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Shareholding System Reform in China

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  • Shu-Yun Ma

Abstract

Since the 1980s, there has been a global wave of transfer of state assets to private hands. China is a relatively late participant of this worldwide trend, yet, in the last decade it has emerged as one of the largest privatizing countries. Shu-Yun Ma argues that China’s privatization is not based on any grand blueprint; rather, it is privatization by ‘groping for stones to cross the river’, a well-known metaphor often attributed to Deng Xiaoping, meaning that the reform simply proceeds on a trial-and-error basis without being guided by any theory.

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Suggested Citation

  • Shu-Yun Ma, 2010. "Shareholding System Reform in China," Books, Edward Elgar Publishing, number 13243.
  • Handle: RePEc:elg:eebook:13243
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    File URL: https://www.elgaronline.com/view/9781848440517.xml
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    References listed on IDEAS

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    1. Ran Tao & Zhigang Xu, 2006. "Groping for Stones to Cross the River versus Coordinated Policy Reforms: The Case of Two Reforms in China," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 9(3), pages 177-201.
    2. Sonja Opper, 2001. "Dual-track Ownership Reforms: Lessons from Structural Change in China, 1978-1997," Post-Communist Economies, Taylor & Francis Journals, vol. 13(2), pages 205-227.
    3. Alan Gelb & Gary Jefferson & Inderjit Singh, 1993. "Can Communist Economies Transform Incrementally? The Experience of China," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 87-150, National Bureau of Economic Research, Inc.
    4. Lawrence J. Lau & Yingyi Qian & Gerard Roland, 2000. "Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 120-143, February.
    5. David D. Li, 1996. "A Theory of Ambiguous Property Rights in Transition Economies: The Case of the Chinese Non-State Sector," William Davidson Institute Working Papers Series 8, William Davidson Institute at the University of Michigan.
    6. John Earle & Saul Estrin, 2003. "Privatization, Competition, and Budget Constraints: Disciplining Enterprises in Russia," Economic Change and Restructuring, Springer, vol. 36(1), pages 1-22, March.
    7. Mitchell, Timothy, 1991. "The Limits of the State: Beyond Statist Approaches and their Critics," American Political Science Review, Cambridge University Press, vol. 85(1), pages 77-96, March.
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    9. Hay, Donald & Morris, Derek & Liu, Guy & Yao, Shujie, 1994. "Economic Reform and State-Owned Enterprises in China 1979-87," OUP Catalogue, Oxford University Press, number 9780198288459.
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    12. Wang, Yan & Xu, Dianqing & Wang, Zhi & Zhai, Fan, 2004. "Options and impact of China's pension reform: a computable general equilibrium analysis," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 105-127, March.
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    14. Dengjian Jin & Kingsley E. Haynes, 1997. "Economic Transition at the Edge of Order and Chaos: China’s Dualist and Leading Sectoral Approach," Journal of Economic Issues, Taylor & Francis Journals, vol. 31(1), pages 79-102, March.
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    16. Gelb, Alan & Jefferson, Gary & Singh, Inderjit, 1993. "Can Communist economies transform incrementally? China's experience," Policy Research Working Paper Series 1189, The World Bank.
    17. Li, David D., 1996. "A Theory of Ambiguous Property Rights in Transition Economies: The Case of the Chinese Non-State Sector," Journal of Comparative Economics, Elsevier, vol. 23(1), pages 1-19, August.
    18. Xiaozu Wang & Lixin Colin Xu & Tian Zhu, 2004. "State-owned enterprises going public "The case of China"," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(3), pages 467-487, September.
    19. Earle, John S. & Telegdy, Almos, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Journal of Comparative Economics, Elsevier, vol. 30(4), pages 657-682, December.
    20. Lee, Keun & Mark, Shelley, 1991. "Privatization in China's industry," China Economic Review, Elsevier, vol. 2(2), pages 157-173.
    21. Almond, Gabriel A., 1988. "The Return to the State," American Political Science Review, Cambridge University Press, vol. 82(3), pages 853-874, September.
    22. Stephen Bell & Hui Feng, 2009. "Reforming China's Stock Market: Institutional Change Chinese Style," Political Studies, Political Studies Association, vol. 57, pages 117-140, March.
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    Cited by:

    1. Liming Zhou & Shujie Yao & Jinmin Wang & Jinghua Ou, 2016. "Global financial crisis and China’s pawnbroking industry," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 14(2), pages 151-164, May.

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    Book Chapters

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    Keywords

    Asian Studies; Business and Management; Economics and Finance; Politics and Public Policy;

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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