10 The Chinese model of the regulatory state Neil Collins and Jörn-Carsten Gottwald ‘The People’s Republic of China puts into practice a Socialist Market Economy’ (PRC 1982/2004, Art. 15). The infusion of key elements of markets into a socialist one-party state has created a ‘capitalism with Chinese characteristics’ (Huang 2008) that defies easy explanation. The ‘business of governing business’ (Pearson 2005) has followed a distinctive policy process (Heilmann 2008). In the area of financial services, for example, innovations were introduced by Leninist means (Heilmann 2005a, 2005b) in order to preserve the state’s interests in key sectors of the economy (Pearson 2007). Clearly, the ‘rise of regulatory capitalism’ (Levi-Faur and Jordana 2005) has taken a unique turn in the People’s Republic of China (PRC). If the primary theoretical challenge is to identify hybrid forms of regulation that cloud the distinctions between the global and the national, it is still important to understand states in which the market and society are themselves subsumed by an all-pervasive political interest. In such cases, ideas of independent agency, due process and market correction act to conceal more than they reveal. In this chapter we interpret regulation as an outcome of actions within a dynamic and changeable institutional framework (see Vogel 1998; Laurence 2001; Lütz 2002, 2003). Regulation in this sense consists of the formulation, implementation and revision of specific rules for narrowly defined policy fields or aspects of social activity. The rise of the regulatory state in Europe and on a global scale...
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