Mapping the investor state
State-led financialization in accelerating technological innovation in China
Bibliographic Data
| ID | 4237286 |
|---|---|
| Authors | Xuan Li (0000-0003-0366-872X, Global Institute for Zhejiang Merchants Development, Zhejiang University of Technology , Hangzhou, 310023, corresponding author), Kasper Ingeman Beck (0000-0001-9973-1046, Copenhagen Business School) |
| Year | 2025 |
| Volume | 23 |
| Issue | 4 |
| Pages | 1809-1838 |
| Publication date | 2025-06-18 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Socio-Economic Review (JOURNAL) |
| Journal identifiers | ISSN: 1475-1461 • E-ISSN: 1475-147X |
| Publisher | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ser/mwaf040 |
| OpenAlex | W4411717338 |
| Language | EN |
| Citations received | 1 |
| References cited | 55 |
The 'investor state' concept posits that state-led financialization in China extends beyond mere ownership rights of the states in financial markets. Surveying the 'investor state', we outline how evolving state-led financialization facilitates technological innovation in China. The article elucidates this shift and maps out how three empirical terrains are interconnected to bolster an emerging innovation-driven growth regime: (1) state-owned enterprises, transitioning from 'asset management' to 'capital management'; (2) state-led banks, shifting from loan-insurance linkages to investment-banking linkages; and (3) local governments, important touchpoints of central-level industrial policies, where we observe the shift from land-backed finance to accelerate urbanization projects towards government guidance funds to finance local tech ventures. The study finds that China has repurposed state-led financialization to integrate technological innovation into its economic development plans, within which we see the takeup of state-building capacities in 'financial entrepreneurship
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| Citations per year | 1 |
|---|---|
| Citation span | 2026 - 2026 (1) |
| Highly cited | No |