China's stock market : a marriage of capitalism and socialism
The article explains how China was able to develop a large, active and technologically advanced stock market in the 1990s while maintaining its monopolistic control over financial intermediation. The development of the Chinese stock market was driven by rent-seeking and speculative activities. A series of reform measures for privatizing listed enterprises have been introduced by China in the early 2000s. It provides a discussion on the likely evolution of the Chinese stock market.
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Wong, S. M. L. (2006). China's stock market: A marriage of capitalism and socialism. Cato Journal, 26(3), 359-424.