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140 Banking L.J. 329 (2023)
Financial Competition and Coexistence in a Bipolar World: Building an Effective U.S. Strategy for Engagement with China - Part I

handle is hein.journals/blj140 and id is 357 raw text is: Financial Competition and Coexistence in a Bipolar World: Building an Effective U.S. Strategy for Engagement with China - Part I By Connie M. Friesen' This two-part article explores ways in which the United States might shape the structure and terms of its financial engagement with China more effectively. The recommended policies, discussed in this first part, envision international institutions, payment systems and strategies that will affirm U.S. interests and values, demonstrate economic leadership in a bipolar world and promote a stable relationship with China. Steps that the United States might take to protect the primacy of the U.S. dollar over the long term and promote payment systems and strategies led by the United States and its allies are identified and evaluated in Part IL EXECUTIVE SUMMARY Meeting in December 2022, the Central Economic Work Conference included boosting domestic demand, attracting foreign capital and granting foreign-funded enterprises national treatment among China's economic priori- ties for 2023. When he spoke at Davos, Switzerland, China's Vice Premier Liu He delivered a business-friendly message. Also in January 2023, Zhou Lijian, a prominent wolf warrior, was demoted from his position as official spokes- person for China's Ministry of Foreign Affairs. Wang Yi, Director of the general office of the Central Foreign Affairs Commission, stated that, while China would fight against all forms of hegemony, it would also seek to correct course in relations with the United States. When the 14th National People's Congress convened in March 2023, China's diplomatic rhetoric had changed. President Xi Jinping remarked that Western countries - led by the United States - had implemented a policy of containment and suppression against China, thereby introducing severe chal- lenges to its development. Qin Gang, China's newly appointed foreign minister, spoke of the conflict and confrontation that would ensue if the United States continued on the wrong path. January's messaging, which seemed to open Connie M. Friesen wrote this article as a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. Ms. Friesen, who previously was a partner in the banking and financial services group at Sidley Austin LLP, may be contacted at cfriesen1972@gmail.com. Author's acknowledgments I am deeply grateful for the support of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. In particular, I would like to acknowledge the helpful comments of Hal Scott, Richard Zeckhauser, John Haigh, Dan Murphy and my Senior Fellow colleagues. The views expressed herein and all errors are my own. 329

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