题目：A Model of China’s State Capitalism

时间：2012年12月12日 星期三 12:00 – 14:00

地点：明德主楼714

报告人：王勇

摘要：This paper documents a hallmark feature of China’s state capitalism as the state controlling the economy in a vertical structure: State-owned enterprises (SOEs) monopolize key industries in the upstream, whereas the downstream industries are largely open to private competition. We develop a general-equilibrium model to show that this unique vertical structure, when combined with openness and labor abundance, is critical in explaining the puzzling fact that China’s SOEs outperformed non-SOEs in the past decade while the opposite was true in the 1990s. We show how the upstream SOEs extract rents from the liberalized downstream industries in the process of industrialization and globalization. The unprecendented prosperity of SOEs is shown to be an efficiency-undermining symptom of the incompleteness of market-oriented reforms rather than a proof of SOE superiority. Emergence, sustainability, redistributive effects, and general implications for other countries of this state capitalism are also discussed.

报告人简介：王勇，2009年芝加哥大学经济学博士，现为香港科技大学经济系助理教授。主要研究领域为经济增长与发展、新政治经济学、国际贸易、中国与印度经济。2008至2012年为世界银行顾问。曾获芝加哥大学经济系价格理论Lee Prize和北京大学研究生“学术十杰”等荣誉。