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Capitalizing China

Author

Listed:
  • Joseph Fan
  • Randall Morck

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Joseph Fan & Randall Morck, 2012. "Capitalizing China," NBER Books, National Bureau of Economic Research, Inc, number morc10-1, June.
    • Handle: RePEc:nbr:nberbk:morc10-1
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    References listed on IDEAS

    as
    1. S.K. Bhutani, 2009. "China and India," India Quarterly: A Journal of International Affairs, , vol. 65(4), pages 383-391, October.
    2. Wurgler, Jeffrey, 2000. "Financial markets and the allocation of capital," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 187-214.
    3. Deng, Yongheng & Morck, Randall & Wu, Jing & Yeung, Bernard, 2011. "Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market," Ratio Working Papers 173, The Ratio Institute.
    4. Xiaolu Wang & Wing Thye Woo, 2011. "The Size and Distribution of Hidden Household Income in China," Asian Economic Papers, MIT Press, vol. 10(1), pages 1-26, Winter/Sp.
    5. Dennis Tao Yang & Junsen Zhang & Shaojie Zhou, 2012. "Why Are Saving Rates So High in China?," NBER Chapters,in: Capitalizing China, pages 249-278 National Bureau of Economic Research, Inc.
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    8. Marcos D. Chamon & Eswar S. Prasad, 2010. "Why Are Saving Rates of Urban Households in China Rising?," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 93-130, January.
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    Cited by:

    1. Székely-Doby, András, 2014. "A kínai reformfolyamat politikai gazdaságtani logikája
      [The politico-economic logic of the Chinese reform process]      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1397-1418.

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    Book Chapters

    The following chapters of this book are listed in IDEAS

    JEL classification:

    • G0 - Financial Economics - - General
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • J47 - Labor and Demographic Economics - - Particular Labor Markets - - - Coercive Labor Markets
    • K0 - Law and Economics - - General
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • Y2 - Miscellaneous Categories - - Introductions and Prefaces

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