This book examines corporate governance reforms in China as an economy in transition - from a planned economy to a market economy - in the context of globalization and the country's accession to WTO. The author interprets China's experience as a gradualist transition strategy, which is appropriate given the existing constraints imposed by China's limited political, legal and regulatory framework. This approach also compares favorably with the radical privatization programme ( shock therapy ) in Russia. In China, institutional innovations play a key role in discovering a better way to the market, even though such transitional institutions may not fully comply with a full market economy. Meanwhile, mutually supporting and complimentary structural reforms of China's enterprises, banks, and stock market should proceed hand in hand in order to achieve effective and sustained results during the transition.

Dr. Jing Leng is Assistant Professor at the Faculty of Law, the University of Hong Kong. She received her LLB degree from Peking University with the highest distinction and graduated first in her class. She was also awarded two LLM degrees by Peking University and Kyushu University of Japan, respectively. She earned her doctorate (Doctor of Juridical Science) from the University of Toronto. Prior to joining the University of Hong Kong in June 2005, Dr. Leng was a fellow of the Capital Markets Institute, University of Toronto from 2001 to 2005, and a fellow of the Centre for Financial Law Studies, Peking University from 2000 to 2001. She is an editor of the Hong Kong Law Journal.