China and Inner Asia

Organized Panel Session

3 - The Boom and Crash of a "State-Led Bull Market": Hybrid Regulatory Regime, Campaign-style Governance and China's Stock Market Crisis 2014-2015

Thursday, March 22
7:30 PM - 9:30 PM
Location: Park Tower 8226, Lobby Level

China’s market-oriented reforms have been carried out under a Leninist system of bureaucratic control. Unconventional forms of institutional adaptation, hybridization and innovation have featured prominently in the Chinese model of economic governance and public administration. The state-led development of stock market has been a key element of China’s economic reforms. Between 2014 and 2015, China’s stock market experienced a major policy-driven boom and crash, with profound impact on China’s financial stability and reforms. This presentation examines the policy processes and instruments involved in the rise and fall of this episode of “state-led bull market” in China. It uses a conceptual model of campaign-style governance to analyze how the institutional legacy of the Leninist control and policy styles have shaped China’s stock market regulatory regime and illustrate the constraints that China’s hybrid model of financial governance imposes on its stock market development.

Chen Li

Chinese University of Hong Kong, Not Applicable, Hong Kong

Presentation(s):

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3 - The Boom and Crash of a "State-Led Bull Market": Hybrid Regulatory Regime, Campaign-style Governance and China's Stock Market Crisis 2014-2015



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