Table of contents for Under new ownership : privatizing China's state-owned enterprises / Shahid Yusuf, Kaoru Nabeshima and Dwight H. Perkins.

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China's Industrial System: Where It Is Now, Where It Should Be
Headed, and Why       1
The Changing Economic Landscape since 1979    3
The Impact of Reforms on Productivity and Growth  5
How Firms Can Succeed under the New Competition    20
Privatization: Wisdom from Experience  37
A Brief Overview of the Study  40
2   Reform in China, 1978-97      45
The Pre-Reform Industrial System   46
The First Step to Industrial Transformation  51
The Industrial Reform Initiatives, 1984-9  55
Renewal of the Reform Drive, 1992-7   69
What the First Round of Reforms Achieved   75
3 The Accelerated Change in Enterprise Ownership,
1997-2003       77
The Decision to Join the World Trade Organization  82
Corporatizing Chinese State Enterprises  86
The Formation of Business Groups    90
The Emergence and Significance ofNonstate Firms   96
Missing Market Institutions: The Weak Legal System  102
The Consequences of Reforms during 1997-2003    105
4    Chinese Ownership Reform in the East European
Mirror      115
Industrial Reforms in Eastern Europe  116
Lessons from Eastern Europe    120
What China Can Learn from Other Transition Economies   13
Annex (Literature Review)   134
SAsse    ssin g   th e  E ff e c ts  o f  O w n e rsh ip   R e fo rm   in   C h in a  1 5 1
Reform in the Chinese Urban Context   152
Data Description     154
Empirical Methodology     166
Policy Measures     169
Selection Bias    176
Empirical Tests and Findings   182
Role of Institutions and Management  190
Summary and Conclusions     207
S    Making Privatization Work     213
Taking Stock of China's Privatization  215
Assessing Gradualism    218
Conglomerate Group Formation as an Interim Strategy  219
Medium-Term Policy Objectives     222
Market Environment and the Role of the State  223
Industrial Consolidation   227
Competition Policy     229
Corporate Governance     234
Innovation Policy    236
Conclusion      237

Library of Congress subject headings for this publication: Privatization China