While China appears to present a new variety of capitalism, frequently labeled "state capitalism," the features of this system - particularly the organizational structure surrounding China's most important state-owned enterprises (the national champions) - remains a black box. Corporate...

A corporate bond market is thought to play an important role as a supplement to bank-oriented financial systems in emerging markets – functioning in effect as a “spare tire.” Yet bond markets typically rely upon a formal institutional foundation that is often lacking in developing...

We examine responses by Chinese firms to a “party-building” policy launched by the Chinese Communist Party (CCP) in 2015 to reform China’s state-owned enterprises (SOEs). The policy requires SOEs to follow a model template of charter amendments to formalize and elevate the role of the CCP...

Chinese state capitalism has been treated as essentially synonymous with state-owned enterprises (“SOEs”). But drawing a stark distinction between SOEs and privately owned enterprises (“POEs”) misperceives the reality of China's institutional environment and its impact on the formation...

The U.S. environment for inbound FDI from China today exhibits striking parallels with the environment for Japanese FDI in the 1980s. The motivations for Chinese FDI, such as building on extensive export activity by reaping advantages from location and ownership in the U.S., and internalizing...

The “Beijing Consensus” is a broad label applied to China’s approach to economic governance, one in which the state plays a pervasive role and (at least in theory) markets serve the higher interests of national development. As such, the Beijing Consensus may be an alternative term for...