This study analyzes the rise of DC/EP (digital currency electronic payment) in China by proposing the concept of “recentralized authoritarian capitalism.” It first examines how recentralized authoritarian capitalism started in 2010 in the form of a recentralizing of regulations. After considering how the fintech firms have restructured their shareholding in response to the recentralizing regulations, I delineate how these firms further strengthen recentralized authoritarian capitalism, as exemplified by how Alipay has helped realize the Party’s plan to launch DC/EP.
The Chinese Fintech Boom and the Consolidation of Recentralized Authoritarian Capitalism
Chiu-Wan Liu is an Assistant Professor in the Graduate Institute of National Development, National Taiwan University. Her publications concern developments in fintech and digital currency in China, the promulgation of fintech regulations, and fintech politics in China. Email: <email@example.com>. The author is grateful to the reviewers for their constructive comments, to the interviewees for their insights, and to Miss Hsia for her research assistance.
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Chiu-Wan Liu; The Chinese Fintech Boom and the Consolidation of Recentralized Authoritarian Capitalism. Asian Survey 1 December 2021; 61 (6): 971–998. doi: https://doi.org/10.1525/as.2021.1428111
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