IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/114865.html
   My bibliography  Save this paper

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/114865/1/MPRA_paper_114865.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. World Bank Group & International Monetary Fund, 2017. "People's Republic of China Financial Sector Assessment Program," World Bank Publications - Reports 30063, The World Bank Group.
    2. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2021. "China's overseas lending," Journal of International Economics, Elsevier, vol. 133(C).
    3. Eric Helleiner, 2019. "The life and times of embedded liberalism: legacies and innovations since Bretton Woods," Review of International Political Economy, Taylor & Francis Journals, vol. 26(6), pages 1112-1135, November.
    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.
    10. International Monetary Fund & World Bank Group, 2017. "People's Republic of China Financial Sector Assessment Program," World Bank Publications - Reports 30062, The World Bank Group.
    11. Petros C. Mavroidis & André Sapir, 2019. "China and the world trade organisation- towards a better fit," Working Papers 31119, Bruegel.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bayari, Celal, 2020. "The Neoliberal Globalization Link to the Belt and Road Initiative: The State and State-Owned-Enterprises in China [alternative title: Bilateral and Multilateral Dualities of the Chinese State in the C," MPRA Paper 104471, University Library of Munich, Germany, revised 21 Jul 2020.
    2. Emrah Konuralp & Sermin Bicer, 2021. "Putting the Neoliberal Transformation of Turkish Healthcare System and Its Problems into a Historical Perspective," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(4), pages 654-674, December.
    3. Alexander Kentikelenis & Erik Voeten, 2021. "Legitimacy challenges to the liberal world order: Evidence from United Nations speeches, 1970–2018," The Review of International Organizations, Springer, vol. 16(4), pages 721-754, October.
    4. Karim Knio, 2022. "Rethinking the Multilateral Order Between Liberal Internationalism and Neoliberalism/Neoliberalisation Processes," Politics and Governance, Cogitatio Press, vol. 10(2), pages 6-14.
    5. Dani Rodrik, 2018. "Populism and the economics of globalization," Journal of International Business Policy, Palgrave Macmillan, vol. 1(1), pages 12-33, June.
    6. Gatien Bon & Gong Cheng, 2021. "Understanding China's role in recent debt relief operations: A case study analysis," International Economics, CEPII research center, issue 166, pages 23-41.
    7. Gatien Bon & Gong Cheng, 2020. "China’s debt relief actions overseas and macroeconomic implications," EconomiX Working Papers 2020-27, University of Paris Nanterre, EconomiX.
    8. Vigvári, Gábor, 2022. "Transzformáció és a populizmus a visegrádi országokban [Transformation and populism in the V4 countries]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 339-366.
    9. Cohen, Joseph N., 2008. "Managing the Faustian bargain: monetary autonomy in the pursuit of development in Eastern Europe and Latin America," MPRA Paper 22435, University Library of Munich, Germany.
    10. Álvaro Santos, 2023. "International Investment Law in the Shadow of Populism: Between Redomestication and Liberalism Re‐Embedded," Politics and Governance, Cogitatio Press, vol. 11(1), pages 203-213.
    11. Kono Daniel Y., 2011. "Insuring Free Trade: Unemployment Insurance and Trade Policy," Business and Politics, De Gruyter, vol. 13(3), pages 1-31, October.
    12. Adelle BLACKETT & Colleen SHEPPARD, 2003. "Collective bargaining and equality: Making connections," International Labour Review, International Labour Organization, vol. 142(4), pages 419-457, December.
    13. Liesbet Hooghe & Tobias Lenz & Gary Marks, 2019. "Contested world order: The delegitimation of international governance," The Review of International Organizations, Springer, vol. 14(4), pages 731-743, December.
    14. Ilan Vertinsky & Yingqiu Kuang & Dongsheng Zhou & Victor Cui, 2023. "The political economy and dynamics of bifurcated world governance and the decoupling of value chains: An alternative perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1351-1377, September.
    15. Broner, Fernando & Didier, Tatiana & Schmukler, Sergio L. & von Peter, Goetz, 2023. "Bilateral international investments: The big sur?," Journal of International Economics, Elsevier, vol. 145(C).
    16. Marson, Marta & Savin, Ivan, 2022. "Complementary or adverse? Comparing development results of official funding from China and traditional donors in Africa," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 189-206.
    17. Dähler, Timo, 2020. "Bias or ignorance? The politics and economics behind sovereign credit ratings," MPRA Paper 103965, University Library of Munich, Germany.
    18. M. Ayhan Kose & Peter Nagle & Franziska Ohnsorge & Naotaka Sugawara, 2021. "What has been the impact of COVID-19 on debt? Turning a wave into a tsunami," CAMA Working Papers 2021-99, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    19. Amy A. Quark & Rachel Lienesch, 2017. "Scientific boundary work and food regime transitions: the double movement and the science of food safety regulation," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 34(3), pages 645-661, September.
    20. Schclarek, Alfredo & Xu, Jiajun & Amuchastegui, Pedro, 2022. "Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks," Research in International Business and Finance, Elsevier, vol. 61(C).

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:114865. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.