Institutional change in Chinese cross-border finance: foreign investors, the party-state and power resources

Laura-Marie Töpfer

Review of International Political Economy, 2017, vol. 24, issue 1, 144-175

Abstract: This paper is the first to investigate the changes in criteria for market access under China's Qualified Foreign Institutional Investor (QFII) Programmes. By combining insights on institutional change and Chinese elite politics, it demonstrates that the evolution of access criteria can be explained by interdependent bargaining between Chinese party leaders, administrative authorities and corporate interests. The 2008 global financial crisis triggered fundamental shifts in resource interdependencies that altered the bargaining dynamics between these agents. The changes in internal and external conditions are decisive for understanding how the QFII programmes evolved. The analysis draws on an original data-set coupling 91 multi-stakeholder interviews, database analysis and internal government records. The findings show that institutional change in China's cross-border investment programmes is a negotiated economic outcome bridging interdependent state and market agents. These results have important implications for the study of globalisation and institutional change in non-Western contexts. They challenge existing narratives of an all-pervasive Chinese party-state that is resistant to change.

Date: 2017
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DOI: 10.1080/09692290.2016.1273842

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