A reform-minded status quo power? China, the G20, and reform of the international financial system

This paper analyses the case of China in the G20 process and examines China’s position and policies on relevant issues, including international monetary system reform, reform of the international financial institutions (IFIs), international financial regulation, the future of the dollar, and internationalisation of the renminbi. My findings demonstrate that China has actively participated in the G20’s deliberations and actions, put forward its suggestions, sought an expanded share and voting power in the IFIs in correspondence with its rising status, and promoted the internationalisation of the renminbi. It does not aspire to overthrow this system within which it has prospered. In this sense China is a status quo power. Meanwhile China argues that the current international order is flawed and that there exist a number of unjust and unreasonable components. They have long needed to be changed. My conclusion is that China is not a complete but rather a reform-minded status quo power.