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Financialisation of Iron Ore Pricing in China: a Marxist Perspective

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Financialisation of Iron Ore Pricing in China: a Marxist Perspective University of Wollongong Research Online University of Wollongong Thesis Collection 1954-2016 University of Wollongong Thesis Collections 2016 Financialisation of iron ore pricing in China: a Marxist perspective Xun Gong University of Wollongong Follow this and additional works at: https://ro.uow.edu.au/theses University of Wollongong Copyright Warning You may print or download ONE copy of this document for the purpose of your own research or study. The University does not authorise you to copy, communicate or otherwise make available electronically to any other person any copyright material contained on this site. You are reminded of the following: This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part of this work may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of the author. Copyright owners are entitled to take legal action against persons who infringe their copyright. A reproduction of material that is protected by copyright may be a copyright infringement. A court may impose penalties and award damages in relation to offences and infringements relating to copyright material. Higher penalties may apply, and higher damages may be awarded, for offences and infringements involving the conversion of material into digital or electronic form. Unless otherwise indicated, the views expressed in this thesis are those of the author and do not necessarily represent the views of the University of Wollongong. Recommended Citation Gong, Xun, Financialisation of iron ore pricing in China: a Marxist perspective, Doctor of Philosophy thesis, School of Accounting, Economics and Finance, University of Wollongong, 2016. https://ro.uow.edu.au/ theses/4819 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] UNIVERSITY OF WOLLONGONG Financialisation of Iron Ore Pricing in China: A Marxist Perspective A thesis submitted in fulfilment of the requirements for the award of the degree DOCTOR OF PHILOSOPHY By Xun Gong School of Accounting, Economics and Finance 2016 Certification I, Xun Gong, declare that this thesis, submitted in fulfilment of the requirements for the award the Doctor of Philosophy, in the School of Accounting, Economics and Finance, University of Wollongong, is wholly my own work unless otherwise referenced or acknowledged below. The document has not been submitted for qualifications at any other academic institution. Sections 4.1., 4.2., 4.3, and 4.4. of Chapter Four: Theorising Financialisation in Iron Ore Market have been incorporated in the following conference papers: Gong, X. and Cortese, C. (2013), ‘Towards A Marxist Approach to Financialisation’, paper presented to the 12th A-CSEAR conference, December 2013, Hamilton, New Zealand. Gong, X. and Cortese, C. (2014), ‘Towards A Marxist Approach to Financialisation’, paper presented to the Critical Perspectives on Accounting Conference, July, Toronto, Canada. Xun Gong 22 June 2016 i Acknowledgements I would like to thank my supervisors for their time, patience, and good advice. My principal supervisor Dr Kathy Rudkin and associate supervisor Dr Sudhir Lodh have been mentoring me all the way from my honours to PhD. Their unconditional support and trust have helped me to build up confidence and overcome frustration. I have also received continued guidance from Dr Corinne Cortese who encourages and supports me throughout my degree. It has been a privilege to have the theoretical guidance from them. I am also grateful to Dr Eagle Zhang for his wisdom and friendship. Thanks also to other friends and staff of the School of Accounting, Economics and Finance at the University of Wollongong for the encouragement and support they have given me during the writing of this thesis. Finally, I want to thank my beloved family for their love and encouragement which has motivated me throughout my degree. To my parents, you are my strongest and constant motivation and inspiration. ii Abstract Abstract Purpose — This thesis explores the role of accounting in the process of financialisation in the Chinese context. In particular, it examines the use of accounting discourse by the China Iron and Steel Association (CISA) to resist the financialised price of iron ore during the 2009 and 2010 iron ore price negotiation. Contingent upon this thesis, financialisation is defined as the rising significance of the financial sector in the global iron ore market in general and the adoption of the index linked iron ore pricing mechanism of in particular. The investigation illustrates how the traditional annual negotiation based iron ore pricing mechanism that had been used for nearly four decades shifted towards the financialised index pricing model in 2010, and analyses why, as the largest iron ore importing and consuming market in the world, the Chinese iron and steel industry, and its associated use of accounting discourse, failed to resist the financialisation of iron ore price in its negotiation with the three major global iron ore suppliers (i.e. BHP Billiton, Rio Tinto, and Companhia Vale do Rio Doce—the Big Three hereafter). Design/methodology/approach — The theory and methodology adopted in this thesis stem from Marx’s study of Political Economy. Drawing from Capital Volume III, a Marx-informed theoretical framework for financialisation is developed that examines the interaction among productive, commercial, and financial capital as a result of the conflict between the corresponding social relations and productive forces. Based on Marx’s work in The German Ideology, the methodological framework focuses on material production. More specifically, three levels of analyses are conducted to explore (1) the mode of production underneath the accounting discourse regarding iron ore price, (2) the interaction among the different modes of production identified, and (3) the potential of the discourse to change the status quo from a class perspective. Method/data—The data collected and analysed in this thesis are from (1) iron ore price related news from Sina Finance (one of the most popular websites in Mainland China) during the 2009 and 2010 iron ore price negotiations, (2) official announcements and documents of the CISA, (3) annual reports from major Chinese steel plants and the Big Three, and (4) other types of publicly available information related to the Chinese iron and steel industry. Then these materials are sorted into three main groups according to the producers of the discourse (Marx & Engels, 1974, p.47): (1) the CISA and the major Chinese steel plants; (2) the small and medium enterprises in the Chinese iron and steel industry; and (3) the Big Three. Based iii Abstract on Marx’s methodological framework, the analysis begins with presenting the relevant accounting discourse produced by each group, then delving into the underlying mode of production for the discourse, exploring the interaction among the three groups via their social relations and the corresponding productive forces, and finally examining the nature of the CISA from a class perspective. After completing Marx’s analysis of the discourse, a comparative study is conducted that connects relevant accounting concepts and standards with the two pricing methods argued by each group and Marx’s concept of capital. Findings —There are three reasons behind CISA’s failed attempt to resist financialisation. First, the financialisation of iron ore price is an inevitable trend as a result of and the solution to the intensified conflicts between the social relations among the three groups which have rendered the traditional annual pricing could no longer meet the increased demand for iron ore in the Chinese market. Second, the CISA did not recognise the interaction among productive, commercial, and financial capital. Thus, the association missed the opportunity of launching China’s own index price which might have otherwise taken the priority in iron ore pricing. Third, in opposing the financialised index price, the CISA did not take into account the interest of the working class which, according to Marx (Marx & Engels, 2008), would lead to the “fall (of the financial capitalist) and the victory of the proletariat” (ibid, p.51). Instead, the association was concerned with the interest of the central government. In relation to accounting, the research demonstrates that accounting is a malleable tool capable of accommodating various socio-political contexts and, correspondingly, supporting different arguments. However, a detailed reading of relevant accounting standards and the conceptual framework shows that the adoption of the financialised price of iron ore is not only the direct consequence of the shift in relevant pricing mechanisms but a result of the underlying social, economic, and political structure comprised of contradictions in social relations and productive forces from which neither the shift in iron ore pricing nor the evolution of accounting concepts and standards can escape. Research contributions — The contributions of this study are three-fold. First, in relation to extant accounting literature, the research has studied financialisation in the Chinese iron and steel industry which passively participated in the process of the shift in iron ore pricing mechanism and accepted the resulting financialised index price. The analysis goes beyond the use of the same set of accounting discourse (i.e. transparency, fair price, representation
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