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8 - Conclusion

The Potential of Multilateralism

Published online by Cambridge University Press:  10 November 2022

Henry Gao
Affiliation:
Singapore Management University
Weihuan Zhou
Affiliation:
University of New South Wales, Sydney
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Summary

Chapter 8 summarises the main findings from the preceding chapters, and discusses the best way to deal with the China challenge. Contrary to those who prefer unilateral and plurilateral approaches, we argue that the potential of multilateralism has yet been fully explored. As we have documented, it was the desire to normalise its trade relations within the multilateral framework that prompted China’s initial decision to return to the multilateral trading system. While China did pursue unprecedented market-oriented reform, the potential of the multilateral rules in taming China’s state capitalism has not been fully unleashed since China’s accession. Of course, recognising the potential of multilateralism does not mean that multilateralism is perfect. Instead, we believe that multilateralism is the most promising compared with unilateral measures and bilateral and plurilateral negotiations outlined above. In addition to making fuller use of the existing rules under the WTO, this book has also put forward some approaches for the negotiation of new rules at the multilateral level where such rules are needed and suggested ways to engage China in a more constructive manner.

Type
Chapter
Information
Between Market Economy and State Capitalism
China's State-Owned Enterprises and the World Trading System
, pp. 185 - 191
Publisher: Cambridge University Press
Print publication year: 2022

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  • Conclusion
  • Henry Gao, Singapore Management University, Weihuan Zhou, University of New South Wales, Sydney
  • Book: Between Market Economy and State Capitalism
  • Online publication: 10 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781108908795.011
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  • Conclusion
  • Henry Gao, Singapore Management University, Weihuan Zhou, University of New South Wales, Sydney
  • Book: Between Market Economy and State Capitalism
  • Online publication: 10 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781108908795.011
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Conclusion
  • Henry Gao, Singapore Management University, Weihuan Zhou, University of New South Wales, Sydney
  • Book: Between Market Economy and State Capitalism
  • Online publication: 10 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781108908795.011
Available formats
×