Chapter 7
China-EU Relations in the Context
of Global Financial Governance
Xiong Hou
Abstract Under the shock of the internationalfinancial crisis, the structure of
globalfinancial governance is undergoing profound changes. Being important
players in globalfinancial governance, China and the EU have been adjusting their
relationship in this area, with deepened functional dialogues, information exchange
mechanisms and cooperation on a global perspective. Despite the increasingly
strengthening of China’s position in globalfinancial governance, it is still unbal-
anced compared with that of the EU. Along with China’s rising economic power
and the further openness of itsfinancial sector, it will definitely get more involved
in the globalfinancial governance and manage to influence the establishment of
rules and to stabilize thefinancial order. This means that China and the EU will
have more contacts in the area of globalfinancial governance.
Keywords Global financial governance China-EU relations International
financial crisis
In the past decade, profound changes took place in globalfinancial governance,
with adjustments and changes in governance structure, mode, statuses and roles of
the main players. Historically, world order change was often triggered by crisis. The
most important cause for the current marked change in globalfinancial governance
order is still crisis—the globalfinancial crisis that originated in the USA in the
end of 2007 and the European sovereign debt crisis that arose from the
above-mentionedfinancial crisis. As important participants in global governance,
China and Europe also witnessed the impact of this crisis on their relations in global
financial governance. Therefore, we should be aware that this far-reaching global
financial crisis must be taken into account when analyzing the relations between
China and Europe in globalfinancial governance at present and in the past decade.
X. Hou (&)
Bureau of Scientific Research Management, CASS, Beijing, China
©Social Sciences Academic Press and Springer Science+Business Media Singapore 2017
H. Zhou (ed.),China-EU Relations, Research Series on the Chinese Dream
and China’s Development Path, DOI 10.1007/978-981-10-1145-0_7
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