By Shu-yun Ma
ISBN-10: 1848440510
ISBN-13: 9781848440517
This insightful ebook demonstrates how China has emerged as one of many world's greatest privatizing international locations inside of a decade. because the Nineteen Eighties, there was an international wave of move of kingdom resources to non-public arms. China is a comparatively overdue player of this around the globe pattern, but, within the final decade it has emerged as one of many biggest privatizing nations. Shu-Yun Ma argues that China's privatization isn't in line with any grand blueprint; quite, it truly is privatization via 'groping for stones to move the river', a widely known metaphor frequently attributed to Deng Xiaoping, which means that the reform easily proceeds on a trial-and-error foundation with no being guided via any conception. With unique case experiences, together with one on China's first business shareholding company, this informative ebook, can be of serious curiosity to the educational group, China observers and policymakers in addition to monetary analysts.
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The Almanac of China’s Economy (ZJN) does contain annual data on the number of industrial limited SHEs and their total asset value; but there is no similar information on nonindustrial SHEs. 4. The role of spontaneity and state initiative in the shareholding system reform1 INTRODUCTION At the 15th Chinese Communist Party Congress held in September 1997, the shareholding system (‘gufenzhi’) was endorsed as the ‘mainstream reform programme’ for the Chinese state-owned enterprises (SOEs) (MB, 12 September 1997).
The basic impetus for change has come mainly from the central government. Local authorities have helped implement the central 42 The role of spontaneity and state initiative 43 policy, though with some distortions. Early spontaneous attempts have not played any significant role in defining the final reform programme. CONTRASTING IMAGES OF THE CHINESE STATE The role of the state has long been a central concern of political economy. The emergence of welfare economics, Keynesian interventionism, and Marxist socialism culminated in a widespread extension of the role of the state in economic activity in the immediate post-World War II period.
10, p. 6; XB, 15 April 1997). In August, the then Party’s General-Secretary Jiang Evolution of the shareholding system reform 33 Zemin and the official People’s Daily (Renmin ribao) revived the theory of ‘initial stage of socialism’, which the disgraced leader Zhao Ziyang had used to justify the shareholding system reform. This was followed by the 15th Party Congress’s endorsement of the shareholding system as the mainstream reform programme. 7 Originally, shareholding cooperative enterprises were tried out mainly in rural areas.