NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Governance of China's Finance

Katharina Pistor

Chapter in NBER book Capitalizing China (2013), Joseph Fan and Randall Morck, editors (p. 35 - 60)
Conference held December 15-16, 2009
Published in November 2012 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

This chapter examines the governance of China's financial system, which, it shows, cannot be adequately explained using conventional paradigms that rely on ownership and legal or regulatory controls alone. Instead, China's governance regime relies heavily on human resource management, which uses control rights over the career path of top-level financial cadres.

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This paper was revised on May 30, 2014

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Commentary on this chapter: Comment, Zheng Song
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