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China's Institutional Setting: Driving Economic Growth

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Introduction: China's Institutional Setting: Driving Economic Growth

The business environment has become competitive and organizations need to expand themselves to increase their revenues and gain global recognition. However, it is crucial to identify an emerging country that shall be beneficial for that organization otherwise; the organization shall face financial losses. Similarly, this assignment shall focus on an emerging country and discuss various aspects of the nation. The assignment shall explore “China” as an emerging country and based on Dunning's OLI paradigm, the country shall be analyzed to understand the market condition for potential foreign investors. The institutional setting of China from both informal and formal institutional settings shall be discussed. Furthermore, it shall be comprehended how this institutional setting helps in the growth and development of China.

Business and Market Condition of China

Researchers have mentioned that among emerging markets, China has a positive economic stature. The growing economy of China is positively influencing the economic affairs of China ( Silver et al., 2019). Their present bilateral relationship with other nations is influencing their position positively.

Dunning's Eclectic OLI paradigm also called- The ownership, Location, Internalization (OLI) Model is a three-tiered framework that organizations follow while determining the advantages of perusing FDI or Foreign Direct Investment. Similarly, for making the FDI beneficial, the location advantage factors for the OLI paradigm shall be analyzed to identify the advantages of the emerging country- China :

  • Location advantage: Organizations when entering any new country shall analyze where there is a competitive advantage or not for specific functions such as cost and availability of resources as compared to other nations. Nations that have low-cost labor, low-cost raw materials, and government incentives attract foreign investors. Location advantages also refer to the presence of created or natural resources which are generally immobile and foreign investment or partnerships help to utilize those resources at their full potential (Alvstam et al., 2020).

The theory of competitive advantage and Hecker-Ogin Model-Factor endowments mentions that firms shall emerge in those locations that can give them competitive advantages such as nations that have a unique assets, superior features, national policies, or natural resources. Similarly, one of the unique assets in China is its population which is the world's highest -1410 million, and the household income increased 13.6% to $29,698 (Worlddata.info, 2023). Thus, any emerging company shall get the best customer base. The corporate income tax in China is low as compared to some advanced nations and is only 25% whereas in Australia it is 30%. Moreover, China has more than 200 million skilled laborers and around 50 million of the laborers have master status (Worlddata.info, 2023). Also, China still has cheap labor as compared to other advanced nations such as the UK. Additionally, there is an availability of natural resources that are estimated to have a worth of $23 trillion. Around 90% of the natural resources are rare earth materials and coal that are used by companies in their manufacturing process. Timber is another found natural resource (Cheng and Liu, 2020). China also offers tax breaks, low-cost government loans, and subsidies. There is political and economic stability that attracts FDI. International free trade agreements and Export friendly policies also encourage FDI in China.

Driven by the manufacturing exports and industrial production, GDP of China is currently the largest from the perspectives of PPP or Purchasing Power Parity equivalence. The economy grew at an average rate of 10% during 1990 to 2004 which is highest growth rate in the world. Thus, there are various location advantages as an emerging nation in China.

Institutional Setting of China

The institutional theory deals with the choices that were made in response to the organizational institutional environment. An institutional theory that arouse from a behavioral theory of the business focus on the purposeful response of people to environmental pressures in such a way that is consistent with the rituals of the institutions. Institutions refer to regulatory structures, laws, government agencies, and others. The institutional environment includes the rules that organizations shall comply to get desirable support as well as legitimacy. Institutionalism emphasizes laws, rules, and norms of behavior along with cultural cognitive orientations. In China, formal and informal institutions face corresponding institutional pressure from government policies, and some institutions have developed strategies to deal with the pressure. The institutions have to deal with Chinese culture and government systems. However, China includes differences between their informal and formal institutions and has differences in culture, and thus, different institutions use different strategies to narrow down the difference or the gap. Chinese tradition is called Confucius which is a guideline for proper behavior ( Gao, 2008). One of the best characteristics of Confucianism is the "Guanxi" which means relations (Bian, 2019). Confucianism considers individuals as a part of social networks and different people play different roles. Institutions use Guanxi as a strategy to overcome the gap.

