Communists constructing capitalism State, market, and the Party in China's financial reform

Why has China’s ‘transition’ to a market economy not catalysed corresponding political transformation? In an era of deepening synergy between authoritarian politics and capitalist economics, this book offers a novel perspective on this central dilemma of contemporary Chinese development, shedding light on how the Chinese Communist Party achieved rapid economic growth while preserving political stability. Drawing on extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, Communists constructing capitalism delves into the role of China’s state-owned banking system since 1989, demonstrating how political control over capital has been central to the country’s experience of capitalist development. It challenges existing state- market paradigms of political economy and reveals the Eurocentric assumptions underpinning liberal perspectives towards Chinese authoritarian resilience.