The early 21st century will be remembered for its shift in global economic power dynamics. In the past two decades, the Chinese government has fostered the growth of many of the world’s most valuable firms, advanced complete integration of Chinese companies in global supply chains, and...

This Written Statement presents aspects in China's corporate governance framework, state corporate ownership and control, and the Chinese Communist Party's roles in corporate governance. It was submitted as part of a testimony before the U.S.-China Economic and Security Review Commission,...

Beliefs about whether effort pays off govern some of the most fundamental choices individuals make. This paper uses China's Cultural Revolution to understand how these beliefs can be affected, how they impact behavior, and how they are transmitted across generations. During the Cultural...

China's transition from a planned to a market economy has been very successful, although the reforms have been quite different from those proposed by most Western observers. Despite the fact that property rights were not well defined or formally secured, and that one party dominated the...

Beliefs about whether effort pays off govern some of the most fundamental choices individuals make. This paper uses China's Cultural Revolution to understand how these beliefs can be affected, how they impact behavior, and how they are transmitted across generations. During the Cultural...

This paper examines the formation of property rights in Qing China and Tokugawa Japan with a focus on rice market development. Both nations’ citizens eat rice and rulers in both nations view rice as one of the nation’s most significant strategic resources. However, by the end of 18th...

We scrutinize the systemic consequences of state intervention triggered by external shocks in the transforming Chinese economy before and after the global crisis. We interpret investment dynamics using a comparative party-state model concept framework. We identify the overinvestment as an...

In this paper, we scrutinize in the transforming party-state system of China the subtle dynamics of enterprise adaptation to state interventions, which react to hardening external and internal constraints. We use a comparative systemic framework that interprets adaptation in the context of...

The word “Qian rule” (hidden rule) has been known to all Chinese people since the publication of Wu Si's Qian Rule. This paper proposes that the Qian rule, in the economic sense, is the transaction of discretion between the buyer and the rule agent. The meticulousness of the formal rule and...

With an estimated total of US $1.2 trillion under management, the two top Chinese sovereign wealth funds (SWFs) are a force to be reckoned with globally. Thus far, their investment exposure to European assets (an average of US$4.0 billion annually in 2009-2013) has been insignificant and has not...