  • The government system in China is divided into two levels: local government (includes provincial, country, township, and municipality government) and central government (includes state council). Some formal institutions are authorized by the state council that formulates policies for MNCs which is an informal institution. For example, the National Development and Reform Council issue guidance on the Foreign Investment sector. The government has interference in economic affairs. However, government reflects cohesive pressure on the MNEs as they have to follow the government regulations as well as has to meet their expectations such as providing large-scale investments and others. Private enterprises have rapidly increased in the last 20 years in China. The private sector accounts for 62% of total economic activity and 71% of total industrial output. Despite such growth, private sectors which are informal settings face restrictions from formal institutions such as State banks to grant loans and others.

Tahat et al., (2022), discussed that the Theory of sequencing reflects institutional change from a structural viewpoint on the other hand; the theory of institutional layering explores transformational issues from behavioral aspects. The theory views society as an infrastructure that includes various institutions where the players have conflicting interests and the relation among the institutions can be inconsistent. Some factors such as friction among political orders might result in political changes in the institutions. It reflects that there is a difference between formal and informal institutes and that needs transformation. For instance, there is a difference in facilities among formal and informal institutions in terms of job security, powers, and others in China.

Integrating both the theory, researchers have proposed that an institutional transformation is going on in China and the growth of informal institutions is seen. The researcher has discussed the rapid development of the private sector in China where there are only 28% government sector and more than 57% private of the informal sector (Lu and Wang, 2022). However, there are top-down decisions that are taken by the members of the formal institutions, and their power effect the informal and private sectors. Although the private or informal sector is expanding and giving high economic growth to China the decision-making power, and ability to make official rules and regulations, legal policy, and procedures are given by the formal institutions. The range of “official permissible behavior” is set by the formal bodies. Wherein, loopholes and inconsistency in formal institutions hamper the workings of the informal setting. For example, there are conflicts among different government administrations due to inconsistent interpretation of laws and others, and that negatively impact the workings of the informal institutions. Thus, an effective strategy is required to overcome such situations.

Players from Multilayered institutional environments use adaptive strategies exceeding the scope of the formal institutions and thus formed “adaptive informal institutions” which are alternative living spaces (Stephen, 2021). As some time the formal institutions are discouraged and reflect loopholes thus, in China, local officials included adaptive informal institutions so that private enterprise can be promoted in such ways that can satisfy “new financial and licensing needs”, a "new chance to gain revenues", and "changing relationship with workers". Generally, informal institutions are adopted when a gap between formal institutions and practical interest arouse. Thus, adaptive informal institutions and developers of informal adaptations have convergent curiosity. It refers that while the non-state and local state actors are benefitted mutually from the adaptive informal institutions, such arrangements lapse the present formal institutional commands.

Informal institutions account for unintentional consequences that arouse from formal institutions. There are some hidden potentials such as norms, customers, a cultural inheritance which are considered as soft forces by the formal institutions that drive the informal institutions and sometimes pressurize them. In the development of China’s private or informal sector, official legitimacy comes after adaptive strategies that are initiated by local economic and political actors to gain their business support (Ma, 2023). Thus, it shall be discussed that institutional can be the result of daily interactions among players from multilayer institutions. Once between the official regulations and informal institutions, the friction becomes irreconcilable or informal institutions start adopting formal rules then significant change in formal institutions can be seen.

The informal settings including MNEs and private institutions have developed other strategies to overcome the institutional pressure from the formal bodies. One of the strategies is the “Guanxi” or relationship strategy. It is one of the most important strategies for conducting business in China. Guanxi refers to social connections based on mutual benefits or interests. Through this strategy, MNEs obtain scarce resources such as approval and legitimacy in China (Barbalet, 2021). However, often organizations struggle that how to develop Guanxi relations. Experts have mentioned that gift giving, inviting to an official banquet, money giving, frequently visiting officials, honorary for speaking, paid travels, personal help, inviting officials to inspect workshops and others help to satisfy the formal, government, political, or high-level leaders. Such satisfaction helps the informal settings of new businesses to operate freely in China. However, the main issue to adapt Guanxi is ethics. Giving gifts can be considered unethical, however, formal gifts are not considered bribery in China (Nolan and Rowley, 2020). However, from an ethical perspective, it is difficult to identify which gift is appropriate and what social obligations can persist in the gift-giving process. Thus, new emerging firms or MNEs shall be careful in adopting the strategy.

