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Recent formulations of state capitalism tend to present it as a distinct system, anchored in China, in opposition to a neoliberal model represented by the United States and its global armatures. As an alternative to this binarism, this paper argues for Gillian Hart's relational-comparative approach to the geographies of the new state capitalism. It outlines three of Hart's theoretical-methodological principles—multiple trajectories, conjunctural analysis, and articulation—and demonstrates how they can be used to analyze the interrelations between "statist" and "liberal" development trajectories, through an empirical account of conjunctural struggles in and between China and the World Bank during the Tiananmen Square crisis. It argues that Tiananmen was an inflection point in the relation between the development trajectories of the Chinese state and the World Bank, where conflicts over the continuity of economic reform were simultaneously struggles over the boundaries of the state. Examining these institutions conjuncturally shows that China's "state capitalism" is not an opposite of the Bank's liberal model, but has been, in part, produced through power-laden contests over the meaning and materiality of state and market in multiple arenas. [ABSTRACT FROM AUTHOR]