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Globalisation and Industrial Policy: The Case of China

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  • Peter Nolan

Abstract

type="main" xml:id="twec12197-abs-0001"> After a quarter of a century of industrial policy, China's objective of nurturing a group of globally competitive state-owned enterprises appears to have succeeded beyond most expectations. However, China's SOEs are far from catching up with the world's leading firms. Protection through state ownership in a massive, fast-growing economy has permitted China's SOEs to earn large profits and achieve high market capitalisations, but this is not the same thing as building globally competitive firms. The fact that China's industrial policy has been unsuccessful after a quarter of a century of intense effort demonstrates how difficult it is to construct an industrial policy in the era of capitalist globalisation, which has produced intense global industrial concentration across large parts of the global value chain. Although the detailed content of the next stage of reform of China's large state-owned enterprises is unclear, China's determination to build a group of globally competitive large companies remains undimmed.

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  • Peter Nolan, 2014. "Globalisation and Industrial Policy: The Case of China," The World Economy, Wiley Blackwell, vol. 37(6), pages 747-764, June.
    • Handle: RePEc:bla:worlde:v:37:y:2014:i:6:p:747-764
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    File URL: http://hdl.handle.net/10.1111/twec.2014.37.issue-6
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    Cited by:

    1. Lin Chun, 2023. "China's Market Reform Debate," Development and Change, International Institute of Social Studies, vol. 54(2), pages 422-441, March.
    2. Xiao Jie Liu & Haiyue Liu & Shi Yi Liu & Jim Huangnan Shen & Chien‐Chiang Lee, 2022. "Profit sharing, industrial upgrading, and global supply chains: Theory and evidence," Review of Development Economics, Wiley Blackwell, vol. 26(4), pages 2454-2493, November.
    3. Ting Wang & Rujun Wang & Hua Zhang, 2022. "Does Industrial Policy Reduce Corporate Investment Efficiency? Evidence from China," Sustainability, MDPI, vol. 15(1), pages 1-23, December.
    4. Kerstin J. Schaefer, 2020. "Catching up by hiring: The case of Huawei," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(9), pages 1500-1515, December.
    5. Jingjing Chen & Han Feng & Hong Zhou, 2022. "Local industrial policy and productivity: Evidence from China," Contemporary Economic Policy, Western Economic Association International, vol. 40(1), pages 138-161, January.
    6. Julian Schwabe, 2020. "From “obligated embeddedness” to “obligated Chineseness”? Bargaining processes and evolution of international automotive firms in China's New Energy Vehicle sector," Growth and Change, Wiley Blackwell, vol. 51(3), pages 1102-1123, September.
    7. Daniel Poon, 2014. "China’s Development Trajectory: A Strategic Opening for Industrial Policy in the South," UNCTAD Discussion Papers 218, United Nations Conference on Trade and Development.
    8. Chen, Yenn-Ru & Jiang, Xiaoquan & Weng, Chia-Hsiang, 2020. "Can government industrial policy enhance corporate bidding? The evidence of China," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    9. Lin, Chun, 2023. "China's market reform debate," LSE Research Online Documents on Economics 117689, London School of Economics and Political Science, LSE Library.

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