Reforms introduced in China:

  • Introduction of the open door policy: China adopted a new economic development in 1978 at 3rd Part session of CCPCC with the aim to rebuilt society and economy that was hampered due to Cultural Revolution ( ). It was also introduced as the household income was low as compared to other Asian nations. Chinese government introduced economic zones, delta open zones, and high tech industry developmental zones and so on to attract massive foreign investment.
  • Emerging conflicts: The impact of the open door policy was that it resulted in economic development and increased national income. However, it increased regional disparities and gap between rich and poor increased. Apart from influx of foreign investment, entrepreneur activity in china was encouraged and it formed numerous private enterprises, individual enterprises and foreign owned companies. They were called “enterprises under other ownership structures" ( ). They started paying more than state owned companies and increased income gaps.
  • The necessity of reform: Although China achieved economic development but the bureaucratic organizations were out of step with the contemporary needs whereas the state owned enterprises as well as banks fell behind the world class technology.

Explanations of how the institutional setting helps explain the growth and development path of China over recent decades.

The fascinating tale of how China went from having a largely agricultural economy to being an economic powerhouse on a global scale may be told through the lens of China's tremendous economic growth and development during the previous few decades. This phenomena may be linked to a number of different variables, one of which is a one-of-a-kind institutional environment that helped the growth trajectory of the country. In order to get an understanding of the elements that led to China's growth and development, we will investigate the relevant theoretical models and relate them to China's experience.

The "dual-track" system is now one of the most famous theoretical models that have been developed to explain China's growth and development. This model integrates components of economic growth that are driven by the market as well as those that are centralizedly planned. After Deng Xiaoping's economic reforms in 1978, China took a gradualist approach to the process of economic liberalization in the years that followed. The dual-track strategy enabled the nation to keep the institutions of the planned economy that were already in place while concurrently adopting reforms that were geared toward the market. By using these measures, China was able to preserve its social and political order while also conducting limited experiments with market reforms inside a managed setting.

The dual-track system showed itself in a number of different ways, including the formation of Special Economic Zones (SEZs) and the Household Responsibility System (HRS) in agriculture (Wu and Ma, 2016). Both of these systems are examples of dual-track systems in action. The Special Economic Zones (SEZs) were created in coastal towns like Shenzhen and Guangzhou with the goals of luring foreign direct investment (FDI) and fostering growth that is export-focused. These zones provided foreign companies with access to a low-cost labor force, tax benefits, and lower regulation, which led to an increase in foreign investment and technical transfer, which in turn fuelled fast industrialisation. The HRS, on the other hand, decentralized agricultural output by enabling families to contract land from the state and keep the surplus produce after achieving state quotas (O’Leary, 1982). This was accomplished through the employment of the household contracting system. This reform ultimately resulted in a large rise in agricultural output as well as incomes in rural areas, which laid the essential groundwork for the future process of industrialisation.

Another significant theoretical model is the "Gerschenkron model," which postulates that nations that got off to a late start in industrialization might leapfrog phases of growth by embracing sophisticated technology and instituting appropriate institutional frameworks. In the case of China, the role that the government played in providing the required capital and infrastructure for industrialisation was considerable (Chen and Shin, 2011). The backbone of the Chinese economy was created by state-owned companies (SOEs) and banks that were controlled by the state. This allowed the Chinese government to effectively mobilize resources and direct investments toward critical industries.

In addition, the "catch-up" approach that China utilized primarily depended on the transfer of technology and expertise from economies that were farther along in their development towards sustainable energy production. Chinese companies were able to assimilate foreign technologies and modify them to meet their requirements through engaging in joint ventures, licensing technologies, and engaging in reverse engineering. This process was made easier by the government's industrial policies, which fostered the growth of important industries including high-speed rail, automotive, and telecommunications. This process was made possible thanks to the government's industrial policies. As a direct consequence of this, China has been able to advance its domestic technical capabilities and move up the global value chains.

The "Lewis model" of economic development is another important theoretical model that focuses on the transition from a labor-surplus economy to a labor-deficit one. This model was developed by economist John Lewis. In the beginning, China had a large supply of low-cost labor from the rural areas that could be utilized in the growing industrial sector (Rozella et al., 2020). This labor was available in plenty. The country's expansion was driven mostly by its exports, which were propelled by its labor force, as well as capital expenditures and technical developments. However, as a result of an increase in demand for skilled labor and an aging population, salaries began to rise, and China's growth model began to move toward industries that were more capital- and technology-intensive, this trend is expected to continue.

