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China's Banking TransformationThe Untold Story$
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James Stent

Print publication date: 2017

Print ISBN-13: 9780190497033

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780190497033.001.0001

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Leninism and Pragmatism of China’s Communist Party

Leninism and Pragmatism of China’s Communist Party

3 Leninism and Pragmatism of China’s Communist Party
China's Banking Transformation

James Stent

Oxford University Press

China’s Communist Party fits within an Asian governance model, in which government dominance over society is more powerful than it is in Anglo-American political models. Party is a foreign import, grafted onto traditional indigenous Chinese governance concepts. The Party exercises power over banks through setting national economic and financial policy, appointing all bank senior management and disciplining Party members in banks. The Party values pragmatism, stability, and strategy, which includes prioritization, pilot experiments, and avoidance of “big bangs.” These core values the Party imparts to the banks. These values result in bold reform policies but cautious implementation and risk aversion. Missing in the political makeup of China is “institutionalized trust” and effective rule of law.

Keywords:   China’s Communist Party, Asian governance model, pragmatism, stability, strategy

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