The State Strikes Back by Nicholas R. Lardy

Author:Nicholas R. Lardy
Language: eng
Format: epub
ISBN: 9780881327380
Publisher: Peterson Institute for International Economics
Published: 2018-12-18T16:00:00+00:00

3

China’s Failing Strategy to Reform State-Owned Enterprises

The analysis in chapter 2 demonstrates that the faltering economic performance of state firms has dragged down China’s growth since the global financial crisis. The Communist Party of China and the government, however, claim to be implementing policies to improve the performance of state companies.

China initiated reform of state companies in the 1980s. The priority the party and government have given to this effort has waxed and waned over the ensuing decades and the results have varied widely—from the relatively successful reforms of the Zhu Rongji era to the near complete failure of the past decade. The current approach has six key dimensions: corporatization of traditional state firms, mergers to reduce the number of state firms, mixed ownership, debt-to-equity swaps, governance reforms, and financial reforms.

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