Between Market Economy and State Capitalism: China's State-Owned Enterprises and the World Trading System PDF
Preview Between Market Economy and State Capitalism: China's State-Owned Enterprises and the World Trading System
BETWEEN MARKET ECONOMY AND STATE CAPITALISM Onemajorissuefacingtheworldtradingsystemtodayishowtodealwith thechallengeofChina’sstatecapitalism.Manycommentatorsbelievethat theexistingWTOrulesareinsufficient and,thus,newrulesareneeded. This book challenges this conventional wisdom. Through meticulous studiesandfreshanalysisofthecommitmentsinChina’sWTOaccession package,existingrulesonstatecapitalisminWTOagreementsandrecent attempts to make new rules on these issues at bilateral, regional and multilateral levels, this book argues that existing WTO rules, especially those on subsidies, coupled with China-specific rules in its accession protocol, do provide feasible tools to counter China’s state capitalism. This book also discusses the reasons for the lack of usage of these rules andprovidesconcretepolicysuggestionsonhowtherulesmaybebetter utilized,aswellashowtoconductconstructivenegotiationsonnewrules intheWTOandbeyond. isaseniorfellowattheCentreforInternationalGovernance Innovation and Professor of Law at Singapore Management University. He sits on the Advisory Board of the WTO Chairs Program and the editorialboardsoftheJournalofInternationalEconomicLawandJournal ofFinancialRegulation. isAssociateProfessorandDirectorofResearchatthe FacultyofLawandJustice,UNSWSydneyandamemberoftheFaculty’s HSF CIBEL Centre. He is the author of China’s Implementation of the Rulings of the World Trade Organization (2019), co-Secretary of the Society of International Economic Law (SIEL) and editorial board memberoftheJournalofInternationalTradeLawandPolicy. Published online by Cambridge University Press cambridge international trade and economic law SeriesEditors ProfessorLorandBartels UniversityofCambridge ProfessorThomasCottier UniversityofBerne ProfessorTomerBroude HebrewUniversityofJerusalem ProfessorAndreaK.Bjorklund McGillUniversity,Montréal Processes of economic regionalisation and globalisation have intensified over the last decades, accompanied by increases in the regulation of internationaltradeandeconomicsatthelevelsofinternational,regional and national laws. At the same time, significant challenges have arisen with respect to economic liberalization, rule-based systems of trade and investment,and theirpoliticalandsocialimpacts.The subjectmatterof thisseriesisinternationaleconomiclaw,inthiscontemporarycontext.Its core is the regulation of international trade, investment, finance and cognate areas such as intellectual property and competition policy. The series publishes books on related regulatory areas, in particular human rights, labour, environment and culture, as well as sustainable develop- ment.Theseareasarehorizontallyinterconnectedandverticallylinkedat the international, regional and national levels. The series also includes worksongovernance,dealingwiththestructureandoperationofinter- national organisations related to the field of international economic law andthewaytheyinteractwithothersubjectsofinternationalandnational law.Theseriesaimstoincludeexcellentlegaldoctrinaltreatises,aswellas cutting-edge interdisciplinary works that engage law and the social sciencesandhumanities. BooksintheSeries CapitalControlsandInternationalEconomicLaw BryanMercurio TheLawandPracticeofGlobalICTStandardization OliaKanevskaiaWhitaker NewAsianRegionalisminInternationalEconomicLaw PashaL.Hsieh EssentialInteroperabilityStandards: InterfacingIntellectualPropertyandCompetitioninInternational EconomicLaw SimonBrinsmead DigitalServicesinInternationalTradeLaw InesWillemyns Published online by Cambridge University Press LawandPoliticsonExportRestrictions: WTOandBeyond Chien-HueiWu EnergyinInternationalTradeLaw: Concepts,RegulationandChangingMarkets Anna-AlexandraMarhold Shareholders’ClaimsforReflectiveLossinInternationalInvestmentLaw LukasVanhonnaeker TransparencyintheWTOSPSandTBTAgreements: TheRealJewelintheCrown MariannaB.Karttunen PreferentialServicesLiberalization: TheCaseoftheEuropeanUnionandFederalStates JohannaJacobsson EmergingPowersinInternationalEconomicLaw: Cooperation,CompetitionandTransformation SoniaE.RollandandDavidM.Trubek CommitmentsandFlexibilitiesintheWTOAgreementonSubsidiesand CountervailingMeasures JoséGuilhermeMorenoCaiado TheReturnoftheHomeStatetoInvestor-StateDisputes: BringingBackDiplomaticProtection? 