Economic governance and marketization: understanding the institutional roots of China's achievements and challenges Research Seminar
With Dr Sun Jingyu, School of Economics, Nankai University
Room S-1.04, Strand Building, Strand Campus, King's College London
4-6pm, Wednesday 25 March 2015
*** All welcome ***
Many literatures show the importance of law in property rights protection and contracts enforcement, as the institutional infrastructure of market economy. However, it is imperative to aware the lag between law reform and marketization progress in China. This presentation will offer an answer to why China has experienced the astonishing marketization progress under the lawlessness circumstance. It aims to explore the institutional roots of marketization progress, arguing that lawlessness has not only created the achievements of China’s marketization but also challenges for further development. Additionally, it will focus on the ways to advance the rule of law in China. The central point of this presentation is that law is not the only governance mechanism to ensure property rights protection and contracts enforcement. There are other additional governance mechanisms such as relational governance and private third-party enforcement. In China, relational governance plays an important role in the period of transition. However, relational governance alone is not enough to support China’s long-term development. Private third-party enforcement can link relational governance and the law. In the future, China should adopt a path that focuses on developing an institutional infrastructure where the law, private third-party governance and relational governance are coordinated and complementary.
About the Speaker
Dr. Jingyu Sun is a visiting scholar of Lau China Institute. He is an associate professor in the School of Economics, Nankai University, China. He is also a council member of the China Society of Emerging Economies. Dr. Sun’s major areas of research include political economy, comparative economics and China economy. He is currently the principal investigator for “The Western Economic Governance Theory and Its Significance to China Market Order Governance”, a national project sponsored by National Social Science Fund, China.