Book excerpt: China's Vulnerability Paradox explains the uneven transformations in global commodity markets resulting from China's contemporary, dramatic economic growth. At times, China displays vulnerabilities towards global commodity markets because of unequal positions of market power. Why is it that Chinese stakeholders are often unable to shape markets in their preferred direction? Why have some markets undergone fundamental changes while other similar ones did not? And how can we explain the uneven liberalization dynamics across markets? Through a series of case studies, Pascale Massot argues that the balance of market power between Chinese domestic and international market stakeholders explains their behavior as well as the likelihood of global institutional change. At a time of deepening US-China economic tensions, this book provides an alternative, granular understanding of the interacting dynamics between the political economy of Chinese and global markets.