Capitalizing China

Front Cover
Joseph P. H. Fan, Randall Morck
University of Chicago Press, Nov 23, 2012 - Business & Economics - 368 pages
0 Reviews
China’s economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market.   To better understand China’s recent economic performance, this volume examines the distinctive system it has developed: “market socialism with Chinese characteristics.” While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China’s economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China’s financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules.
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Translating Market Socialism with Chinese Characteristics into Sustained Prosperity Joseph P H Fan Randall Morck and Bernard Yeung
1
I Financial System and Its Governance
33
II Governance of Stock Markets
147
III Capital Accumulation
247
IV Public Finance
311
Contributors
373
Author Index
377
Subject Index
383
Copyright

Other editions - View all

Common terms and phrases

About the author (2012)

Joseph P. H. Fan is professor in the Department of Finance, codirector of the Institute of Economics and Finance, and deputy director of the Center for Institutions and Governance at the Chinese University of Hong Kong. Randall Morck is the Stephen A. Jarislowsky Distinguished Chair in Finance and University Professor at the University of Alberta Business School and a research associate of the NBER.