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The persistent and increasing domination of the state in China's contemporary capitalist development leads many to apply the vague concept of state capitalism to China's economic model. Comparing China with the earlier Asian developmental states, I discuss the distinctiveness of China's state capitalism, underlined by the state's paternalistic disposition toward capital and the weakness in private property protection. I argue that the subordination of capital to the political imperative of the Communist party-state, as well as the party-state elite's explicit reference to the state's paternalistic discipline of capital in the Qing dynasty, illustrates a connection between today's statist economic model and Qing dynasty's familial statism, under which the Manchu state conceptualized and governed the empire as an imagined hierarchal-communalist patrilineage. Comparing and connecting state-capital relations in China's past and present will help us better understand the nature of economic governance in China today. [ABSTRACT FROM AUTHOR]

Contra as previsões de que a China substituirá em breve os EUA como a principal potência econômica mundial, o autor argumenta que o modelo de crescimento chinês, voltado à exportação e lastreado por enormes reservas em dólares, confinou o país asiático a um papel subordinado, ao qual boa parte de sua elite se mantém comprometida.Against predictions that China will soon replace the US as the world's dominant economic power, the author argues that the PRC's exportation-oriented growth and vast dollar reserves have trapped it in a subordinate role - to which much of its elite remains committed.