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Regulating the Visible Hand?The Institutional Implications of Chinese State Capitalism$
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Benjamin L. Liebman and Curtis J. Milhaupt

Print publication date: 2015

Print ISBN-13: 9780190250256

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780190250256.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 September 2021

Protecting the State from Itself?

Protecting the State from Itself?

Regulatory Interventions in Corporate Governance and the Financing of China’s “State Capitalism”

(p.49) 3 Protecting the State from Itself?
Regulating the Visible Hand?

Nicholas Calcina Howson

Oxford University Press

From the start of China’s “corporatization without privatization” process in the late 1980s, a Chinese corporate governance regime, apparently shareholder-empowering and determined by enabling legal norms, has been altered by mandatory governance mechanisms imposed by a state administrative agency, the China Securities Regulatory Commission (CSRC). This has been done to protect minority shareholders against exploitation by the Party-state controlling shareholders, the power behind China’s “state capitalism.” This chapter reviews the path of this benign intervention by the CSRC and the structural reasons for it, and then speculates on why this novel example of the China’s “fragmented authoritarianism” continues to be tolerated by the Party-state, and indeed how it is necessary for the continued financing of China’s state capitalism.

Keywords:   Chinese corporate governance, CSRC, minority shareholders, securities regulation, state capitalism

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