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China's Privatization Reforms: Progress and Challenges

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  • HUNG-GAY FUNG
  • DONALD KUMMER
  • JINJIAN SHEN

Abstract

This article discusses the general characteristics and issues of the privatization programs in China, including constitutional changes, privatization with mergers and acquisitions, ownership structure in China, real estate reforms, and finance (stock market and banking). The challenges of these reforms are analyzed throughout the article. Non-state-owned and foreign-funded enterprises have contributed over 60 percent of industrial production in the Chinese economy, while over 90 percent of Chinese workers are now employed by nonstate enterprises, suggesting that China is indeed a market-oriented economy. Interestingly, we find that non-state-owned enterprises contributed more 70 percent of total taxes to the Chinese government.

Suggested Citation

  • Hung-Gay Fung & Donald Kummer & Jinjian Shen, 2006. "China's Privatization Reforms: Progress and Challenges," Chinese Economy, Taylor & Francis Journals, vol. 39(2), pages 5-25, April.
    • Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:5-25
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    Cited by:

    1. Hung‐gay Fung & Qingfeng Liu & Jot Yau, 2007. "Financing Alternatives for Chinese Small and Medium Enterprises: The Case for a Small and Medium Enterprise Stock Market," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 15(1), pages 26-42, January.
    2. Chen, Shiyi & Jefferson, Gary H. & Zhang, Jun, 2011. "Structural change, productivity growth and industrial transformation in China," China Economic Review, Elsevier, vol. 22(1), pages 133-150, March.
    3. Penghua Qiao & Hung-Gay Fung & Xiaofeng Ju, 2013. "Effects of Social Capital, Top Executive Attributes and R&D on Firm Value in Chinese Small and Medium-sized Enterprises," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 21(4), pages 79-100, July.

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