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1. Between State Capitalism and Economic State Craft: China INC.

Author:
Sadia Rahman
Publication Date:
08-2024
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
China’s economy underwent regulatory, structural as well as spatial makeovers since the increase of opening up and reforms in 1978. Intermittent policy interventions have been implemented by the Chinese state to ensure that the economy plays a vital role. Relatedly, the Communist leadership’s economic perspective was shaped by two key attributes: ideology and functionality (pp. 8, 11, 42, 119, 148, 313, 314). From an ideological perspective, the legacy of reforms was as crucial as the equitable principle of Communist rule in China, as both ensured the party’s survival and its control over the state. From a functional perspective, the state’s performance remained an essential indicator for China to achieve economic growth and improve the living conditions of its people. In his book, Between State Capitalism and Economic State Craft: China INC, China expert Aravind Yelery captures the systemic reflections of these transitions, mapping how the state fused growth and encouraged further opening to help China manifest its rise. The book delves into China’s growth models examining how these contradictions are ‘chosen ones’ and how China aims to rally its economic statecraft globally. The central crux is the Communist Party of China’s (CPC) authority retention over the economy by preventing the state from giving up control over important sectors and industries. State-Owned Enterprises (SOEs) played a vital part in achieving this goal in China’s economy, allowing the CPC to control governance. Thus, the chapters are significantly interconnected enlightening on the ascendancy of capitalist approaches in the CPC, exploring how China managed to defy the decline experienced by previous communist regimes. The explanation of SOEs is presented as a key factor in establishing effective domestic economic controls, ultimately enabling China to exert its dominance in global economic affairs.
Topic:
Economics, Regulation, and State Capitalism
Political Geography:
China and Asia

2. State Capitalism, Imperialism, and China: Bringing History Back In

Author:
Isabella Weber
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
State capitalism is experiencing a great revival as a term to capture the current capitalist constellations, increasingly replacing neoliberalism. Unlike neoliberalism, however, the term state capitalism has a long history reaching back to the age of imperialism in the late 19th century. While state capitalism has been used as a pejorative term by Marxists, liberals and neoliberals alike, it has served as a programmatic label for developmentalist and neomercantilist projects in reaction to imperialism in the periphery. This paper argues that we need to bring the intellectual history of state capitalism into the ‘new state capitalism’ debate. China has played a major role in the revival of state capitalism in the social sciences, but the long history of China’s engagement with state capitalism as a concept and program dating back to the late Qing reformers has been overlooked for the most part. State capitalism is by no means new to China, from Liang Qichao, Sun Yatsen and Mao Zedong to Deng Xiaoping, the idea that China had to create a modern nation state and industrial capitalism in the name of economic progress and to get ahead in the global competition is a recurring theme. What is new is that for the first time the ambition to use state capitalism as a means to catch up with the West is bearing fruits in ways that could undermine the predominance of Western economies.
Topic:
Imperialism, Political Economy, History, Capitalism, and State Capitalism
Political Geography:
China and Asia

3. Gulf financial aid and direct investment: Tracking the implications of state capitalism, aid, and investment flows

Author:
Karen E. Young
Publication Date:
08-2020
Content Type:
Special Report
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Much energy has focused on China’s Belt and Road Initiative and the debt-trap diplomacy it represents. But there is another set of players on the scene whose growth and influence in this sphere have been largely ignored. Gulf Arab states, particularly Saudi Arabia and the United Arab Emirates, have increasingly embraced an aggressive growth, investment, and development model for the broader Middle East. This report and the accompanying Gulf Financial Aid and Direct Investment Tracker are an effort to understand the breadth and scope of Gulf aid and financial intervention into a representative set of cases in the Middle East, the Horn of Africa, and West Asia. The objective is to demonstrate the competitive landscape for foreign investment in the receiving case countries and indicate the growing strength of Gulf capital investment, as it measures against a perception of Chinese capacity in the wider Middle East and emerging markets broadly. Most important, the comparative data here also demonstrate how private capital flows from the United States, United Kingdom, and European Union compete against flows of capital from state capitalism sources such as China and the Gulf.
Topic:
Foreign Direct Investment, Belt and Road Initiative (BRI), Investment, Strategic Competition, and State Capitalism
Political Geography:
China, Middle East, and Gulf Nations

4. China’s Stock Market: A Marriage of Capitalism and Socialism

Author:
Sonia M. L. Wong
Publication Date:
10-2006
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The rise of China’s stock market during the 1990s was nothing short of breathtaking. For more than 30 years after 1949, China was a centrally planned economy in which virtually all enterprises were state owned or collectively owned. Investments were centrally planned and funded by government fiscal grants as well as by loans from the state-owned monobank system as dictated by the government’s central credit plan. In the late 1980s, as part of enterprise reforms that took place during China’s gradual transition to a market economy, local governments in China started experimenting with selling shares of collectively owned enterprises directly to domestic individuals in order to raise equity capital. Curbed trading of enterprise shares soon began and was quickly followed by over-the-counter (OTC) trading in more organized but still informal exchanges. In 1991, two stock exchanges, one created by the Shanghai municipal government and the other by the Shenzhen municipal government, were launched, with the central government’s formal approval. Between 1992 and 2003, the market raised a total of 796.79 billion yuan of equity capital. At the end of 2003, China’s stock market had 1,287 listed enterprises and more than 70 million investor accounts (CSRC 2004).
Topic:
Economy, Investment, Socialism, State Capitalism, and Stock Markets
Political Geography:
China and Asia