Revisiting China’s market economy status: state capitalism within the WTO liberal trading system

Stefanova, Boyka and Zhelev, Paskal (2022): Revisiting China’s market economy status: state capitalism within the WTO liberal trading system. Published in: Australian and New Zealand Journal of European Studies , Vol. 14, No. 2 (1 September 2022): pp. 94-111.

Abstract

This paper examines the question of China’s compliance with market economy principles. China has reformed away from central planning in the past four decades, but has it achieved a fully-fledged market economy? The paper sheds new light on the contested nature of China’s market economy status from a political economy perspective. It draws on the Varieties of Capitalism analytical framework to posit China’s market economy status as the product of its national model of state-dominated institutional complementarities between high levels of trade openness and domestic regulation, including nonmarket principles for the deployment of financial resources and labour.

• Item Type: MPRA Paper
• Language: English
• Keywords: China, socialist market economy,; WTO; varieties of Capitalism
• Subjects: F - International Economics > F1 - Trade > F13 - Trade Policy ; International Trade Organizations; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy; P - Economic Systems > P1 - Capitalist Systems > P16 - Political Economy; P - Economic Systems > P3 - Socialist Institutions and Their Transitions > P33 - International Trade, Finance, Investment, Relations, and Aid; P - Economic Systems > P5 - Comparative Economic Systems > P51 - Comparative Analysis of Economic Systems

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