ANALYSIS ECONOMY AND FINANCE CHINA AND THE GLOBAL FINANCIAL ARCHITECTURE Keeping Two Tracks on One Path The world cannot function without China. China is a critical component of the global financial architecture as both a member of the in­ternational institutions and as an institution-builder. China is not adequately accommodated for in the current global order. Unless the international institutions are reformed, China could decide to go its own way, threatening the integrity of the global financial safety net. Paola Subacchi April 2022 China is not a market economy nor a liberal democracy. Lacking shared values, the challenge for the G7 is to find areas of com­mon interest where it can work with China, encouraging it to be a productive and engaged partner in the global order.