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MarinaFoltea PublicServicesandInternationalTradeLiberalization: HumanRightsandGenderImplications BarnaliChoudhury TheLawandPoliticsofWTOWaivers: StabilityandFlexibilityinPublicInternationalLaw IsabelFeichtner AfricanRegionalTradeAgreementsasLegalRegimes JamesThuoGathii ProcessesandProductionMethods(PPMs)inWTOLaw: InterfacingTradeandSocialGoals ChristianeR.Conrad Non-DiscriminationinInternationalTradeinServices: ‘Likeness’inWTO/GATS NicolasF.Diebold TheLaw,EconomicsandPoliticsofRetaliationinWTODispute Settlement EditedbyChadP.BownandJoostPauwelyn TheMultilateralizationofInternationalInvestmentLaw StephanW.Schill TradePolicyFlexibilityandEnforcementintheWTO: ALawandEconomicsAnalysis SimonA.B.Schropp Published online by Cambridge University Press Published online by Cambridge University Press BETWEEN MARKET ECONOMY AND STATE CAPITALISM ’ China s State-Owned Enterprises and the World Trading System HENRY GAO SingaporeManagementUniversity WEIHUAN ZHOU UniversityofNewSouthWales Published online by Cambridge University Press ShaftesburyRoad,CambridgeCB28EA,UnitedKingdom OneLibertyPlaza,20thFloor,NewYork,NY10006,USA 477WilliamstownRoad,PortMelbourne,VIC3207,Australia 314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre,NewDelhi–110025,India 103PenangRoad,#05–06/07,VisioncrestCommercial,Singapore238467 CambridgeUniversityPressispartofCambridgeUniversityPress&Assessment, adepartmentoftheUniversityofCambridge. WesharetheUniversity’smissiontocontributetosocietythroughthepursuitof education,learningandresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781108830065 DOI:10.1017/9781108908795 ©CambridgeUniversityPress&Assessment2023 Thispublicationisincopyright.Subjecttostatutoryexceptionandtotheprovisions ofrelevantcollectivelicensingagreements,noreproductionofanypartmaytake placewithoutthewrittenpermissionofCambridgeUniversityPress&Assessment. Firstpublished2023 AcataloguerecordforthispublicationisavailablefromtheBritishLibrary. ISBN978-1-108-83006-5Hardback CambridgeUniversityPress&Assessmenthasnoresponsibilityforthepersistence oraccuracyofURLsforexternalorthird-partyinternetwebsitesreferredtointhis publicationanddoesnotguaranteethatanycontentonsuchwebsitesis,orwill remain,accurateorappropriate. Published online by Cambridge University Press CONTENTS List of Figures and Tables xii Foreword xiii Preface and Acknowledgements xv Table of Cases xvii List of Abbreviations xxii 1 China, State Capitalism and the World Trading System 1 1.1 Introduction 1 1.2 StateCapitalism,State-OwnedEnterprisesandChina 4 1.3 InternationalRegulationofState-OwnedEnterprises 7 1.4 TheStructureofThisBook 9 2 The Evolution of China’s Reforms of State-Owned Enterprises (1978–2020) 13 2.1 Introduction 13 2.2 SOEReforminChina:1978–2012 13 2.2.1 Phase1(1978–1986)andPhase2(1987–1992):Devolution ofCorporatePower 15 2.2.2 Phase3(1993–2002):Privatisation,Corporatisation andModernisation 17 2.2.3 Phase4(2003–2012):CreationofNationalChampions 19 2.3 TheCurrentReform:Elements,ProgressandIssues 23 2.3.1 ClassificationofSOEs 24 2.3.2 CorporateGovernance 26 2.3.3 OwnershipDiversification 29 2.3.4 RestructuringandReorganisation 34 2.3.5 StateAssetManagementSystem 38 2.4 ASummaryofCurrentStatusandFutureReform 39 2.5 Conclusion 41 ix Published online by Cambridge University Press
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