By Shu-yun Ma
This insightful ebook demonstrates how China has emerged as one of many world's greatest privatizing nations inside of a decade. because the Eighties, there was an international wave of move of kingdom resources to personal palms. China is a comparatively past due player of this around the globe development, but, within the final decade it has emerged as one of many greatest privatizing nations. Shu-Yun Ma argues that China's privatization isn't in response to any grand blueprint; quite, it truly is privatization by way of 'groping for stones to go the river', a well known metaphor frequently attributed to Deng Xiaoping, that means that the reform easily proceeds on a trial-and-error foundation with out being guided via any thought. With unique case reports, together with one on China's first commercial shareholding company, this informative e-book, can be of serious curiosity to the educational group, China observers and policymakers in addition to monetary analysts.
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Extra info for Shareholding System Reform in China: Privatizing by Groping for Stones
1995, p. 299). Those in Category 4 are a mixture of SHEs and cooperatives; as such they are called shareholding cooperative enterprises, as distinguished from SHEs. The above early development of the shareholding system, which was basically a spontaneous process (Chen Youngzhong, 1991, p. 2), took place in the absence of a legal framework. The experiment was attempted mainly by smallsized collective enterprises. Shares were issued primarily as a means to raise capital rather than to establish a new form of corporate governance.
822). That is to say, since 1997 the shareholding system has been promoted at the national level to cover basically all segments of the economy. Finally, in 2005 a ‘share conversion’ programme was introduced, which probably marked the final step of the shareholding system reform as the Chinese form of privatization. We come back to this in detail in Chapter 7. NOTES 1. Detailed analyses of these various reform schemes can be found in Broadman (1995), Byrd (1991), Chai and Docwra (1997), Hay et al.
3 In other words, although the corporatization programme ‘facilitated eventual privatization and provided an option for new hybrid ownership forms’ (Naughton, 2007, p. 301), it was not intended to be a major breakthrough in terms of state ownership. As such, its results have not been significantly different from previous reforms. The LLCs, still solely state-owned, have remained subject to arbitrary government intervention in their operation (Chai and Docwra, 1997, p. 175). More importantly, the corporatization programme, like the earlier reform schemes, failed to improve SOEs’ financial performance.