China has undergone massive yet quiet privatization since the mid-1990s. The number of SOEs has fallen by 40% in the period 1996-2001 and most of the remaining SOEs were scheduled for privatization in one or two years. As recent studies have shown, privatization has brought positive gains to firm efficiency. Contrasting to the top-down approach adopted in the former Soviet States and Eastern European counties, the Chinese privatization, like most other major reform initiatives, has taken a bottom-up approach by which the privatization templates were first experimented in several localities and then sanctioned and promoted by the central government. It is of great academic interests as to what are the economic and political forces that have led to China's spontaneous wave of privatization in transition as well as developed countries. In this paper, we identify five sets of such theories and test their validity for the Chinese case by using firm-level panel data collected on 683 firms in 11 cities for the period 1995-2001.
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Paper provided by East Asian Bureau of Economic Research in its series Macroeconomics Working Papers with number
448.
Length: 34 pages Date of creation: Jul 2004 Date of revision: Handle: RePEc:eab:macroe:448
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Find related papers by JEL classification: L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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