As China's government manages a transition away from the socialist plan, how does it build the regulatory institutions it needs to manage the new market economy? Without the correct institutions, laws and agencies that implement the laws in place, the remarkable growth witnessed in China over the last two decades will falter. Financial sector reform lies at the heart of China's economic transition and China's stock market has become critical to the reform of state-owned industry, the supply of fiscal revenues and in building a modern pension system.
The Development of China's Stockmarket takes a close look at the policy-making and regulatory institutions the government has created to manage equity development and shows how, in contrast to neo-institutional and economic theories of regulatory development, public actors have controlled institutional development.
Based on extensive field research in Shanghai, Shenzhen and Beijing and over forty interviews with regulators and market players, The Development of China's Stockmarket provides the first detailed academic analysis of the country's stockmarket. With a comprehensive review of Chinese language literature available on the subject, this book is essential reading for all scholars with an interest in Asian Business and China's transition from socialism.
Table of Contents
Part 1: Theoretical Considerations 1. Stock Market Regulation and Institutional Change in Reform China 2. Investors, Bureaucrats and the Institutions of the Chinese State Part 2: Local Institutional Capture 3. Nascent Equity Markets and Local Institution Building, 1984-90 4. Institutional Capture by Local Leaders: Share Issuance and Other Problems, 1993-2000 5. Equity Developmentalism Unbound: The Capture of Secondary Market Institutions in Shenzhen and Shanghai, 1995-97 6. The Shanghai and Shenzhen Stock Exchanges: From Local Control to 'Sons of the CSRC' 7. Local Institution-Making and the Securities Trading Centres 8. Institutional Creation and Development: The China Securities Regulatory Commission 9. Incoherence at the Centre: The State Council Securities Commission and CSRC/PBoC Relations 10. Drafting the Securities Law: The Role of the National People's Congress in Creating Institutions Part 3: Conclusions 11. Socialist Market Regulation 12. China's Stock Market and the Changing Policy Priorities of the State Council 13. Equity Politics and Market Institutions
Stephen Green is the Head of the Asia Programme at The Royal Institute of International Affairs at Chatham House, London.
'Stephen Green has written an intricately detailed and important book.' - The China Journal
'The book is required reading for anyone who wants to understand the growth of the equity or stock market in China.' - The China Journal