Entering the world
Consolidating capitalism in the 2000s
in Communists constructing capitalism
Abstract only
Log-in for full text

Chapter 5 examines the process of financial reform and restructuring following the 1997 Asian financial crisis, during the process of accession to the World Trade Organization (WTO), and through to the unfolding of the 2008 financial crisis. As China transitioned from what had been a position still of (relative) international isolation to (partial) integration with the global economy, it was necessary to develop a set of financial and macroeconomic policies that would support trade and attract investment. China’s leaders therefore sought to construct an internationally oriented modern financial system, which for all appearances was now increasingly geared for competition with foreign banks both at home and eventually abroad. Yet the premise of reform during the 2000s was not to replicate a Western financial system, but to transform the banking system into a more effective tool for achieving the broader politico-economic goals of the CCP. Reform was intensified, not in order to create more independent market forces, but rather to improve the market as a tool for the CCP.

Communists constructing capitalism

State, market, and the Party in China’s financial reform


All Time Past Year Past 30 Days
Abstract Views 75 19 1
Full Text Views 0 0 0
PDF Downloads 0 0 0