China's Asset Management Companies as State Spatial–Temporal Strategy

Abstract Chinese authorities created four new asset management companies (AMCs) in 1999. These have since undergone profound transformations which have been influential in China's contemporary integration into the world market. Conventional interpretations see these powerful AMCs in largely technical and asocial terms. By contrast, we employ a critical geographical analytical framework to understand the transformation of these AMCs as an expression of the state's spatial–temporal strategy to create conditions of political economic stability now by displacing the conditions of financial instability and crisis into the future. This strategy does not come without unintended and destabilizing consequences, nor is it without class-based social and political implications. 摘要 中国政府在 1999 年设立了四家资产管理公司,它们经历了重大变化,并对中国近年融入国际市场的过程影响深重。对这些庞大的资产管理公司的解读,一般都从技术性及非社会性的层面出发。相比之下,我们利用批判性的地理分析框架,把资产管理公司经历的变革理解为国家时空管理策略的表现。该策略企图把现存的金融不稳定及危机推延至未来,以制造现时的政治经济稳定。这策略的执行不仅藏有未遇见和不稳定的后果,亦为社会和政治上的阶级斗争带来启示。