The state plays an important role in the development of financial networks at home and abroad, and the Chinese state is no exception. However, the influence of the state in global financial networks (GFNs) is anything but clear. This commentary offers a response to Töpfer’s theorization of China’s role in state-led GFNs by considering the case of Alibaba in order to address a highly abstract theory. In doing so, I question whether any theory of GFNs that places the state at its center represents a useful, if preliminary, guide to international financial networks, especially when dealing with China.
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