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Acknowledgments ix
Contributors x
Abbreviations, acronyms and Chinese media sources xi
Introduction I
Stephen Green and Guy S. Liu
Privatization and China: retreat 4
Privatization and China: retain 9
Concluding remarks Io
Part I Retreat: Privatization Motives and Methods
1 China's industrial reform strategy: retreat and retain I5
Stephen Green and Guy S. Liu
State-owned enterprise reform I6
How well are the SOEs doing? 27
How should the governmentpushforward with privatization? 32
Concluding remarks 34
Notes 34
References 39
2 Privatization in the former Soviet bloc: has China learned the lessons? 42
Stephen Green
Privatization in the FSB 42
The lessons ofprivatization in the FSB 47
Privatization in China and the FSB 50
Concluding remarks 54
Notes 55
References 58
3 Chinese-style privatization: motives and constraints 60
Guy S. Liu, Sun Pei and Wing T. Woo
The ownership of capital in China's industrial sector 62
Privatization of small and medium-sized SOEs 63
The changing incentives of local officials 69
Meeting the constraints on the privatization process 72
What motivates privatization? 75
Concluding remarks 76
Notes 77
References 77
4 The effects of privatization on China's industrial performance 79
Liu Xiaoxuan
Dfferent types offirm and their capital structures 80
The effects of different types of capital on industrial efficiency 85
Concluding remarks 89
Notes 89
5 Ownership reform in China's township and village enterprises4 90
Sun Laixiang
The dominance of localgovernment ownership in TVE
development in the I98os 94
Explaining the chaiige in TVE ownership 97
The desirefor recapitalization 97
The desire to promote human capital and attract outside
investment 99
The degeneration of the TVE 'mechanism' oo00
TVE ownership reform:from government to the private sector I02
'Privatization with a tail' as a screening mechanism I03
Remaining challenges to TVE development I04
Concluding remarks Io6
Notes 107
References Io8
6 China's public firms: how much privatization? in
Guy S. Liu and Sun Pei
Types of ownership II3
Howfar has Chinaprivatized itspublic corporations? I20
Concluding remarks I22
Notes 122
References I23
7 The privatization two-step at China's listed firms 125
Stephen Green
Non-tradable shares: history andproblems x26
The LP share market I27
Transfer methods I33
Pricing of deals I34
Regulatory framework I35
The impact on corporate performance of two-thirds privatization 137
Improving the LP share market I38
Lessonsfor the state share sell-off 140
Notes 141
References I43
8 Urban housing privatization I45
Li Bingqin
The roles of the state and the market in housing provision I45
Mixedprovision and China's economic transition I47
1986-90 - Rent increases with subsidies I48
991-3 - New policyfor new houses I50
1994-8 - Comprehensive reform I50
I998 to the present -from direct housing allocation to financial
allocation 151
The changing role of employers I52
Thepre-1998 reforms 152
Reform after 1998 I58
Concluding remarks 16I
Notes 162
References 164
Part II Retain: Non-privatization Industrial Reforms
9 China's privatization ministry? The State-owned Assets Supervision
and Administration Commission I69
Stephen Green and He Ming
Relations between the state and itsfirms: a brief history I70
The State-ownedAssets Supervision andAdministration
Commission I74
What does the SASAC own and not own? I75
Will the SASACfacilitate or hold up privatization ? 181
The Property Rights Trading Centres 184
Concluding remarks I89
Notes I90
References 195
10 Prospects for privatization in China's energy sector I96
Philip Andrews-Speed and Cao Zhenning
Why energy is dfferent I96
The risks associated with energy-sector privatization I97
The restructuring of China's energy industry I98
Thepetroleum industry I99
The electric power industry zoo
The coal industry 20I
The partialprivatization of China's energy industry 203
Thefinancialperformance of the listed companies 206
Concluding remarks 2io
Notes 212
References 212
11 Private investment in China's telecommunications sector:
no Chinese, no foreigners allowed? 214
Marc Laperrouza
The privatization oftelecommunications 215
China's model oftelecommunications privatization:
incorporation and IPO 217
Alternatives to IPO 222
Lessonsfrom China's experience and open issues 223
Concluding remarks 226
Notes 226
References 229
Index 233
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