China’s Maritime Evolution

Over the past decade, there has been a long and lively debate among policy makers, economists and academics about the viability of China’s “social market economy”. The leftists view China’s goal of establishing a system of market socialism, where state-owned enterprises coexist harmoniously with privately owned ones, a far more superior model for economic development and a feasible middle way between capitalism and centralised state socialism. Critics on the other hand see this as an unnatural system. They argue that misallocation of resources will prevail so long as the invisible hand’s ability to coordinate the decisions of the firms and households in the economy remain distorted by government interference and this is destined to fail. As the experts continue to debate on this topic, one thing is certain: China’s market socialism policies have chartered the development of both the shipping and finance sectors, and this has added another interesting dimension when we look at the country’s progress in ship finance.

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