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China and CapitalismA History of Business Enterprise in Modern China$
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David Faure

Print publication date: 2006

Print ISBN-13: 9789622097834

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789622097834.001.0001

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Company Law and the Emergence of the Modern Firm

Company Law and the Emergence of the Modern Firm

(p.45) 4 Company Law and the Emergence of the Modern Firm
China and Capitalism

David Faure

Hong Kong University Press

This chapter outlines the emergence of the modern firm in relation to the introduction of Company Law in China from the late nineteenth century. The Company Law of 1904 redefined the role of the state in relation to business by replacing the idea of privileges granted by imperial charter with state recognition for private mercantile initiative in return for tax. From then on, private trade was the citizen's right, and the modern firm came about in China as a result of the privatization of regional government enterprises combined with the evolution of regional family businesses into full corporations.

Keywords:   modern firm, Company Law, private trade, privatization, enterprises, corporations

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