How red is China's red capitalism? Continuity and change in China's financial services sector during the global crisis

Chinese capitalism cannot be captured by theoretical frameworks and concepts such as the 'Varieties of Capitalism' approach. Despite its integration into the world economy and the financial crises, the country has kept a stable Leninist basis of formal institutions. The case of financial services shows: (i) a resilience of the sector to the 'Great Financial Crisis' of 2008 and (ii) the use of the crisis as an opportunity. Examining the control of Chinese financial services shows that private interests and the regulatory authorities are intimately linked to the state apparatus and that there is no radical break in sight with China's unique blend of party state-led capitalism.