As Bretton Woods institutions falter, nations like China are pushing for reform that reflects the global reality amid challenges such as debt distress and climate change. While the most likely scenario is marginal changes to the international monetary system, multilateral collaboration should not be underestimated.
China finds itself in need of its latest landmark reform as the urban-rural divide keeps growing and the broader economy is seeking new sources of growth. One possible solution is finding better uses for rural land and giving farmers the same legal rights as urban residents to rent, transfer or mortgage their land.