China's industrial reform has traditionally been depicted as the dissolution of central party state control and the development of an increasingly open, market-oriented, decentralized system, adhering to the standards of liberal market economy. This book, on the other hand, argues that these narratives are partial and misleading in that they ignore the persistence of an adaptable centrally controlled industrial governance system. The book examines the nature of this system, showing how China has been continuously experimenting with new practices, how institutions have evolved, and how, overall, China's industrial reform is a diverse, multi-faceted and adaptable process.

Chen Li is Lecturer in Economics at the Centre for China Studies and Faculty of Social Science, The Chinese University of Hong Kong. He previously worked in one of the largest listed corporations based in Hong Kong and was a Research Associate at Fung Global Institute, an independent global think tank. He received his MPhil and PhD in Development Studies from Jesus College, University of Cambridge.

1. Transition, Involution or Evolution: Rethinking the Political Economy of China's Industrial Reform 2. Organized for Catching-up: The Emergence of China's Centralized Industrial Order 3. The Making of Big Business: From Industrial Ministries to Centrally Controlled 'National Champions' 4. Party Leadership Transition and the Bureaucratic Restructuring for Industrial Reform 5. Holding 'China Inc.' Together: The Development of Central Nomenklatura and Personnel Management System 6. Holding 'China Inc.' Together: The Restructuring of Centrally Controlled Financial System 7. Communist Party Bureaucracy and Capitalist Big Business