Understanding the Industrial Policy System with Chinese Characteristics:An Investigation of the In-termediary Institutions in the perspective of Political Economy
The formulation and implementation of industrial policies is an important part of state's economic governance in the socialist market economy,and plays a vital role in fulfilling the purpose of socialist produc-tion,overcoming market failures and promoting high-quality economic development.The industrial policy sys-tem is combined with specific institutions to form an industrial policy system.On the basis of the CPC's leader-ship and the basic economic system in the initial stage of socialism,a system of intermediary institutions has been formed which specifically defines the characteristics of the industrial policy system with Chinese character-istics.This paper examines four types of intermediary institutions:constructive markets,intra-governmental competition,competition among local governments,and socialist capital markets with Chinese characteristics.These institutions are interconnected,with constructive markets at the core.They are the materialized forms of the basic economic system in China's strategic and fundational sectors.The examination of the system of inter-mediary institutions helps us to understand why the Chinese-styled industrial policy system can be developed into a new whole-nation system that is predicated on giving full play to the decisive role of the market.
industrial policyconstructive marketsintra-governmental competitioncompetition among local governmentssocialist capital markets with Chinese characteristics
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