China's Emerging Private Enterprises: Prospects for the New Century

China's Emerging Private Enterprises: Prospects for the New Century Review

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China's Emerging Private Enterprises: Prospects for the New Century Feature

China's economy has grown rapidly over the past decade. At the same time, it has undergone a fundamental change, from complete reliance on state-owned and collective enterprise to a mixed economy where private enterprise also plays a strong role. By 1998 the domestic private sector had grown to about 27 percent of gross domestic product, making it second to the state enterprise sector in economic importance. A constitutional amendment in 1999 formally recognized this shift, thereby laying the foundation for the private sector to emerge from the shadows and play a prominent role in China's future development. This study was undertaken in partnership with the State Economic and Trade Commission (SETC) and draws on fieldwork in China in the summer of 1999, along with discussions at a conference in Beijing in April 2000. It also draws on IFC's and the World Bank Group's global experience in promoting private sector development. It offers business owners, managers, and policymakers assistance in identifying an action agenda to help reduce present constraints and enhance the available opportunities.

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China's Ownership Transformation: Process, Outcomes, Prospects

China's Ownership Transformation: Process, Outcomes, Prospects Review

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China's Ownership Transformation: Process, Outcomes, Prospects Feature

China's emergence as a global economic player has been accompanied by a major internal transformation. Over the past decade, the economy has made the transition from complete reliance on state-owned and collective enterprise to a mixed economy where private enterprise also plays a strong role. Gaizhi, a Chinese term meaning "transforming the system," has become a major phenomenon in most parts of the country; in many cases it has involved full privatization. China¡¦s Ownership Transformation applies descriptive and econometric analysis to survey, and official statistical data to examine, the progress of gaizhi over the years and across regions. It discusses the main players in the process, their motivation and incentives, and looks at the forms, scope, and timing of gaizhi. The authors also provide an assessment of the outcomes of gaizhi, focusing on employee issues, corporate governance issues and firm performance. The book concludes with discussion of the issues related to the fairness and efficiency of the gaizhi process, particularly concerning the role of management buy-outs and outside investors. These issues are at the center of a lively public debate in China, which is likely to influence future Chinese policies toward gaizhi. This title provides researchers, students, policymakers, and those interested in the emergence of China as a global manufacturing and economic powerhouse with in-depth information on the transformation of its state-owned sector.

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