IDEAS home Printed from https://ideas.repec.org/a/gig/chaktu/v42y2013i4p45-71.html
   My bibliography  Save this article

Refurbishing State Capitalism: A Policy Analysis of Efforts to Rebalance China’s Political Economy

Author

Listed:
  • Christopher A. MCNALLY

Abstract

This article provides an analysis of policy initiatives aimed at rebalancing China’s political economy, especially those contained in the 12th Five Year Plan and other recent pronouncements. The objective is to generate a conceptual examination of these policy measures, thereby highlighting their basic intent and purpose. The analysis shows that the Chinese leadership intends to pursue policies that can centralize, standardize and regulate the political economy under continued state guidance. Due to the considerable political obstacles that Chinese policy-makers face in rebalancing the political economy, a more state-centric approach is seen as necessary. China is therefore pursuing a policy package of refurbishing state capitalism. While a degree of liberalization is likely to be undertaken, the major thrust is one of revamping, restructuring and, ultimately, strengthening state control and guidance over the political economy.

Suggested Citation

  • Christopher A. MCNALLY, 2013. "Refurbishing State Capitalism: A Policy Analysis of Efforts to Rebalance China’s Political Economy," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 45-71.
    • Handle: RePEc:gig:chaktu:v:42:y:2013:i:4:p:45-71
    as

    Download full text from publisher

    File URL: http://journals.sub.uni-hamburg.de/giga/jcca/article/view/692/690
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Miles KAHLER, 2010. "Asia and the Reform of Global Governance," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 178-193, December.
    2. Huang,Yasheng, 2008. "Capitalism with Chinese Characteristics," Cambridge Books, Cambridge University Press, number 9780521898102.
    3. Christopher A. MCNALLY & Boy LÜTHJE & Tobias ten BRINK, 2013. "Rebalancing China’s Emergent Capitalism: State Power, Economic Liberalization and Social Upgrading," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 3-16.
    4. Julian GRUIN, 2013. "Asset or Liability? The Role of the Financial System in the Political Economy of China’s Rebalancing," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 73-104.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Florian BUTOLLO, 2013. "Moving Beyond Cheap Labour? Industrial and Social Upgrading in the Garment and LED Industries of the Pearl River Delta," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 139-170.
    2. Dingzu Zhang & Lijuan Pan & Luqi Liu & Huixiang Zeng, 2023. "Impact of executive pay gap on environmental, social, and governance disclosure in China: Is there a strategic choice?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2574-2589, September.
    3. Boy LÜTHJE, 2013. "Diverging Trajectories: Economic Rebalancing and Labour Policies in China," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 105-137.
    4. Tobias ten Brink, 2013. "Paradoxes of Prosperity in China’s New Capitalism," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 17-44.
    5. Julian GRUIN, 2013. "Asset or Liability? The Role of the Financial System in the Political Economy of China’s Rebalancing," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 73-104.
    6. Florian Butollo, 2015. "Growing against the odds: government agency and strategic recoupling as sources of competitiveness in the garment industry of the Pearl River Delta," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 8(3), pages 521-536.
    7. Antonia Reinecke & Hans-Jörg Schmerer & Carsten A. Holz & Frederik Kunze & Torsten Windels & Horst Löchel & Markus Taube, 2016. "China’s Growth Model in Trouble: How Great is the Risk for the World Economy?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(07), pages 05-20, April.

    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. Florian BUTOLLO, 2013. "Moving Beyond Cheap Labour? Industrial and Social Upgrading in the Garment and LED Industries of the Pearl River Delta," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 139-170.
    2. Boy LÜTHJE, 2013. "Diverging Trajectories: Economic Rebalancing and Labour Policies in China," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 105-137.
    3. Tobias ten Brink, 2013. "Paradoxes of Prosperity in China’s New Capitalism," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 42(4), pages 17-44.
    4. William T. Allen & Han Shen, 2011. "Assessing China's Top-Down Securities Markets," NBER Working Papers 16713, National Bureau of Economic Research, Inc.
    5. Guo Chen & Amy K Glasmeier & Min Zhang & Yang Shao, 2016. "Urbanization and Income Inequality in Post-Reform China: A Causal Analysis Based on Time Series Data," PLOS ONE, Public Library of Science, vol. 11(7), pages 1-16, July.
    6. Li, Jiaming & Li, Yuheng & Zhang, Wenzhong & Yu, Jianhui, 2018. "Imbalanced ownership transformation and land use within an urban area: a case study of Beijing," Land Use Policy, Elsevier, vol. 74(C), pages 240-247.
    7. Hao Liang & Bing Ren & Haikun Zhu, 2011. "Revisiting the OLI Paradigm: The Institutions, the State, and China's OFDI," CESifo Working Paper Series 3642, CESifo.
    8. Yitian Ren, 2023. "Rural China Staggering towards the Digital Era: Evolution and Restructuring," Land, MDPI, vol. 12(7), pages 1-25, July.
    9. Zhan, Shaohua, 2015. "From Privatization to Deindustrialization: Implications of Chinese Rural Industry and the Ownership Debate Revisited," World Development, Elsevier, vol. 74(C), pages 108-122.
    10. Mi Lin & Yum K. Kwan, 2017. "FDI Spatial Spillovers in China," The World Economy, Wiley Blackwell, vol. 40(8), pages 1514-1530, August.
    11. Xiwei Zhu & Ye Liu & Ming He & Deming Luo & Yiyun Wu, 2019. "Entrepreneurship and industrial clusters: evidence from China industrial census," Small Business Economics, Springer, vol. 52(3), pages 595-616, March.
    12. Christopher Marquis & Cuili Qian, 2014. "Corporate Social Responsibility Reporting in China: Symbol or Substance?," Organization Science, INFORMS, vol. 25(1), pages 127-148, February.
    13. van der Kamp, Denise & Lorentzen, Peter & Mattingly, Daniel, 2017. "Racing to the Bottom or to the Top? Decentralization, Revenue Pressures, and Governance Reform in China," World Development, Elsevier, vol. 95(C), pages 164-176.
    14. Le, Vo Phuong Mai & Matthews, Kent & Meenagh, David & Minford, Patrick & Xiao, Zhiguo, 2021. "Shadow banks, banking policies and China’s macroeconomic fluctuations," Journal of International Money and Finance, Elsevier, vol. 116(C).
    15. Julie Ann Elston & Alois Weidinger, 2019. "Entrepreneurial intention and regional internationalization in China," Small Business Economics, Springer, vol. 53(4), pages 1001-1015, December.
    16. Jesús Fernández-Villaverde & Lee Ohanian, 2010. "The Spanish Crisis from a Global Perspective," Working Papers 2010-03, FEDEA.
    17. Kellee Tsai, 2015. "The Political Economy of State Capitalism and Shadow Banking in China," HKUST IEMS Working Paper Series 2015-25, HKUST Institute for Emerging Market Studies, revised May 2015.
    18. Tobin, Damian & Volz, Ulrich, 2018. "The Development and Transformation of the People’s Republic of China’s Financial System," ADBI Working Papers 825, Asian Development Bank Institute.
    19. Joseph P. H. Fan & Randall Morck & Bernard Yeung, 2012. "Translating Market Socialism with Chinese Characteristics into Sustained Prosperity," NBER Chapters, in: Capitalizing China, pages 1-32, National Bureau of Economic Research, Inc.
    20. Jiejing Wang & Yanguang Chen, 2021. "Economic Transition and the Evolution of City-Size Distribution of China’s Urban System," Sustainability, MDPI, vol. 13(6), pages 1-15, March.

    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:gig:chaktu:v:42:y:2013:i:4:p:45-71. 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: Karsten Giese or Heike Holbig (email available below). General contact details of provider: https://edirc.repec.org/data/dueiide.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.