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Party-State Dominated Economic Governance : The Politics of Regulation in China’s Steel- and Fintech-Sectors

The People’s Republic of China (China) hosts a unique set of economic institutions combining elements of its socialist system with components of open market economies. As part of its integration into the world economy since the 1990s, China has added regulatory agencies to the governance of several sectors of its economy. This led many observers to expect a development of China towards an established capitalist model. The instability of China’s institutional set-up, however, has rather cast a shadow on business-state interactions and has triggered numerous rounds of reforms. These tensions have intensified as China’s political order turned more ideological, more party-oriented, and less liberal.

Discussing the regulation of one well-established traditional industrial sector – steel – and one technology-driven emerging field – fintech – this paper explores recent trends in regulatory governance and highlights the increased role of the party-state in governing China’s economy. China has continued the idiosyncratic operationalization of different modes of regulatory governance. In recent years, it has left the path of transition towards a “Western-type” market economy and has redefined its stance towards “Western” templates. This course has led to the emergence of a unique form of economic governance dominated by the party-state.

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