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Refurbishing State Capitalism: A Policy Analysis of Efforts to Rebalance China’s Political Economy

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  • Christopher A. MCNALLY

Abstract

This article provides an analysis of policy initiatives aimed at rebalancing China’s political economy, especially those contained in the 12th Five Year Plan and other recent pronouncements. The objective is to generate a conceptual examination of these policy measures, thereby highlighting their basic intent and purpose. The analysis shows that the Chinese leadership intends to pursue policies that can centralize, standardize and regulate the political economy under continued state guidance. Due to the considerable political obstacles that Chinese policy-makers face in rebalancing the political economy, a more state-centric approach is seen as necessary. China is therefore pursuing a policy package of refurbishing state capitalism. While a degree of liberalization is likely to be undertaken, the major thrust is one of revamping, restructuring and, ultimately, strengthening state control and guidance over the political economy.

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  • Christopher A. MCNALLY, 2013. "Refurbishing State Capitalism: A Policy Analysis of Efforts to Rebalance China’s Political Economy," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 45-71.
    • Handle: RePEc:gig:chaktu:v:42:y:2013:i:4:p:45-71
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    File URL: http://journals.sub.uni-hamburg.de/giga/jcca/article/view/692/690
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    References listed on IDEAS

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    1. Miles KAHLER, 2010. "Asia and the Reform of Global Governance," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 178-193, December.
    2. Huang,Yasheng, 2008. "Capitalism with Chinese Characteristics," Cambridge Books, Cambridge University Press, number 9780521898102, October.
    3. Christopher A. MCNALLY & Boy LÜTHJE & Tobias ten BRINK, 2013. "Rebalancing China’s Emergent Capitalism: State Power, Economic Liberalization and Social Upgrading," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 3-16.
    4. Julian GRUIN, 2013. "Asset or Liability? The Role of the Financial System in the Political Economy of China’s Rebalancing," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 73-104.
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    Cited by:

    1. Boy LÜTHJE, 2013. "Diverging Trajectories: Economic Rebalancing and Labour Policies in China," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 105-137.
    2. Tobias ten Brink, 2013. "Paradoxes of Prosperity in China’s New Capitalism," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 17-44.
    3. Florian BUTOLLO, 2013. "Moving Beyond Cheap Labour? Industrial and Social Upgrading in the Garment and LED Industries of the Pearl River Delta," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 139-170.
    4. Dingzu Zhang & Lijuan Pan & Luqi Liu & Huixiang Zeng, 2023. "Impact of executive pay gap on environmental, social, and governance disclosure in China: Is there a strategic choice?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2574-2589, September.
    5. Julian GRUIN, 2013. "Asset or Liability? The Role of the Financial System in the Political Economy of China’s Rebalancing," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 73-104.
    6. Florian Butollo, 2015. "Growing against the odds: government agency and strategic recoupling as sources of competitiveness in the garment industry of the Pearl River Delta," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 8(3), pages 521-536.
    7. Antonia Reinecke & Hans-Jörg Schmerer & Carsten A. Holz & Frederik Kunze & Torsten Windels & Horst Löchel & Markus Taube, 2016. "Chinas Wachstumsmodell in Schwierigkeiten: Wie groß ist das Risiko für die Weltkonjunktur?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(07), pages 05-20, April.

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