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The emerging capitalist spirit of private enterprises in China: "Capitalism with chinese characteristics"

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Chapter Summary

The Chinese economy looms large on the global scene as well as in East Asia with the rise of the so-called “Greater China economic zone.” The People’s Republic of China managed to avoid the East Asian financial crisis and appears to be in position to reproduce the experience of the “East Asian miracle.” This chapter focuses on the characteristics of Chinese private enterprises to understand their capitalist spirit. The Chinese economy in the pre-1949 period had a dual structure consisting of big capital, and medium and small domestic capital. Private enterprises use guanxi (connections) networks to obtain favorable conditions such as cheap loans, tax exemptions, cheap raw materials, and non-competitive markets. Local governments seek to increase their fiscal revenues by attracting foreign investment, and collecting prots and tax from their subordinate collectives.

Keywords: capitalist spirit; Chinese private enterprises; East Asian financial crisis



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