Exit the Dragon: Privatization and State Control in China / Edition 1

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Nominated for the 2006 IPEG Book Prize

Drawing on the research of ten scholars from around the world, this volume evaluates China’s privatization experience by investigating the efficiency and fairness of the sale process and the credibility of the government’s ambition to create world-class state-owned conglomerates.

  • One of the first book-length works to evaluate China’s privatization experience.
  • Draws on the research of ten scholars from around the world including Liu Xiaoxuan (Chinese Academy of Social Sciences), Sun Laixiang (SOAS, London University) and Chih-jou Jay Chen (Academic Sinica).
  • Investigates the factors determining the decision by government officials to sell or retain their firms.
  • Evaluates how credible the government’s ambition is to create world-class state-owned conglomerates.
  • Compares the efficiency and fairness of the sales against the lessons learned from the former Soviet bloc.
  • Explains how the state is withdrawing from key sectors such as automobiles, energy and telecoms.
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Editorial Reviews

From the Publisher
'A lucid and comprehensive guide to China's privatisation puzzle. This book is a must-read for anyone trying to understand the big patterns or the devilish details of state-owned enterprise reform in China.' Arthur Kroeber, Managing Editor, China Economic Quarterly

'Like Dr. Doolittle’s Push-me Pull-you, China’s approach to state enterprise privatization is straining in opposite directions, and different analysts watch different ends and reach different conclusions about where it is going. Stephen Green and Guy Liu herd these experts into a valuable single volume on Beijing’s schizophrenic effort to sell off enterprises and retain enterprises simultaneously. Readers will end up no less sceptical that China’s approach will lead to efficient state divestiture with a modicum of fairness, but far more insightful and informed about the process and motivations.'Daniel Rosen, Institute for International Economics

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Product Details

  • ISBN-13: 9781405126441
  • Publisher: Wiley
  • Publication date: 4/18/2005
  • Series: Chatham House Papers Series
  • Edition number: 1
  • Pages: 252
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.63 (d)

Meet the Author

Stephen Green is Senior Economist, China, for Standard Chartered Bank, Shanghai, and formerly Head of Asia Programme at Chatham House (the Royal Institute of International Affairs) in London. He holds a First Class Honours degree from Cambridge University and a Ph.D. in Government from the London School of Economics and Political Science. He has also studied in Taiwan, at Fudan University in Shanghai and at Culture and Language University in Beijing. His articles have appeared in the Financial Times, the South China Morning Post, and the Asian Wall Street Journal and he is a regulator commentator on China for CNN and the BBC.

Dr Guy S. Liu obtained his PhD from Oxford University, and specialized in economics of industry with a particular interest to China’s enterprise reform. He is a lecturer at Brunel University and professor of Sichuan University in China. He also lectures on the Chinese economy and industry for the visiting MBA/EMBA programme at Oxford University. He has been invited as a guest editor of a special issue on China’s economy and enterprise reform for a number of journals including China Economic Review, Economics of Planning and Corporate Governance – An International Review. He has also been involved in policy advisory work on Chinese enterprise reform for both the British and the Chinese government. He is a regular commentator on China’s economic affairs for the BBC and Free Asia.

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Table of Contents

Introduction: Stephen Green & Guy S. Liu.

Part I: Retreat: Privatisation Motives and Methods.

1. China’s industrial reform strategy: retreat and retain: Stephen Green & Guy Liu.

2. Privatization in the former Soviet bloc: Has China learned the lessons?: Stephen Green.

3. Chinese-style privatization: motives and constraints: Guy Liu, Pei Sun & Wing T. Woo.

4. The effects of privatization on China’s industrial performance: Liu Xiaoxuan.

5. Ownership reform in China’s TVEs: Sun Laixiang.

6. China’s public firms: how much privatization?: Guy Liu & Pei Sun.

7. The privatization two-step at China’s listed firms: Stephen Green.

8. Urban housing privatization: Li Bingqin.

Part II: Retain: Non-privatization Industrial Reforms.

9. China’s privatization ministry? The State-owned Assets Supervision and Administration Commission: Stephen Green & He Ming.

10. Prospects for privatization in China’s energy sector: Philip Andrews-Speed and Cao Zhenning.

11. Private investment in China’s telecommunication sector: no Chinese, no foreigners allowed?: Marc Laperrouza.

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