PROGRESS IN GEOGRAPHY ›› 2019, Vol. 38 ›› Issue (10): 1482-1489.doi: 10.18306/dlkxjz.2019.10.004

• Special Issue | Theoretical Study • Previous Articles     Next Articles

Economic globalization, global financial crisis and China: A financial geography perspective

WANG Xiaoyang1,MENG Ke2   

  1. 1. Urban Planning and Design, Harvard University, Cambridge, MA 02138, USA
    2. School of Public Policy & Management, Tsinghua University, Beijing 100084, China
  • Received:2019-05-27 Revised:2019-07-27 Online:2019-10-28 Published:2019-11-01


The impact of the 2008-2009 global financial crisis on Western developed countries, especially the Anglo-American economies, is far-reaching and is reflected on economic, political, and social dimensions. A large body of scholars from various disciplines has attempted to explain the outbreak of the financial crisis. This study analyzed the relationship between economic globalization and the global financial crisis, and explored the impact of the crisis on China from a financial geography perspective. First, this study examined the formation of a new international labor division in the context of economic globalization, identified the transmission dynamics of the financial crisis, and mapped the changing geographies of world economies shaped by the financial crisis. With regard to China, the global financial crisis was external. The economic recession and consumption contraction of Western developed countries have directly affected China's exports, but the financial crisis has not fundamentally affected China's financial system. Second, the article explains why the global financial crisis did not impact China's financial system. The spatial heterogeneity of institutions, the varieties of market economic systems, the government's positive role and control, and China's banking-dominant financial system were all important contributors. Third, the interests of Chinese and international financial geographers on China have gradually increased in the last decade and this article summarizes the latest research progress and identifies the shortcomings of the existing research. Finally, based on the research progress of Western financial geography, this article puts forward some suggestions for the construction of China's financial geography in the future.

Key words: economic globalization, global financial crisis, China, financial geography