A long march to capitalism : an overview of the modern legal frameworks of China's corporate structure and stock market

Abstract

From 1978, China embarked upon a course to convert its planned economy to a market economy. Among those reforms, the re-building of corporate system and the reemergence of stock market play the vital roles. However, the primary question remains that how these Western structures will be applied given the underlying socialist ideology in China. Two factors will further re-shape China's outlook in the future. One is the convergence of the legal and the economic systems between Hong Kong and China. Another one is China's recent bid to join the World Trade Organization (WTO.) This thesis focuses on China's efforts to re-build its modern legal frameworks of the corporate structure and the stock market. It also touches the issues behind Hong Kong's return and China's participation of the WTO. China's change is so rapid and unprecedented. A decade ago, no one would possibly foresee China's face today. It is beyond the author's limit to predict China's future. Yet, this thesis would like to give a positive view on China's past efforts and also offer an expectation of a better future.