TY  - JOUR
AU  - Fan, Joseph
AU  - Morck, Randall
AU  - Yeung, Bernard
TI  - Capitalizing China
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 17687
PY  - 2011
Y2  - December 2011
DO  - 10.3386/w17687
UR  - http://www.nber.org/papers/w17687
L1  - http://www.nber.org/papers/w17687.pdf
N1  - Author contact info:
Joseph Fan
School of Accountancy
Chinese University of Hong Kong
Shatin, N.T.
Hong Kong
Tel: (852) 2609 7839
Fax: (852) 2603 5114
E-Mail: pjfan@cuhk.edu.hk

Randall Morck
Faculty of Business
University of Alberta
Edmonton, AB T6G 2R6
CANADA
Tel: 780/492-5683
Fax: 780/492-3325
E-Mail: randall.morck@ualberta.ca

Bernard Yeung
National University of Singapore
Mochtar Riady Building
15 Kent Ridge Drive
BIZ 1, Level 6, #6-19
Singapore
Tel: +65 6516 3075 
Fax: +65 6779 1365 
E-Mail: byeung@nus.edu.sg
M1  - published as Joseph P. H. Fan, Randall Morck, Bernard Yeung. "Translating Market Socialism with Chinese Characteristics into Sustained Prosperity," in Joseph P. H. Fan and Randall Morck, editors, "Capitalizing China" University of Chicago Press (2013)

M3  - presented at "Capitalizing China Conference", December 15-16, 2009
AB  - Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. This manuscript introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries.
ER  -