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China's Privatization Reforms: Progress and Challenges

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  • HUNG-GAY FUNG
  • DONALD KUMMER
  • JINJIAN SHEN
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    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.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Chinese Economy.

    Volume (Year): 39 (2006)
    Issue (Month): 2 (April)
    Pages: 5-25

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    Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:5-25

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=110901

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    Cited by:
    1. 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.

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