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Revisiting China’s market economy status: state capitalism within the WTO liberal trading system

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  • Stefanova, Boyka
  • Zhelev, Paskal

Abstract

This paper examines the question of China’s compliance with market economy principles. China has reformed away from central planning in the past four decades, but has it achieved a fully-fledged market economy? The paper sheds new light on the contested nature of China’s market economy status from a political economy perspective. It draws on the Varieties of Capitalism analytical framework to posit China’s market economy status as the product of its national model of state-dominated institutional complementarities between high levels of trade openness and domestic regulation, including nonmarket principles for the deployment of financial resources and labour.

Suggested Citation

  • Stefanova, Boyka & Zhelev, Paskal, 2022. "Revisiting China’s market economy status: state capitalism within the WTO liberal trading system," MPRA Paper 114865, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:114865
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    References listed on IDEAS

    as
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    4. Christopher A. McNally, 2020. "Chaotic mélange: neo-liberalism and neo-statism in the age of Sino-capitalism," Review of International Political Economy, Taylor & Francis Journals, vol. 27(2), pages 281-301, March.
    5. Ruggie, John Gerard, 1982. "International regimes, transactions, and change: embedded liberalism in the postwar economic order," International Organization, Cambridge University Press, vol. 36(2), pages 379-415, April.
    6. International Monetary Fund & World Bank, 2017. "People's Republic of China Financial Sector Assessment Program," World Bank Publications - Reports 29049, The World Bank Group.
    7. International Monetary Fund & World Bank, 2017. "People's Republic of China Financial Sector Assessment Program," World Bank Publications - Reports 28992, The World Bank Group.
    8. International Monetary Fund & World Bank, 2017. "People's Republic of China Financial Sector Assessment Program," World Bank Publications - Reports 29048, The World Bank Group.
    9. International Monetary Fund, 2017. "People's Republic of China: Selected Issues," IMF Staff Country Reports 2017/248, International Monetary Fund.
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    11. Petros C. Mavroidis & André Sapir, 2019. "China and the world trade organisation- towards a better fit," Bruegel Working Papers 31119, Bruegel.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    China; socialist market economy; WTO; varieties of Capitalism;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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