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The paper intends to provide a framework of understanding the political economy of Chinese state capitalism in which China transformed from an economy owned and controlled by the state to one supervised and regulated by the state in combination with market mechanisms.It explores how China is able to combine political, economic and sociocultural innovations in developing state capitalism with "Chinese characteristics".It argues that the uniqueness of Chinese state capitalism can be conceptualized from the perspectives of: 1) understanding China as a "civilization-state" (vis--vis Western "nation-state") that has a unique type of political culture and rationality; 2) examining the resilient capacity of Chinese culture and the Chinese party-state in sinicizing and internalizing foreign ideas and practices; 3) analyzing the Chinese state-market relationship in which institutional innovations, commodification of state power, and marketization of public resource play a positive role in securing a certain level of state-market-society embeddedness.But the paper also indicates the potential challenges and limitations of Chinese state capitalism.
Li et al. (Wed,) studied this question.
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