Abstract
This paper examines the question of China’s compliance with market economy principles. China has reformed away from central planning in the past four decades, but has it achieved a fully-fledged market economy? The paper sheds new light on the contested nature of China’s market economy status from a political economy perspective. It draws on the Varieties of Capitalism analytical framework. The paper explains China’s status as a market economy as the product of a national model of state-dominated institutional complementarities between high levels of trade openness and domestic regulation, including nonmarket principles for the deployment of financial resources and labour.
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