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2021 | OriginalPaper | Buchkapitel

5. China’s Boom (II): Making the ‘Leap’, 2001–2008

verfasst von : Steven Rolf

Erschienen in: China’s Uneven and Combined Development

Verlag: Springer International Publishing

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Abstract

The export-led boom of the 2000s sufficiently entrenched a set of political economic dynamics in China to allow for a cross-sectional analysis of the economy to illuminate some major structural features of China’s form of capitalism. I develop such an analysis in three stages: first, by briefly introducing the concept of a system of accumulation (SOA) and how a semi-static political economic configuration emerges from the dynamic process of UCD. Second, by providing a broad overview of China’s ‘exportist’ SOA as it appeared in 2008—by looking inside the export sector, China’s major surplus generator, at the industrial dynamics of the clothing, electronics and machinery industries. Next, I examine the persistence and continuing significance of the state sector. Finally, I suggest means by which these two disparate economic spheres were combined by national state institutions into an ‘exportist’ SOA. This enabled China’s remarkable reconstitution as a bastion of ‘state capitalism’, albeit one inseparable from the success of the private export-manufacturing sector.

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Fußnoten
1
The share of state industrial production in transport equipment appears disproportionately high, since joint ventures between state firms and private foreign automakers are the predominant model of firms in this sector.
 
2
Smith draws heavily on the Foxconn-Apple relationship, discussed further in Chapter 6.
 
3
Hong Kong is deliberately excluded from the ‘Developed Asian Economies’ category here. It ran large trade deficits with China throughout this period, a symptom of transshipment of exports—where Chinese exports are routed through Hong Kong with a markup before continuing to their final destination. As such, Hong Kong’s deficit with China is mirrored in its surpluses with other advanced economies, which effectively cancel each other (with a markup remainder).
 
4
Credit has become significantly more accessible to private firms in the wake of the financial crisis of 2008–2009, through the shadow banking sector. This is explored further in Chapter 6.
 
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Metadaten
Titel
China’s Boom (II): Making the ‘Leap’, 2001–2008
verfasst von
Steven Rolf
Copyright-Jahr
2021
DOI
https://doi.org/10.1007/978-3-030-55559-7_5