We conceptualize corporate social capital within the context of Chinese guanxi culture. We assert that the formation and mobilization of corporate social capital are culturally and institutionally contextualized. Building upon a relational approach to corporate performance, we examine culture-sensitive properties of Chinese guanxi and compare guanxi social capital with non-guanxi social capital. We then explain why guanxi-based corporate social capital is of growing significance to the Chinese transitional economy in an era of increasing market competition and institutional uncertainty. We conclude by proposing a research agenda about the roles that guanxi-based corporate social capital plays for boosting corporate performance.