how should China perceive the international financial sanctions so as to take the initiative to safeguard national interests? This article will proceed from the definition of international financial sanction and sort out its development
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