Reform of the International Economic System: What does China want?

Abstract

The current international economic system, which was first established in the mid-1940s, contains three key features. First, the United States is a dominant leader in designing and enforcing the international economic rules. Second, the US dollar has been the cornerstone of the international monetary system, both before and after the breakdown of the Bretton Woods system. And finally, three international organisations�the International Monetary Fund (IMF), the World Bank and the World Trade Organisation (WTO)�are responsible for maintaining international economic order.