China's stock market : a marriage of capitalism and socialism

Man Lai, Sonia WONG

China's stock market : a marriage of capitalism and socialism

Man Lai, Sonia WONG

Department of Finance and Insurance

Research output: Journal Publications › Journal Article (refereed) › peer-review

36 Citations (Scopus)

Abstract

The article explains how China was able to develop a large, active and technologically advanced stock market in the 1990s while maintaining its monopolistic control over financial intermediation. The development of the Chinese stock market was driven by rent-seeking and speculative activities. A series of reform measures for privatizing listed enterprises have been introduced by China in the early 2000s. It provides a discussion on the likely evolution of the Chinese stock market.

Original language	English
Pages (from-to)	359-424
Number of pages	66
Journal	Cato Journal
Volume	26
Issue number	3
Publication status	Published - 1 Jan 2006

Bibliographical note

This article was supported by the Hong Kong Research Grants Council (RGC) Competitive Earmarked Research Grant Awards 2004–2005 (LU7236/04H). The author thanks the Council for its support. She also acknowledges Li Wei, who shared valuable insights on the functioning of China’s stock market within the context of financial repression when the author visited the University of Virginia’s Batten Institute at the Darden Graduate School of Business as a Batten Fellow, and Zhang Xuan, who provided excellent research assistance.

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http://econpapers.repec.org/RePEc:cto:journl:v:26:y:2006:i:3:p:389-424

Cite this

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AB - The article explains how China was able to develop a large, active and technologically advanced stock market in the 1990s while maintaining its monopolistic control over financial intermediation. The development of the Chinese stock market was driven by rent-seeking and speculative activities. A series of reform measures for privatizing listed enterprises have been introduced by China in the early 2000s. It provides a discussion on the likely evolution of the Chinese stock market.

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China's stock market : a marriage of capitalism and socialism

Abstract

Bibliographical note

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