Joseph P. H. Fan, Randall Morck
University of Chicago Press, Nov 23, 2012 - Business & Economics - 368 pages
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.
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I Financial System and Its Governance
II Governance of Stock Markets
III Capital Accumulation
IV Public Finance
accounting agriculture Allen allocation assets Big Four banks billion bond market capital markets central CFWC chapter Chen China China’s financial system Chinese firms Chinese listed firms Chinese securities markets Company Law corporate governance corporate transparency costs countries crisis CSRC debt disclosure dividends domestic effects enterprises equity financial markets financial reporting firm’s fiscal funds future global H shares higher Hong Kong household saving hukou Hybrid Sector ICBC incentives income increase industry information environment institutional investors investment issued Journal land listed companies loans major market capitalization market socialism ment Morck NPLs officials ownership PBOC People’s percent of GDP Piotroski political private firms profits Qian Qing Qing Dynasty ratio reforms regulations regulatory role Shanghai Stock Exchange shareholders Shenzhen Stock Exchange social SOEs stock market structure tion trading Wong Zhang