International Capacity Cooperation--Financing China's Export of Industrial Overcapacity
International capacity cooperation (国际产能合作) exports China's Keynesian project system, offshoring its excess industrial capacity as fixed‐capital investment. Leveraged against foreign exchange reserves, the central policy banks and sovereign wealth funds push credit through a variety of purpose‐built infrastructure investment funds to provincial governments, state‐owned enterprises and ultimately to offshore projects. This paper explores the historical institutional development of funds used to...[Show more]
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