The Chinese government used a variety of policy initiatives, such as investments in education, research and development, and infrastructure, in order to facilitate this transition and provide support for it. These investments were made with the intention of enhancing the quality of human capital and fostering an atmosphere that is more amenable to innovation and entrepreneurial endeavors. In addition, the government's "Made in China 2025" policy aimed to improve the country's manufacturing capabilities by concentrating on high-tech industries like robotics, aircraft, and renewable energy. This strategy was implemented in an effort to update the country's manufacturing capabilities. As a direct consequence of this, China has been steadily climbing higher up the global value chain, with an increased emphasis on growth that is driven by innovation.

The theoretical background for the economic growth and development path for China

The theoretical analysis of China can be comprehended through the principles of the Household Responsibility System, the Management Responsibility System, Dual Track Pricing, and openness to trade and investment. The aforementioned attributes have played a crucial role in facilitating China's shift from a command economy to a market-based one. Their significant contribution has led to the sustained economic growth and development of China.

The Household Responsibility System (HRS), which is widely recognized as a crucial component of China's agricultural reforms, was initially introduced in the late 1970s. The Household Responsibility System (HRS) facilitated the delegation of agricultural land to individual households, thereby granting them the autonomy to manage and reap the benefits of their respective plots (Wang, 2019). The aforementioned transition led to the decentralization of decision-making, thereby providing farmers with incentives to increase their output and improve their overall quality of life. The promotion of entrepreneurship among farmers by the HRS resulted in a noteworthy enhancement in agricultural productivity and subsequent elevation of the financial status of those residing in rural areas.

Simultaneously, within the identical timeframe, the Management Responsibility System (MRS) was implemented within state-owned enterprises (SOEs). The Market Reform Strategy (MRS) implemented management techniques that were oriented towards the market. This approach allowed State-Owned Enterprises (SOEs) to retain a portion of their earnings, participate in decision-making procedures, and be motivated to optimize their profits (Petry, 2020). The purpose of this system is to increase efficiency, productivity, and innovation within the state sector, which has played a significant role in the expansion and progress of China's industrial sector.

The concept of Dual Track Pricing pertains to the economic phenomenon in China during the reform period wherein planned pricing and market prices coexisted. Initially, the government implemented a strategy of reducing the prices of crucial goods and services to ensure their accessibility to the wider public (Li and Li, 2020). Conversely, a secondary market emerged where pricing was determined by market dynamics, resulting in the sale of goods and services at elevated prices to reflect prevailing market conditions. The implementation of a dual pricing strategy provided a level of adaptability and motivation for both manufacturers and buyers, thereby facilitating optimal distribution of resources and facilitating the emergence of private sector enterprises.

Furthermore, China's commitment to promoting trade and investment liberalization has played a pivotal role in bolstering the nation's economic prowess. China has implemented a policy of economic liberalization since the latter part of the 1970s (Wang, 2019). China has been implementing a policy that involves the gradual elimination of trade barriers, the facilitation of foreign direct investment (FDI), and the incorporation of its economy into the global economy. The opening of China's markets to foreign competition has resulted in a swift acceleration of its industrialization, an increase in exports, and advancements in technology (Petry, 2020). The aforementioned achievement has been facilitated by China's utilization of contemporary technology, financial resources, and market opportunities.

The amalgamation of the Household Responsibility System, the Management Responsibility System, Dual Track Pricing, and a receptive attitude towards trade and investment has furnished a robust theoretical foundation for the economic growth and advancement of China (). The aforementioned modifications facilitated the progress of technology, stimulated entrepreneurial endeavors, optimized resource allocation, and unleashed the untapped productive capacity of the Chinese populace. The ascent of China to the status of the world's second-largest economy and the amelioration of poverty for a vast number of individuals can be attributed to the nation's implementation of a market-oriented economic framework and its deliberate involvement in global financial markets.

The way institutional setting helps in the growth and development of China.

