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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 233Library of Congress Subject Headings for this publication: