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1 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 of Nonstate 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 131
Annex (Literature Review) 134
5 Assessing the Effects of Ownership Reform in China 151
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
6 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
1.1 Misallocation of Capital 17
2.1 Chinese Industry Output Shares by Ownership Type, 1978-97 60
2.2 Increases in China's Bank Loans and the Money Supply 74
3.1 State-Owned Enterprise Profits, Taxes, and Losses 78
3.2 Ownership Share 87
3.3 Share of Establishments 88
3.4 Foreign Direct Investment, by Country 99.
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 of Nonstate 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 131
Annex (Literature Review) 134
5 Assessing the Effects of Ownership Reform in China 151
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
6 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
1.1 Misallocation of Capital 17
2.1 Chinese Industry Output Shares by Ownership Type, 1978-97 60
2.2 Increases in China's Bank Loans and the Money Supply 74
3.1 State-Owned Enterprise Profits, Taxes, and Losses 78
3.2 Ownership Share 87
3.3 Share of Establishments 88
3.4 Foreign Direct Investment, by Country 99.