Market Creation by Leninist Means: The Regulation of Financial Services in the People’s Republic of China

Collins, Neil; Gottwald, Joern Carsten

doi:10.1080/10357823.2014.964173

Cited by 21 publications

(15 citation statements)

References 28 publications

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“…After all, Western regulatory ideas are only implemented if they do not weaken the party's power over the Chinese economy (Carney, 2012, p. 164;Collins and Gottwald;. In the same vein, stringent regulations that promote financial stability in Western economies -at least since the global financial crisis -are a joint concern for all Chinese factions given the importance of exports to the West for the continuing growth of the Chinese economy.…”

Section: Explaining the Chinese Stance On Banking Regulation: The Rolmentioning

confidence: 98%

“…Banking regulation in this type of capitalism has to safeguard financial stability and to make sure that domestic savings are channeled into investments for catch-up industrialization, along the priorities of overall state and party control (Breslin, 2014, p. 997;Collins and Gottwald, 2014). As long as global banking regulation does not interfere with those principles (for example, by forcing national authorities to open the banking sector to transnational financial markets), it can not only be tolerated, but also serves as a rallying point for those factions that care about the stability of the overall financial system.…”

Section: The Historical Evolution Of State-permeated Capitalismmentioning

confidence: 99%

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International financial regulation and domestic coalitions in state-permeated capitalism: China and global banking rules

Nölke

2015

Int Polit

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China plays a 'mainstream' role in global banking negotiations and does not articulate positions that considerably contradict those of the dominant actors (for example, the United States or United Kingdom). Still, the Chinese banking sector differs quite considerably from those of Western economies. In order to understand the Chinese stance on international banking regulation, we need to look at the development of domestic regulation in China. An analysis of institutional changes in Chinese banking regulations highlights the importance of various political-economic factions that have different positions on banking regulation. These factions are a core ingredient of the Chinese statepermeated model of capitalism. Moreover, it is impossible to understand the development of this type of capitalism without taking the size of the economy and the timing of its historical insertion into global capitalism into account.

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Section: Explaining the Chinese Stance On Banking Regulation: The Rolmentioning

confidence: 98%

Section: The Historical Evolution Of State-permeated Capitalismmentioning

confidence: 99%

International financial regulation and domestic coalitions in state-permeated capitalism: China and global banking rules

Nölke

2015

Int Polit

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“…We have already seen that TVEs were managed through myriad ownership forms, including networked collective, local government and (sometimes hidden) private. (Zhang, 2013;Collins & Gottwald, 2014;Wei, 2015; for alternative views see Lardy, 2014;Whyte, 2009). Second, there is a body of contested evidence that suggests state-owned and controlled firms do not suffer on a variety of measures of performance (Guest & Sutherland, 2010).…”

Section: State Ownership and Controlmentioning

confidence: 99%

The Advantages of Ambiguity? Development, Rule Formation and Property Rights During Transition in China

Goldfinch

2016

Asian Studies Review

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Certainty and clarity of legally defined individual private property rights, protected by and from a constrained state, are doctrines of neoclassical economics-derived development theory. But absent these conditions, there may be alternative mechanisms to provide some protection for business development and property. Using a case study drawn from China, I will argue that collective, contested, ambiguous and perhaps absence of legally

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“…Rather, they sought ways to get the best out of two realities: the control of a key sector of the economy by a Leninist partystate, and open access for foreign and domestic capital into Chinese business (Heilmann 2005;Collins & Gottwald 2014). On an individual level, this allowed leading representatives of the party-state to pursue business opportunities.…”

Section: China's Institutional Change As Regulatory Politics Between mentioning

confidence: 99%

The Impact of the Global Financial Crisis on China's Banking Sector

Haasbroek¹,

Gottwald²

2017

cjas

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The banking sector had long been left at the fringes of China's reform policies. Major initiatives of the 1990 and early 2000s helped to balance the need for modernization and internationalization with the objective of preserving political control. When the Global Financial Crisis (GFC) erupted in 2007, it hit the Chinese economy but predominantly in its export sector and much less in its financial sector. Yet when exports collapsed and factories closed in the winter of 2008/2009, the Chinese leadership implemented an ambitious stimulus program and used its leverage over the financial sector to re-start economic growth. These factors -GFC and domestic stimulus -created a series of intended and unintended outcomes. Financial reform in China entered a new stage signalling a profound change in China's banking sector. These changes follow two sometimes contradictive, sometimes mutually reinforcing reform dynamics of top-down policies and bottom-up innovation. In this article we follow an institutional approach and discuss the intensified participation of China's big banks in the Go Out strategy, followed by a shift in the pattern of lending. One factor in this change is the rise of shadow banking and particularly an explosive growth in internet-based financial services. Thus, while the initial reaction to the GFC re-emphasized direct, top-down state involvement in the banking sector, the outcomes of the GFC, China's policies and business innovations have facilitated profound bottom-up changes.

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Market Creation by Leninist Means: The Regulation of Financial Services in the People’s Republic of China

Cited by 21 publications

References 28 publications

International financial regulation and domestic coalitions in state-permeated capitalism: China and global banking rules

International financial regulation and domestic coalitions in state-permeated capitalism: China and global banking rules

The Advantages of Ambiguity? Development, Rule Formation and Property Rights During Transition in China

The Impact of the Global Financial Crisis on China's Banking Sector

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