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Capitalizing China

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  • Joseph Fan
  • Randall Morck
  • Bernard Yeung

Abstract

Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. This manuscript introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries.

Suggested Citation

  • Joseph Fan & Randall Morck & Bernard Yeung, 2011. "Capitalizing China," NBER Working Papers 17687, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:17687
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    Cited by:

    1. Székely-Doby, András, 2014. "A kínai reformfolyamat politikai gazdaságtani logikája [The politico-economic logic of the Chinese reform process]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1397-1418.

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    More about this item

    JEL classification:

    • G0 - Financial Economics - - General
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • J47 - Labor and Demographic Economics - - Particular Labor Markets - - - Coercive Labor Markets
    • K0 - Law and Economics - - General
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • Y2 - Miscellaneous Categories - - Introductions and Prefaces

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