Table of contents for Exit the dragon? : privatization and state control in China / edited by Stephen Green and Guy S. Liu.


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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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