Financial Interdependence, Digitalization and Technological Rivalries

This Palgrave Pivot investigates how the Chinese and American financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and 'decoupling' between the two nations.The book offers a comparative analysis of Sino-US financial systems before and after the financial crisis, demonstrating the deepening integration of China into global financial marketsand its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary. Topics covered include the impact of digitalized cross-border payment systems, reforms to the global financial system in recent years, the role of Chinese banks in global markets, and investments in the US and Chinese economies in pre- and post-pandemic years.This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.