Economics will reform guanxi culture

Article Abstract:

Several Asian countries have long promoted a distinctive relation-based business culture sometimes referred to as the guanxi culture. This type of capitalism emphasizes personal agreements that are sealed by a handshake rather than by a contract. Guanxi-oriented business, however, has come under fire in the late 1990s since it has been blamed by many observers for the rise of crony capitalism and the mismanagement that accompanies it. Governments are therefore urged to help companies make the needed transition from the rule of relationships to the rule of law.

Asia, Interpretation and construction, Beliefs, opinions and attitudes, Contracts, Businessmen

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Opening the financial sector benefits China...

Article Abstract:

The continuing reluctance of Chinese authorities to open their nation's financial markets to international financiers is preventing its entry into the World Trade Organization. The Chinese, who have been wary of such a move since the Asian financial crisis, should realize that maintaining their current system only perpetuates its inadequacies. Interactions with the international financial community might actually contribute to the efficiency of their financial system.

China, Economic aspects, Economic policy, Capital market, Capital markets, Financial markets

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