The Struggle over Ownership: How the Reform of State-owned Enterprises Changed China
DOI:
https://doi.org/10.22439/cjas.v28i1.2669Keywords:
SOE reform, national champion, shareholding, public listings, social securityAbstract
Events in the 1980s became the driving force behind state-owned enterprise (SOE) restructuring in the 1990s and beyond. In particular, the 1992 decision to seek listings for state-owned enterprises overseas had a tremendous impact on China's politics, economy and society. It may have been inevitable that the financial surgery on state enterprises would have serious social consequences. The assumptions behind this effort to create national champions, however, also defined the limitations on the Chinese government's response to the 2008 global financial crisis that broke out on the thirtieth anniversary of the 'reform and opening' policy. While SOE reform may not be the single most important determinant of how China has developed, it has had a unique directional impact by implanting the core of the Western financial system inside the Chinese state. This paper seeks to briefly review the evolution of corporate reform and show how Western capitalism has made its broader impact.Downloads
Additional Files
- Figure 1: 30 years of reform: trends in deregulation
- Figure 2: Sino-Foreign Joint Venture
- Figure 3: SOEs operating under Contract Responsibility System
- Figure 4: Collective Stock Enterprise
- Figure 5: Creation of a Company Limited by Shares
- Figure 6: The Company Limited by Shares
- Figure 7: SOE Corporatization for International Listing
- Figure 8: Industry Restructuring into a Single NewCo
- Figure 9: Ownership Arrangements of State-owned Enterprises
- Figure 10: Committed Foreign Direct Investment, 1979-2007 (US$ bn)
- Figure 11: Employment Trends SOEs vs. Private and Foreign Sectors, 1989-2003
- Figure 12: State Sells 10 percent of Total Shares Offered in IPO
- Figure 13: Shanghai Index Performance, 10/1/1999 – 10/1/2005
- Table 1: Shareholding Structure, National vs. Shenzhen (December 31, 1991)
- Table 2: National Champion Overseas IPOs, 1997-2005
- Table 3: China’s Aging Population
- Table 4: FDI by Investment Vehicle Structure
- Table 5: Comparative Foreign Trade Ratios, 2006
- Table 6: Trends in NSSF Funding Sources, 2000 - 2007
Published
2010-12-10
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Section
Articles