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The Financial Statism Regime As Scaffolding In Financial Statism as an Alternative Interventionist Approach in Developing International Financial Centres (IFCs): The Case of Shanghai since the 1990s Thesis submitted for the degree of Doctor of Philosophy University College London Dafeng Xu Development Planning Unit University College London December 2014 - 1 - Declaration I, Dafeng Xu, confirm that the work presented in this thesis is my own. Where information has been derived from other sources, I confirm that this has been indicated in the thesis. - 2 - Abstract As increasing numbers of developing countries seek to build their own international financial centres, it is critical to take account of this new phenomenon in the realm of development studies. Previous development theories have devoted a great deal of attention to the analysis of industrialisation in the manufacturing sector, but insufficient attention to this new subject. At odds with neoliberal laissez-faire evolution, the financial statism identified in this thesis as (a) state ownership in the financial sector; (b) financial restraint policies; and (c) state control over capital mobility and currency convertibility, suggests an alternative approach adopted by the Chinese state to develop Shanghai into an international financial centre from the 1990s. It is argued that IFCs‘ development is multi-faceted and can only be addressed in a country-specific context. The study demonstrates that due to the imperfection of institutions and infrastructure in China as a transitional economy in the 1990s, financial statism has played an active role in maintaining socio-economic stability at macro level, creating market institutions and urban infrastructure at meso-level and precluding exogenous financial risks at meta-level. Despite the observation of several disadvantages and deficiencies, financial statism has successfully transformed Shanghai into a domestic financial centre at the nascent stage of China‘s financial development. Utilizing a process-tracing method, it was also discovered that given recent contextual changes, the Chinese state has started to withdraw its financial statist regime, paving the way for a more open and liberalised market system to further transform Shanghai into an international financial centre. The thesis concludes that market-driven and state-led development can be complementary and financial statism might serve as invisible scaffolding in the development of an IFC, particularly in large, fast-growing emerging economies. - 3 - Acknowledgements The completion of this thesis cannot be possible without the continuous and dedicated support of my principal supervisor, Le-Yin Zhang, to whom I owe an enormous debt of gratitude. She gave me invaluable advices, constructive comments and critical challenges on my previous drafts. She provided me with a helping-hand whenever I was in struggle with various difficulties during this doctoral study. I am fortunate to have a considerate mentor as such. I am also indebted to my subsidiary supervisor, Professor Yves Cabannes, who has so generously devoted his time and knowledge at my early stage of studies. I would like to give my sincere thanks to Robert Biel, Julio D Davila, Caren Levy and Sivaguru Ganesan for their input during my upgrading year. My special thanks go to Collin Marx for the sound advice and guidance he has offered. I have also benefited from extensive discussions with my fellow students: Marina Chang, Hector Becerril, Rosalina Babourkova and Chloe Fevre. In addition, I am grateful for the kind help from the administrative staff of Development Planning Unit, UCL. Over the years, there have been a number of previous colleagues and friends in Shanghai who gave me valuable suggestions and assistance in gathering information during my field studies. In particular, I would like to thank Gao Weiyu, Gu Xingquan, Guo Aijun ,Sun Jiupeng, Yan Yanming, Wu Jiazheng, Wang Xinxin, Yang Xin and Situ Danian. I would also like to express my appreciation to Douglas Dalby, who suggested numerous improvements for the final manuscript. Finally, I owe more than I can ever express to my wife for her enthusiasm, inspiration and love. Equally, my mother and sister gave me their unequivocal support throughout. I dedicate this work to my son, Chengtong, whose birth has brought me immense happiness along with the hard work on this thesis. - 4 - Table of Contents Declaration ........................................................................................................................ 2 Abstract ............................................................................................................................. 3 Acknowledgements ........................................................................................................... 4 Table of Contents .............................................................................................................. 5 List of Abbreviations and Acronyms ................................................................................ 9 List of Figures ................................................................................................................. 11 List of Tables................................................................................................................... 12 1. Introduction ................................................................................................................. 14 2. Research Contexts ....................................................................................................... 23 2.1 IFCs Evolution in a Globalizing World ............................................................. 23 2.2 Key Issues Faced by IFCs in Large, Fast-growing Developing Countries ....... 29 2.3 The Re-emergence of Shanghai as an IFC: A Case in Point ............................. 34 3. The Formation of IFCs: Concept, Mechanism and Different Perspectives ................ 39 3.1 Concept and Typology ...................................................................................... 39 3.2 The Analyses of IFCs from a Neo-classical Economic Perspective ................. 43 3.3 The Analyses of IFCs from a Socio-geographic Perspective ............................ 46 3.3.1 The Information Hinterland Theory ....................................................... 46 - 5 - 3.3.2 The World City Thesis ........................................................................... 48 3.4 The Analyses of IFCs from a Financial-Growth Perspective ............................ 50 3.4.1 IFCs as Developmental Strategy ............................................................ 50 3.4.2 IFCs as new Instruments of Imperialist Control .................................... 53 3.5 Multi-layered Analytical Framework for the Emergence of an IFC ................. 57 3.6 Summary ........................................................................................................... 64 4. The Role of the State in IFCs‘ Development: An Alternative Approach ................... 66 4.1 The Definition of the State and its Dual Nature ................................................ 66 4.2 The Role of the State in Different Perspectives of Development ..................... 68 4.2.1 The Laissez-faire Approach and its Critiques ........................................ 68 4.2.2 New Institutional Economics (NIE) and the ―North Paradox‖ .............. 74 4.2.3 The Developmental-state View Versus the Market-enhancing View .... 78 4.3 Conceptualizing Financial Statism Approach ................................................... 83 4.3.1 Conceptual Model .................................................................................. 83 4.3.2 Motives and Benefits ............................................................................. 91 4.3.3 Limitations and Challenges .................................................................... 96 5. Methodology ............................................................................................................... 98 5.1 Epistemological Stance ..................................................................................... 98 5.1.1 Realism as Research Epistemology ....................................................... 98 5.1.2 A Dialectic Approach to ―Structure-Agency‖ Relationship .................. 99 5.2 Research Method: Single Case-Study ............................................................. 101 5.3 Research Questions, Analytical Framework and Hypothesis ......................... 104 5.4 Fieldwork and Data Collection ....................................................................... 108 - 6 - 6. China‘s Financial Statism: The Underlying Impact on SIFC Development ............. 111 6.1 A Glimpse of China‘s Financial Statism ......................................................... 111 6.2 Implicit Contributions of Financial Statism to SIFC Development ................ 117 6.2.1 Macro-Level ......................................................................................... 118 6.2.2 Meso-Level .......................................................................................... 129 6.2.3 Meta-Level ........................................................................................... 141 6.3 The Disadvantages of Financial Statism ......................................................... 143 7. The Performance of the SIFC under Financial Statism: A Micro-level Assessment 147 7.1 Development of Financial Markets: Depth and Breadth ................................ 148 7.2 Financial Institutions, Human
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