New Thinking in Financial Market Regulation: Dismantling the “Split Share Structure” of Chinese Listed Companies

China’s distinctive set of stock market institutions was introduced in 1990. Among the characteristics of China’s stock markets was a strict separation between different categories of investors. Listed companies issued different categories of shares to state shareholders, domestic corporate investors, domestic individual investors, and foreign investors. By 2005, the barriers segmenting China’s stock market had been significantly relaxed. Domestic investors were allowed to purchase shares previously reserved for foreign investors, and approved foreign investors were allowed to purchase shares previously earmarked for domestic individuals. Nevertheless, a crucial barrier remained. An ongoing debate among Chinese academics, investors, and policy makers focused on how to resolve the “split share structure” (guquan fen zhi) in which a minority of shares were tradable while the majority of shares (namely those reserved for domestic corporate and state shareholders) were excluded from the market. The split share structure was blamed for distorting prices and inhibiting development of the stock market. This paper analyzes the policy adopted to address the split share structure. To what extent does this policy change reflect new thinking on the part of China’s market regulators? This paper argues that analysis of policy making in China’s capital markets can help to distinguish between two competing assessments of China’s political economy. One account sees China pursuing a gradualist strategy, slowly but steadily expanding the role of markets. Another account sees China trapped in a semi-marketized and increasingly corrupt development pattern. The implementation of the split share structure reform program provides evidence to support the gradualist account of incremental, but persistent, reform. Mary Comerford Cooper is an assistant professor in political science at the Ohio State University. Her recent research focuses on the politics of financial markets in China and Taiwan. Earlier versions of this paper were presented at the Comparative Politics Research Workshop/ Globalization, Institutions and Economic Security Workshop at Ohio State University in May 2007, and at the annual meeting of the Association for Chinese Political Studies in July 2007. I benefited greatly from the constructive and insightful comments of Bj?rn Alpermann, Melanie Barr, Jean-Marc Blanchard, Sarah Brooks, Joseph Fewsmith, Sujian Guo, Dane Imerman, Ryan Kennedy, Marcus Kurtz, Xiaoyu Pu, James Reilly, Alex Thompson, Daniel Verdier, Jianwei Wang, Alan Wiseman, Bin Yu, and an anonymous reviewer. I am also grateful for Lan Hu’s exceptional research assistance. All remaining flaws are purely my own.     

The gender agenda: NGOs and capitalist relations in highland Cambodia

Cambodia’s mountainous northeastern province of Ratanakiri, which only twenty years ago was home to mainly indigenous minority groups largely focused on subsistence production, has undergone rapid ecological, social, and economic transformation. Deforestation and land alienation in the context of large-scale plantation agriculture, land speculation, and smallholder cash cropping have led to concerns that indigenous communities are being alienated from their land and not benefitting from economic changes. This has resulted in a significant number of NGO and government programs that attempt to protect and “empower” indigenous people, particularly women. This article examines a one-year research project which explored the relationship between indigenous women and land change in two indigenous villages. It discusses how indigenous women as well as Khmer and landless Cham immigrants have dealt with the commoditization of land and labor. It focuses on the differentiated way capitalist relations have pushed men, women, landless laborers, and increasingly wealthy landowners on increasingly divergent life trajectories. Compelled by donors to focus on gender and indigenous women as an object of governance, the NGO that directed this project struggled to keep up with the realities of capitalist relations on the ground.     

Mobilizing from the Margins: Domestic Citizen Politics and Yasukuni Shrine

Prime Minister Koizumi’s six consecutive annual visits to Yasukuni shrine played a key role in initiating a new phase of domestic citizen political mobilization not seen since the early 1970s. This paper is based on field research during the Koizumi years (2001–2006) centering on domestic groups that conduct activities in “protection” of or “opposition” to Yasukuni shrine. As a study of street-based politics, this paper seeks to uncover the processes, strategies, and outcomes of citizen responses to elite political action at Yasukuni Shrine as well as explore meaning of their actions within the context of Japan’s democratic polity.

A commentary on the United Kingdom's leading food retailers' resilience plans in the face of climate change

In September 2019, the U.K. House of Commons Environmental Audit Committee warned that the United Kingdom's food supply was vulnerable to climate change. Within the U.K. food retailing is highly concentrated with the four leading food retailers accounting for almost 70% of all food sales. In the face of the threat of climate change to food supplies, a focus on resilience might be seen to have much to offer retailers. However, little work has been published in the academic literature on if, and how, retailers are employing the concept of resilience in their business plans. With these thoughts in mind, this commentary paper provides an exploratory review of how the United Kingdom's four leading food retailers, namely Tesco, Sainsbury's, Asda, and Morrisons, have publicly acknowledged the importance of resilience in the face of climate change. The paper outlines definitions of resilience and retail resilience, draws out four general themes within the U.K. food retailers' resilience plans, and offers some wider reflections on the retailers' resilience plans in the face of climate change.     

