The Boom and Crash of a “National Bull Market”: Campaign-style Governance and China’s Stock Market Crisis 2014-2015
Refereed conference paper presented and published in conference proceedings


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AbstractChina’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 and its regulatory system has been a key element of China’s economic reforms. However, the complex interface of regulation and control between the Chinese party-state bureaucracy and the rapidly evolving financial market still belong to the least-understood components of China’s political economy. This article uses a model of campaign-style governance to characterize and analyze how the institutional legacy of the Chinese Communist Party (CCP)'s Leninist control and policy styles have shaped the policy instruments, mixes, processes and effects of China’s stock market regulation. It focuses on examining the case of how the Chinese authorities managed the major stock market bubble and crash between 2014 and 2015, which have generated profound and ongoing impact on China’s financial stability and reforms.
Acceptance Date07/09/2017
All Author(s) ListLI Chen
Name of ConferenceBritish Association for Chinese Studies Annual Conference 2017
Start Date of Conference07/09/2017
End Date of Conference09/09/2017
Place of ConferenceGlasgow
Country/Region of ConferenceGreat Britain
Year2017
LanguagesEnglish-United Kingdom

Last updated on 2018-06-12 at 12:55