New publication out in 'China: An International Journal' - National University of Singapore’s leading journal on contemporary China

China is building a new kind of state capitalism: on top of an existing market economy developed over decades of opening and reform, the Communist Party aims to construct additional market-based steering and guidance mechanisms. At the heart of this shift is a model known as “Party-led financialised governance,” which blends political oversight with investment-driven strategies. This article explores how Xi Jinping’s push to reform state-owned enterprises through new investment companies— “State-owned Capital Investment and Operation Companies” — is reshaping the way China manages its economy and pursues growth in the post-reform era. LINK