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Law and CapitalismWhat Corporate Crises Reveal about Legal Systems and Economic Development around the World$
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Curtis J. Milhaupt and Katharina Pistor

Print publication date: 2008

Print ISBN-13: 9780226525273

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226525297.001.0001

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The China Aviation Oil Episode: Law and Development in China and Singapore

The China Aviation Oil Episode: Law and Development in China and Singapore

Chapter:
(p.125) Seven The China Aviation Oil Episode: Law and Development in China and Singapore
Source:
Law and Capitalism
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226525297.003.0008

China is the latest and biggest of the economic miracles. Since its market opening in 1978, the Chinese economy has grown at an average annual rate of almost ten percent, lifting perhaps hundreds of millions of people out of poverty. It accomplished this without a legal system that meets conventional notions of functionality and predictability. Surely the experience of China illustrates the relation between law and economic development. This chapter focuses on the collapse of a company called China Aviation Oil (CAO), which was listed on the Singapore stock exchange but controlled by a mainland Chinese holding company with close ties to the state. The events of interest are not the problems that triggered the collapse of CAO but what these problems reveal about the governance structure of Chinese state-controlled corporations. Also heavily involved in the episode are Singaporean financial regulators and Temasek Holdings.

Keywords:   China, economic development, legal system, law, China Aviation Oil, Singapore, stock exchange, Temasek Holdings, governance structure

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