Shareholding System Reform in China: Privatizing by Groping for Stones

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Enabling JavaScript in your browser will allow you to experience all the features of our site. Learn how to enable JavaScript on your browser. This insightful book demonstrates how China has emerged as one of the world's largest privatizing countries within a decade. Since the s, there has been a global wave of transfer of state assets to private hands. China is a relatively late participant in this worldwide trend, yet, in the last decade it has emerged as one of the largest privatizing countries. Introduction 2. Evolution of the Shareholding System Reform 4.

See All Customer Reviews. Shop Books. Add to Wishlist. USD Sign in to Purchase Instantly. Overview This insightful book demonstrates how China has emerged as one of the world's largest privatizing countries within a decade.

Shareholding System Reform in China

To Deng, the state should be both hard enough to promote modernization and resist pressures from partisan interests, and able to ensure the modernization of what is a large and populous country in peace and stability. By advocating the four cardinal princi- ples which had evolved and contained elements different from Maoism , and by resisting Western liberal values, Deng demonstrated perhaps more of the Confucian tradition of authoritarian governance than that of Stalinism.

But despite its weakness, its lack of an elaborate intellectual structure, and its evolving and formative nature, Chinese-style socialism has dramatically expanded the elastic- ity of official doctrine and its relevance to Chinese reality. Continued political shifts and economic and social dislocations will be inevitable. Dengism is apparently unable to cope with all the challenges.

Their mistakes and even blunders notwithstanding, the reformers have demonstrated qualities indispensable for a strong reform leadership, notably, vision, dedica- tion and pragmatism. But his love of China was not uncritical. He stressed these goals and the need for reform in all his meetings with foreign dignitaries that the author attended in the mids. He treated reform as a life-or-death matter for China. China thus declined from a first-rate power to poverty and ignorance. It became so isolated and backward in the Qing dynasty that a few British warships were enough to defeat the huge Qing empire.

His approach to eco- nomic reform combined cautious experimentation with dynamism as embodied in his frequent calls for new reforms and greater openness to the outside world. He had a desire to get things done and relentlessly prodded his associates to initiate reforms. Zhao was a sophisticated, competent and relatively open- minded man.

His dedication to reform was exempli- fied by a habit of his: the placing of a mini-tape-recorder next to his pillow so as to capture his fleeting inspirations during sleep. It was a balancing act that he executed reasonably well until the Tiananmen crackdown, which was against what he stood for. He had managed to keep reforms going ahead under difficult circumstances, making compromises if need be, but never deviating from his general objective of creating a market-oriented and internationally competitive economy. Many of his policies had been controversial.

For instance, his apparent acceptance of a higher rate of inflation aroused opposition among some Chinese leaders and economists. He was determined to tour all the counties across China, and he finally toured of them. Deng later promoted two technocrats, Jiang Zemin and Zhu Rongji, to continue his reformist cause.

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Zhu was a particularly dynamic man with an exceptionally sharp mind. As the mayor of Shanghai, he streamlined FDI approval procedures from having to go through a dozen agencies to just one. There was no well worked out masterplan at any stage, but there was also never a retreat from the basic objective of economic reform. Indeed, the key figures such as Zhao Ziyang, Hu Yaobang and Zhu Rongji have left their deep imprint on the course of reform.

He is a capable consensus builder. Having consolidated his power, he is demonstrating his preference for further economic reforms and for a controlled political reform. There seem to be two contradictory views on reform leadership in China. While Deng and Chen supported each other in pursuing a reorientation of development policy in the early stage of reform, differences between them soon began to emerge and became increasingly clear as reform evolved. Chen had the authority on economic matters in the early years of reform, which Deng did not.

Deng also alternately emphasized or de-emphasized the role of the market in the early years of reform. But what distinguished Deng from many others was the fact that Deng had constantly initiated or permitted market-oriented experiments, and he justified these experiments as necessary and ideologically sound.

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Deng and his associates gradually succeeded in persuading most senior cadres to join them in exploring a Chinese-style market-oriented economy. Deng again held to his sense of direction and priorities. He concluded that the cause of the collapse of the Soviet Union was primarily economic: the failure of the Soviet economy and economic reform.

So in he relaunched his massive reform drive. It may also, how- ever, have freed China from possible political, social and economic upheavals, which could have resulted from rushing into a radically dif- ferent political and economic system. Reform Leadership 69 Reform leadership is also demonstrated in the initiation of a vast range of market-oriented policies and experimentation. In Deng initiated a major policy to encourage some regions and sections of soci- ety to attain wealth faster.

Deng and his associates also decided to start joint ventures, establish SEZs, attract foreign direct investment, send hundreds of thousands of students and scholars to the West, integrate the Chinese economy with the rest of the world mainly the West , and build an internationally competitive economy.

Chinese reformers have adopted a tactic that had often been ignored by analysts: they have not only initiated experiments for reform in controversial domains, but they have also sometimes used experimen- tation as a veiled method of pursuing and extending their reforms. As has been said, Deng was a leader with a firm confidence in the popularity of his reform programme and in the ultimate capacity of the Chinese to find ways to solve their own problems. In this context, reformers constantly urged people to emancipate their minds and implement reform policies creatively.

So long as their initiatives con- tribute to enlivening the economy and improving the standard of liv- ing, they are generally encouraged. If the initiatives are controversial, they are in most cases tolerated as experiments. Deng encouraged bold experiment with many controversial policies: Are securities and the stock market good or bad? Do they entail any dangers? Are they peculiar to capitalism?

Can socialism make use of them? Raising these rhetorical questions, Deng called for their experimenta- tion. The rapid growth of TVEs came at a surprise to many reformers, as Deng observed: In the rural reform our greatest success — and it is one we had by no means anticipated — has been the rise fazhan qilai le of TVEs. They are like a new force suddenly coming into the fore, taking on diverse endeavours, engaging in the commodity economy, and run- ning all kinds of small enterprises.

Having inherited an anti-market totalitarian state, Chinese reformers, while working through the state institutions, have to constantly urge them to keep their hands off many spontaneous initiatives.


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Otherwise, these initia- tives could have been stifled. The whole purpose of ideological reorientation, as discussed earlier, was to create such an environment. It was only in the post-Mao era that spontaneous reforms were not only tolerated, but also encouraged, justified and extended. The conservative inertia has been strong in China, and it was so strong that almost every new reform initiative would cause political controversy.

Shareholding System Reform in China: Privatizing by Groping for Stones

Deng and his associates had to demonstrate their leader- ship by firmly defending the right to experimentation and stressing the need to prevent ideological contention over such experimentation. It was, however, also true that Chinese reformers adopted a hands-off policy on many controversial initiatives, while supporting their continued experimentation. This style of leadership proved to be effective in pro- ducing the desired chain reactions and inducing other reforms.


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This vision has its causes. There was little economic growth and not much of a rise in the standard of living. How could we go on like that without introducing reforms? Prior to Deng already had more exposure to the outside world than most Chinese top leaders. This may partly explain why Deng could go beyond his own plan.

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