The growth and development trajectory of China in recent decades can be attributed, in part, to its institutional environment, which has played a significant role in shaping the country's history. China has created a conducive environment for economic growth and change by implementing both market-oriented reforms and targeted government interventions concurrently (Petry, 2020). The subsequent examples, accompanied by relevant data, demonstrate the significance of crucial institutional factors.

The establishment of a legal infrastructure aimed at safeguarding property rights and facilitating contract enforcement in China has played a pivotal role in fostering a conducive business environment. As a result of this phenomenon, the economy has experienced a significant boost due to the increase in domestic and foreign investments. In the year 2020, China garnered the largest amount of Foreign Direct Investment (FDI) globally, amounting to $144 billion (Wang, 2019).

During the late 1970s, China was among the first nations to implement the concept of Special Economic Zones (SEZs) as a means of testing market-oriented reforms. These regions offered favorable policies, including tax incentives and streamlined regulations, with the aim of attracting foreign investment and boosting exports. The success of special economic zones (SEZs), such as Shenzhen, which transformed from a small fishing village into a global industrial leader, serves as evidence of the effectiveness of targeted institutional reforms.

The alterations that China implemented in its financial sector have played a crucial role in the nation's persistent economic progress. The emergence of commercial banks, stock exchanges, and bond markets has facilitated the mobilization of funds, thereby enhancing the viability of investment and business initiation. The Chinese stock market exhibited a total market value surpassing $10 trillion in the year 2020, thereby securing its position as the second-largest stock market globally (Tao et al. 2022).

The significant investments made by China in infrastructure have played a crucial role in the country's increasing gross domestic product and standard of living. The establishment of transportation infrastructure such as highways, trains, ports, and airports has facilitated the movement of goods and enhanced the efficiency of logistics, thereby simplifying trade. China's high-speed rail network boasts a track length exceeding 37,900 kilometers, rendering it the most extensive globally (Banerjeei et al. 2020). As a result, there has been a significant decrease in transportation duration and an augmentation in interconnectivity.

The topic of discussion pertains to the correlation between education and the enhancement of human capital. China's emphasis on education and the cultivation of human capital has played a significant role in the nation's ascension to a higher economic standing. Investments in education have resulted in the development of a skilled workforce, which has contributed to the advancement of innovation and technology (Li and Li, 2020). China consistently ranks among the leading countries in terms of the quantity of individuals who obtain degrees in science and engineering.

Initiatives for Alleviating Poverty China’s implementation of targeted poverty alleviation initiatives have facilitated the elevation of poverty-stricken individuals beyond their economic status, benefiting millions of people. The Chinese government has allocated resources towards enhancing infrastructure, education, healthcare, and social welfare in less developed regions through initiatives like the "Rural Vitalization Strategy" and the "Precision Poverty Alleviation" campaign. Both of these initiatives are targeted towards mitigating poverty. It is projected that a total of more than 98 million individuals in China will experience an alleviation of poverty within the timeframe spanning from 2013 to 2020 (Li and Li, 2020).

The research dictates the role of China's institutional framework in fostering economic growth and development. This framework encompasses measures such as safeguarding property rights, establishing special economic zones (SEZs), implementing banking sector reforms, enhancing infrastructure, investing in human capital, and implementing poverty alleviation initiatives. The dynamic interaction among these constituents has engendered a conducive atmosphere for entrepreneurial undertakings, monetary allocations, innovative pursuits, and equitable expansion of the economy.

Conclusion

In conclusion, China's status as an emerging economy with high economic growth has attracted investors worldwide. Dunning's OLI paradigm advises organizations to consider ownership, location, and internalization while expanding internationally. China's low-cost labor, natural resources, government incentives, and rising client base attract international investment.

China has several formal and informal institutions. The informal sector expands faster than the private sector due to legislation and government regulations. Researchers have used institutional adaptation and adaptive informal institutions to connect formal and informal organizations. Due of China's complex institutional system, corporations must build guanxi. The dual-track system, Gerschenkron model, and Lewis model explain China's rapid economic growth. The dual-track approach allowed China to experiment with market-based changes while maintaining a planned economy, allowing special economic zones to industrialize and decentralize agriculture. The Gerschenkron and Lewis models characterize the government's role in China's agrarian-to-industrial transition, with the former emphasizing human capital investment and innovation-driven growth.

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