A commentary on rewilding in Europe

As relationships between people and nature are being reassessed, not least as concerns about climate change gather increasing momentum, so a range of environmental and conservation themes are moving up public and political agendas. Rewilding, simply defined as increasing the role of natural processes within landscapes, is one such theme. This commentary paper outlines the variety of definitions and origins of the concept of rewilding, illustrates some of the elements of rewilding within Europe, and offers some general reflections on the rewilding process. The paper suggests that although many benefits have been claimed for moves to increase the role of natural processes within landscapes and environments, rewilding faces several challenges, in that it means different things to different people, public perceptions of rewilding can generate unease, hostility, and concern and it has only limited scientific support. At the same time, there is no clear statutory policies to guide the rewilding process. As such, rewilding organisations may increasingly look to communication and public relations to garner public and financial support for their cause.     

The Intergenerational Transmission of Values in National and Immigrant Families: The Role of Zeitgeist

Correspondence in value orientation between parents and their offspring may be due to actual transmission processes between generations, but it may also be due to influences from the general value context in society that are common to parents and their offspring. This common value context is referred to as Zeitgeist. The present study deals with one family relationship value (i.e., parents’ and adolescents’ obligations toward the family). Participants were 1,252 immigrant and 726 national adolescent–parent dyads from 10 Western countries. There were significant relationships between the value placed on family obligations among parents and offspring, and these were independent of gender. Zeitgeist effects, both intergenerational and intragenerational, were found. The strength of these Zeitgeist effects depended on the basis for defining Zeitgeist, either a person’s own ethnic group or the wider community including both nationals and immigrants. For explaining national adolescents’ acceptance of their family obligations, both the ethnic and the national Zeitgeist played a role, whereas in the immigrant groups only the ethnic Zeitgeist played a significant role. In short, in an immigration context it makes sense to distinguish the influence of a person’s own ethnic group from the influence of the wider community, including other ethnic groups. Explanations are suggested and implications are discussed.

A Qualitative Analysis of Vietnamese Adolescent Identity Exploration Within and Outside an Ethnic Enclave

Focusing on identity development explorations enables a greater understanding of contexts that affect immigrant adolescents. Utilizing thematic and grounded narrative analysis of 46 journal writings, during a one-month period, from first and second generation Vietnamese adolescents ranging in age from 15 to 18 (26 residents of a culturally and politically active ethnic enclave in Southern California; 20 adolescents living outside the enclave), this study establishes ways in which a focus on social context and exploration processes illuminates the complexity of immigrant adolescents’ identity formation. The two groups shared many similarities, including precipitants to exploration and steps undertaken to explore identity. However, two factors—social and cultural influences and emotional reactions—revealed interesting contrasts distinguishing enclave from non-enclave dwelling Vietnamese adolescents. Data also suggested that immigrant adolescents strive to integrate different domains of identity (ethnicity, gender, career) both with one another and with the historical, social, and cultural contexts they occupy.

Chinese American Adolescents’ Perceptions of the Language Brokering Experience as a Sense of Burden and Sense of Efficacy

Children of immigrants who do translations and who interpret for others using their heritage language and English are known as language brokers. Although prior research suggests that children of immigrants’ perceptions of the language brokering experience vary greatly—from feeling a sense of efficacy to feeling a sense of burden—what remains unanswered in the literature is identification of the antecedents and processes that help to explain the varying psychological experience of language brokers. Using data from a two-wave prospective longitudinal study of 256 Chinese American adolescents, the present study tested potential mechanisms that may be responsible for adolescents’ perceptions of the language brokering experience as a sense or burden or sense of efficacy. The results demonstrate that adolescents’ Chinese orientation sets in motion a family process that is linked to variations in the perceptions of adolescents’ language brokering experience. Adolescents who are more Chinese oriented have a stronger sense of familial obligation, and these adolescents are more likely to perceive that they matter to their parents. Adolescents’ perceived sense of mattering to parents, in turn, is associated positively with a sense efficacy, and negatively with a sense of burden as language brokers. Those adolescents who are less Chinese oriented have a weaker sense of familial obligation, and these adolescents are more likely to feel a sense of alienation from their parents. Adolescents’ sense of perceived alienation from parents, in turn, is associated with a sense of burden as language brokers. Implications for developing interventions for children who act as language brokers for their parents are discussed.