“West” and “East” in the Global Economic System: Facing a New Bipolarity

The global economic crisis intensifies against the backdrop of inefficient actions of international organizations and individual states. As a result, there is a change in the balance of the world economy. The unipolar economic system is being replaced by a bipolar system that divides the world into...

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Main Authors: G. Issayeva, E. Zhussipova, S. Filin, A. Aitymbetova, Z. Bigeldiyeva
Format: Article
Language:English
Published: Institute of Economics under the Science Committee of Ministry of Education and Science RK 2022-12-01
Series:Экономика: стратегия и практика
Subjects:
Online Access:https://esp.ieconom.kz/jour/article/view/884
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author G. Issayeva
E. Zhussipova
S. Filin
A. Aitymbetova
Z. Bigeldiyeva
author_facet G. Issayeva
E. Zhussipova
S. Filin
A. Aitymbetova
Z. Bigeldiyeva
author_sort G. Issayeva
collection DOAJ
description The global economic crisis intensifies against the backdrop of inefficient actions of international organizations and individual states. As a result, there is a change in the balance of the world economy. The unipolar economic system is being replaced by a bipolar system that divides the world into the West (USA) and the East (China). In this regard, the problem of economic confrontation between the two powers and smoothing out the imbalance in the world economy due to the collapse of the monopolar world order becomes a relevant problem. This study is devoted to the analysis of the compliance of the Chinese economy with all the characteristics of a leader compared with the US economy. For this purpose, the problem of the competitiveness of the Chinese financial system has been studied. Based on the case study, the development of the Chinese financial market was analyzed in comparison with the US. The main finding is that the role of the Yuan in the international exchange market is insignificant and accounts for 4.3% of the total turnover. In addition, the Yuan is not widely used globally as a reserve currency, although the Yuan has been included in the SDR basket. The general conclusion is that without a freely convertible Yuan and free float, China’s financial system will not be able to compete with the US. Accordingly, China will not be able to become a full-fledged second pole in the global economic system.
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spelling doaj.art-c9a3aeed34894b64b1a6fab1c0952a9d2025-03-02T09:28:16ZengInstitute of Economics under the Science Committee of Ministry of Education and Science RKЭкономика: стратегия и практика1997-99672663-550X2022-12-0117411212410.51176/1997-9967-2022-4-112-124390“West” and “East” in the Global Economic System: Facing a New BipolarityG. Issayeva0E. Zhussipova1S. Filin2A. Aitymbetova3Z. Bigeldiyeva4М. Auezov South Kazakhstan UniversityМ. Auezov South Kazakhstan UniversityPlekhanov Russian University of EconomicsМ. Auezov South Kazakhstan UniversityМ. Auezov South Kazakhstan UniversityThe global economic crisis intensifies against the backdrop of inefficient actions of international organizations and individual states. As a result, there is a change in the balance of the world economy. The unipolar economic system is being replaced by a bipolar system that divides the world into the West (USA) and the East (China). In this regard, the problem of economic confrontation between the two powers and smoothing out the imbalance in the world economy due to the collapse of the monopolar world order becomes a relevant problem. This study is devoted to the analysis of the compliance of the Chinese economy with all the characteristics of a leader compared with the US economy. For this purpose, the problem of the competitiveness of the Chinese financial system has been studied. Based on the case study, the development of the Chinese financial market was analyzed in comparison with the US. The main finding is that the role of the Yuan in the international exchange market is insignificant and accounts for 4.3% of the total turnover. In addition, the Yuan is not widely used globally as a reserve currency, although the Yuan has been included in the SDR basket. The general conclusion is that without a freely convertible Yuan and free float, China’s financial system will not be able to compete with the US. Accordingly, China will not be able to become a full-fledged second pole in the global economic system.https://esp.ieconom.kz/jour/article/view/884economicsbipolar economic systeminternational financial marketchinese financial systeminternational reserve currencychina
spellingShingle G. Issayeva
E. Zhussipova
S. Filin
A. Aitymbetova
Z. Bigeldiyeva
“West” and “East” in the Global Economic System: Facing a New Bipolarity
Экономика: стратегия и практика
economics
bipolar economic system
international financial market
chinese financial system
international reserve currency
china
title “West” and “East” in the Global Economic System: Facing a New Bipolarity
title_full “West” and “East” in the Global Economic System: Facing a New Bipolarity
title_fullStr “West” and “East” in the Global Economic System: Facing a New Bipolarity
title_full_unstemmed “West” and “East” in the Global Economic System: Facing a New Bipolarity
title_short “West” and “East” in the Global Economic System: Facing a New Bipolarity
title_sort west and east in the global economic system facing a new bipolarity
topic economics
bipolar economic system
international financial market
chinese financial system
international reserve currency
china
url https://esp.ieconom.kz/jour/article/view/884
work_keys_str_mv AT gissayeva westandeastintheglobaleconomicsystemfacinganewbipolarity
AT ezhussipova westandeastintheglobaleconomicsystemfacinganewbipolarity
AT sfilin westandeastintheglobaleconomicsystemfacinganewbipolarity
AT aaitymbetova westandeastintheglobaleconomicsystemfacinganewbipolarity
AT zbigeldiyeva westandeastintheglobaleconomicsystemfacinganewbipolarity