by: Stoyan Tenev, Ross Garnaut
China's emergence as a global economic player has been
accompanied by a major internal transformation. Over the past decade,
the economy has made the transition from complete reliance on
state-owned and collective enterprise to a mixed economy where private
enterprise also plays a strong role. Gaizhi, a Chinese term meaning
"transforming the system", has become a major phenomenon in
most parts of the country; in many cases it has involved full
China's Ownership Transformation applies descriptive and
econometric analysis to survey, and official statistical data to
examine, the progress of gaizhi over the years and across regions. It
discusses the main players in the process, their motivation and
incentives, and looks at the forms, scope, and timing of gaizhi. The
authors also provide an assessment of the outcomes of gaizhi, focusing
on employee issues, corporate governance issues and firm performance.
The book concludes with discussion of the issues related to the
fairness and efficiency of the gaizhi process, particularly concerning
the role of management buy-outs and outside investors. These issues are
at the center of a lively public debate in China, which is likely to
influence future Chinese policies toward gaizhi.
This title provides researchers, students, policymakers, and those
interested in the emergence of China as a global manufacturing and
economic powerhouse with in-depth information on the transformation of
its state-owned sector.
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