“During the 40 years since the normalization of U.S.-China relations, a key issue has been financial system engagement and harmonization. U.S. public and private institutions have played important roles in the reform and modernization of China’s financial system. China’s financial system, broadly understood, has also been a source of tension and conflict between the two countries from time to time.”

From Financial System Engagement and Harmonization by David Dollar, Senior Fellow, John L. Thornton China Center, Brookings Institution.

Written for the Carter Center’s symposium to commemorate President Carter’s 1979 decision to normalize relations with China. View or download the paper here.

Credit: Brookings