This pathbreaking collaborative effort probes the implications of China's membership in the IMF and the World Bank and its possible full participation in GATT. The authors conclude that the contacts between China's leaders and fund and bank officials, coupled with the influence of Western economists, altered the perceptions of many Chinese leaders about the world economy and China's economic performance. Standards of evaluation derived from Western economic theory replaced concepts imported in the 1950s from the Soviet Union. Membership in the World Bank and IMF also provided valuable new perspectives to the Chinese on the development process and the strategies available to them. The study is rich in both theoretical and policy insights, and it has many implications for the Soviet Union, Vietnam and other communist countries who might eventually join the keystone international economic organizations. It should be read carefully by the U.S. policy community now rethinking American global strategy in a changed international environment.