The economic and geopolitical implications of China's rise have been the subject of vast commentary. However, the institutional implications of China's transformative development under state capitalism have not been examined extensively and comprehensively. Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism examines the domestic and global consequences of Chinese state capitalism, focusing on the impact of state-owned enterprises on regulation and policy, while placing China's variety of state capitalism in comparative perspective. It first examines the domestic governance of Chinese state capitalism, looking at institutional design and regulatory policy in areas ranging from the environment and antitrust to corporate law and taxation. It then analyses the global consequences for the regulation of trade, investment and finance. Contributors address such questions as: What are the implications of state capitalism for China's domestic institutional trajectory? What are the global implications of Chinese state capitalism? What can be learned from a comparative analysis of state capitalism?
List of Contributors Acknowledgments Introduction: The Institutional Implications of China's Economic Development Benjamin L. Liebman and Curtis J. Milhaupt Part I: Domestic Institutional Implications 1. Indigenous Evolution of SOE Regulation Deng Feng 2. Blowback: How China's Efforts to Bring Private-Sector Standards into the Public Sector Backfired Donald Clarke 3. Protecting the State from Itself? Regulatory Interventions in Corporate Governance and the Financing of China's 'State Capitalism' Nicholas Calcina Howson 4. Quenching Thirst with Poison? Local Government Financing Vehicles — Past, Present and Future Liao Fan 5. Antitrust Regulation of China's State-Owned Enterprises Angela Huyue Zhang 6. Taxation of State-Owned Enterprises: A Review of Empirical Evidence from China Wei Cui 7. Balancing Closure and Openness: The Challenge of Leadership Reform in China's State-Owned Enterprises Li-Wen Lin 8. Legal Informality and Human Capital Development in China Chen Ruoying 9. Reforming China's State-Owned Enterprises: Institutions, Not Ownership Curtis J. Milhaupt and Wentong Zheng 10. SOEs and State Governance: How State-Owned Enterprises Influence China's Legal System Zheng Lei, Benjamin Liebman and Curtis J. Milhaupt 11. The Social Relations of Chinese State Capitalism Mary E. Gallagher 12. Chinese State Capitalism and the Environment Alex Wang Part II: Global Institutional Implications 13. China's Rising Outward FDI: Its Reception in Host Countries and Implications for International Investment Law and Policy Karl P. Sauvant and Michael D. Nolan 14. The WTO and China's Unique Economic Structure Mark Wu Part III: Chinese State Capitalism in Comparative Perspective 15. The Hybridization of China's Financial System Katarina Pistor, Guo Li & Zhou Chun 16. Governing State Capitalism: The Case of Brazil Mariana Pargendler 17. Chinese Exceptionalism or New Varieties of State Capitalism Sergio Lazzarini and Aldo Musacchio Index