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Restructuring China's Petrochemical Enterprises: A Case Study of the Fushun Petrochemical Company

  • Russell Smyth
  • Zhai Qingguo
  • Hu Wenguo

This article presents a case study of Fushun Petrochemical Company (FPC), which is a large state-owned enterprise (SOE) in Liaoning province under the control of China National Petroleum Corporation. In the first part of the article we argue that China's approach to the reform of large-scale SOEs in upstream industries such as petroleum has a sound economic logic. In the second part we use the recent restructuring of FPC to illustrate China's approach to reforming the petrochemical sector. We draw on interviews with managers and local government officials to discuss both the difficulties that the enterprise faced prior to reform and the main measures that were implemented during restructuring to address these problems. While the restructuring process at FPC has just been completed, we argue that the outcome provides some support for China's decision to promote large SOEs in upstream industries.

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Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

Volume (Year): 13 (2001)
Issue (Month): 2 ()
Pages: 243-261

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Handle: RePEc:taf:pocoec:v:13:y:2001:i:2:p:243-261
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  1. Chen, Aimin, 1998. "Inertia in reforming China's state-Owned enterprises: The case of Chongqing," World Development, Elsevier, vol. 26(3), pages 479-495, March.
  2. Yuanzheng Cao & Yingyi Qian & Barry R. Weingast, 1999. "From federalism, Chinese style to privatization, Chinese style," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(1), pages 103-131, March.
  3. Nolan, Peter, 1996. "Large Firms and Industrial Reform in Former Planned Economies: The Case of China," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 1-29, January.
  4. Nolan, P., 1996. "From State Factory, to Modern Corporation? China's Shougang Iron and Steel Corporation Under Economic Reform," Cambridge Working Papers in Economics 9613, Faculty of Economics, University of Cambridge.
  5. Ghemawat, Pankaj & Khanna, Tarun, 1998. "The Nature of Diversified Business Groups: A Research Design and Two Case Studies," Journal of Industrial Economics, Wiley Blackwell, vol. 46(1), pages 35-61, March.
  6. Smyth, Russell, 2000. "Should China be Promoting Large-Scale Enterprises and Enterprise Groups?," World Development, Elsevier, vol. 28(4), pages 721-737, April.
  7. Russell Smyth, 1997. "A (Re)interpretation of Recent Developments in the Reform of State-owned Enterprises," China Report, , vol. 33(4), pages 507-525, November.
  8. Nolan, Peter & Xiaoqiang, Wang, 1999. "Beyond privatization: Institutional innovation and growth in China's large state-owned enterprises," World Development, Elsevier, vol. 27(1), pages 169-200, January.
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