Abstract
In March 2013, the Fifth generation of Chinese leaders, headed by Xi Jinping and Li Keqiang, officially took over from the previous leadership headed by Hu Jintao and Wen Jiabao. One of the most important corporate legal reforms during the Hu-Wen administration were the amendments of the PRC Securities Law and Company Law. In this article, the author argues that the Securities Law and Company Law reforms and the continued restructuring of the state enterprises may be viewed as the government’s attempt to uphold the legitimacy of the one-Party rule. More specifically, it is argued that the government regulation of the securities market has been serving the financing needs of state-owned enterprises, while promoting the political needs of the Party. This paper also discusses the involvement of the Chinese Communist Party in corporate governance, demonstrating the Party’s presence in the operation and management of listed and, to a lesser extent, non-listed companies. Finally, the author will show how China’s program of corporate and securities reform tries to reconcile with the official ideology of the Communist Party.
Published Version
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