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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17687.

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Date of creation: Dec 2011
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Publication status: published as Translating Market Socialism with Chinese Characteristics into Sustained Prosperity , Joseph P. H. Fan, Randall Morck, Bernard Yeung. in Capitalizing China , Fan and Morck. 2013
Handle: RePEc:nbr:nberwo:17687

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