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Informal Privatization Through Internationalization: The Rise of Nomenklatura Capitalism in China's Offshore Businesses

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  • DING, X. L.

Abstract

China's remarkable business expansion abroad since the mid-1980s cannot be explained simply by applying existing theories, which focus on conventional international businesses from capitalist systems. Many puzzling phenomena in Chinese investments abroad become intelligible only when we introduce a key variable–illicit privatization through internationalization. So far only advantageously-placed nomenklatura members and their kin have had access to crossborder ownership, but many of them are accumulating sizeable private wealth at the cost of nationalized property. Contrary to an impression held by many in the West, the Chinese economy under Communist rule experiences spontaneous privatization parallel to what has happened in European postcommunist nations–though with a few Chinese characteristics. An examination of informal privatization in China's multinationals adds a new dimension to our understanding of the shift from state socialism to market capitalism.

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  • Ding, X. L., 2000. "Informal Privatization Through Internationalization: The Rise of Nomenklatura Capitalism in China's Offshore Businesses," British Journal of Political Science, Cambridge University Press, vol. 30(1), pages 121-146, January.
    • Handle: RePEc:cup:bjposi:v:30:y:2000:i:01:p:121-146_00
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    Cited by:

    1. ten Brink, Tobias, 2011. "Institutional change in market-liberal state capitalism. An integrative perspective on the development of the private business sector in China," MPIfG Discussion Paper 11/2, Max Planck Institute for the Study of Societies.
    2. Sharafutdinova,Gulnaz & Lokshin,Michael M., 2020. "Hide and Protect : A Role of Global Financial Secrecy in Shaping Domestic Institutions," Policy Research Working Paper Series 9348, The World Bank.
    3. Bersant Hobdari & Evis Sinani & Marina Papanastassiou & Robert Pearce, 2010. "The Determinants of Global Integration Strategies of Chinese Multinationals—Some Empirical Evidence," Review of Market Integration, India Development Foundation, vol. 2(1), pages 61-86, April.
    4. Duoduo Xu & Xiaogang Wu, 2017. "From Political Power to Personal Wealth: Privatization, Elite Opportunity, and Social Stratification in Post-Reform China," HKUST IEMS Working Paper Series 2017-45, HKUST Institute for Emerging Market Studies, revised Aug 2017.
    5. Guangyuan Guo & Jing Li & Dan Wang & Lina Zhang, 2022. "Political connection, contract intensity, and OFDI: Evidence from China," Journal of Economic Surveys, Wiley Blackwell, vol. 36(3), pages 534-557, July.
    6. Zhang, Xiaoxi & Daly, Kevin, 2011. "The determinants of China's outward foreign direct investment," Emerging Markets Review, Elsevier, vol. 12(4), pages 389-398.
    7. Daniel Haberly & Dariusz Wójcik, 2015. "Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network," Economic Geography, Clark University, vol. 91(3), pages 251-280, July.
    8. Narula, Rajneesh, 2010. "Much ado about nothing, or sirens of a brave new world?: MNE activity from developing countries and its significance for development," MERIT Working Papers 2010-021, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    9. Kezhou Xiao, 2024. "Becoming global billionaires from mainland China: 2004–2018," Small Business Economics, Springer, vol. 62(2), pages 753-773, February.
    10. Peter J. Buckley & Adam R. Cross & Hui Tan & Liu Xin & Hinrich Voss, 2008. "Historic and Emergent Trends in Chinese Outward Direct Investment," Management International Review, Springer, vol. 48(6), pages 715-748, December.
    11. Peter J Buckley & L Jeremy Clegg & Hinrich Voss & Adam R Cross & Xin Liu & Ping Zheng, 2018. "A retrospective and agenda for future research on Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 4-23, January.
    12. Corkin, Lucy, 2012. "Chinese construction companies in Angola: A local linkages perspective," Resources Policy, Elsevier, vol. 37(4), pages 475-483.
    13. Abdul Sattar & Temesgen Hordofa Tolassa & Muhammad Noshab Hussain & Muhammad Ilyas, 2022. "Environmental Effects of China’s Overseas Direct Investment in South Asia," SAGE Open, , vol. 12(1), pages 21582440221, February.
    14. Hu, Tianyou & Yu, Shu & Delios, Andrew, 2024. "Extradition treaties and emerging market firms’ host country location choice✰," Journal of World Business, Elsevier, vol. 59(4).

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