53.2 WORLD BANK RATINGS FOR SIX ELEMENTS OF GOVERNANCE
53.3 TRANSITION FROM STATE-OWNED ENTERPRISES (SOES) TO CORPORATIONS
53.4 THE CORPORATE LAW OF 1993–2006
53.5 SUGGESTED IMPROVEMENTS IN THE CORPORATE LAW
53.6 CHINA'S SHANGHAI AND SHENZHEN STOCK MARKETS
China has become one of the most watched, feared, and admired nations in the world. By the middle of this century, it is estimated China's economy will be substantially larger than the U.S. economy. Critics condemn human rights abuses and China's growing geopolitical influence. (Ironically, the critics fearful of Chinese political and military expansion are projecting Western traits on a country that suffered centuries of foreign intrusions and exploitation yet has never mimicked Western-style imperialism.) Admirers note that China has transformed like no other society in modern history and consistently enjoys the world's highest growth rate with its unique blend of central planning and market driven enterprises.
Both admirers and critics realize that China is an economic powerhouse. China's gross domestic product (GDP) has increased roughly sixfold since 1978 as compared to a twofold increase for the United States over the same period. Projections from PricewaterhouseCoopers show China surpassing the United States as the world's largest economy by 2050 as measured by GDP in terms of purchasing power parity (PPP). (See Exhibit ...