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In doing this, not only may barriers be removed, but law may be adjusted to facilitate adaptive governance and to aid in institutionalizing new and emerging approaches to governance. Thus, there is no question that law can adapt, evolve, and be reformed to make room for adaptive governance. Nevertheless, over time, law itself has proven highly adaptive in western systems of government, evolving to address and even facilitate the emergence of new social norms (such as the rights of women and minorities) or to provide remedies for emerging problems (such as pollution). Adaptive governance must therefore contemplate a level of flexibility and evolution in governmental action beyond that currently found in the heavily administrative governments of many democracies. Law dictates the structure, boundaries, rules, and processes within which governmental action takes place, and in doing so becomes one of the focal points for analysis of barriers to adaptation as the effects of climate change are felt. The term 'governance' encompasses both governmental and nongovernmental participation in collective choice and action. Third, we argue for a perspective that incorporates underlying economic and social structures and the power relations embedded therein. Second, it stresses the need to conceptualize and empirically comprise the essentially interlinked nature of domestic state-society models and the global political economy.

A hybrid and variegated scenario that entails both conflict and adaptation, differently entangled in different issue areas. First, contrasting the orthodox binary scenarios of either inevitable conflict or co-optation offered in the mainstream IR debate, the Forum highlights the possibility of a third scenario of China’s interplay with the liberal world and its key actors, institutions, and rules. In this introduction to the Forum we advance three key points based on the contributions. The key question is the extent to and variegated ways in which China - with its (re)ascendance to power and potential global leadership – is adapting to and perhaps even strengthening liberal institutions and rules of the game, confronting them, or developing alternative paths. In a time of great uncertainty about the future and resilience of the liberal world order this Forum focuses on China’s rise and interplay with the foundations of that liberal order.

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Please see another article titled How to Understand China’s Approach to Central Bank Digital Currency? It can be downloaded at 's_Approach_to_Central_Bank_Digital_Currency This article is to be published by the University of Pennsylvania Asian Law Review. This framework seeks to promote a holistic understanding of e-CNY’s evolution and its profound implications for international economic governance. The article adopts a multifactor analytical framework which explores major economic, political economy, legal and regulatory factors affecting the sustainability of China’s CBDC approach. These features contribute to China’s CBDC approach, a possible selective reshaping of international financial order. This article argues that the role of the state, the potential cross-border use of e-CNY, and China’s proactiveness in international governance are the core features of China’s CBDC.

This article explores the following crucial issues from an international perspective: what are the core features of e-CNY? What is China’s approach to CBDC? What is the long-term sustainability of China’s CBDC approach? E-CNY has the potential to profoundly affect the international financial system and order. China’s CBDC is also known as e-CNY, DC/EP or digital yuan. However, a UAD could be of interest for emerging markets and developing economies where large segments of the population are excluded from the formal financial sector or don’t have internet access.China is likely to be the first major economy to issue central bank digital currency (CBDC), the digital version of sovereign currency. The concept isn’t completely new – several such devices were introduced in some advanced economies a few decades ago (e.g., Mondex and VisaCash), but they failed to develop much customer acceptance. Rohan Grey adds that such devices could also be designed to maintain the same transactional freedoms and functions in the digital space as physical cash in the traditional economy. To meet these requirements, the bank is investigating the idea of a “universal access device” (UAD) that could take the form of a card or mobile wallet app on which prepaid values are stored locally.

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According to a 2020 Bank of Canada note, a resilient and inclusive retail CBDC should serve people without smartphones, support online and offline transactions, and be able to operate for long periods on a local power source.