A Review of China’s Institutions

33 Pages Posted: 10 Nov 2018 Last revised: 9 Oct 2020

See all articles by Franklin Allen

Franklin Allen

Imperial College London

Jun "QJ" Qian

Fanhai International School of Finance, Fudan University; University of Pennsylvania - Wharton Financial Institutions Center

Meijun Qian

Australian National University (ANU) - College of Business and Economics

Date Written: October 15, 2018

Abstract

The spectacular economic growth in China in the past four decades has inspired a large strand of research to understand China’s unconventional growth path. This paper focuses on the recent development of China’s institutions, financial markets, innovations and government-business relations in the context of their roles in supporting China’s growth. The government’s role in finance and the economy has advantages and disadvantages as compared to developed markets in the West. Alternative financing channels and governance mechanisms, rather than the markets and banks, continue to promote growth in the most dynamic sectors of the economy, despite the fact that China has passed the early-development stage. More research is needed to understand the Chinese experience and see whether similar mechanisms are behind the growth in other economies.

Keywords: Institutions, Government, Property Rights, Markets, Alternative Finance, Innovation

JEL Classification: O5, K0, G2

Suggested Citation

Allen, Franklin and Qian, Jun and Qian, Meijun, A Review of China’s Institutions (October 15, 2018). Available at SSRN: https://ssrn.com/abstract=3269018 or http://dx.doi.org/10.2139/ssrn.3269018

Franklin Allen

Imperial College London ( email )

South Kensington Campus
Exhibition Road
London, Greater London SW7 2AZ
United Kingdom

Jun Qian

Fanhai International School of Finance, Fudan University ( email )

Shanghai
China
86-21-63895501 (Phone)
86-21-62934572 (Fax)

HOME PAGE: http://www.fisf.fudan.edu.cn/show-65-69.html

University of Pennsylvania - Wharton Financial Institutions Center

2306 Steinberg Hall-Dietrich Hall
Philadelphia, PA 19104
United States

HOME PAGE: http://fic.wharton.upenn.edu/fic/

Meijun Qian (Contact Author)

Australian National University (ANU) - College of Business and Economics ( email )

Canberra
Australia

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