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• W201405792 abstract "At the level of individual business enterprises, the real work of reform in China has just begun REVITALIZING THE OWNERSHIP STRUCTURE, management, and operational performance of China's SOEs is an economic necessity: subsidies to SOEs topped US$90 billion in 1992 -- an unsustainable 14 percent of government revenue. It is also a philosophical necessity: the country's leaders now recognize that continued economic growth depends on the introduction of market and business discipline. Indeed, on the success of this third, managerial, wave of reform -- far more than on the previous reforms of agriculture and light industry during the late 1970s and early 1980s -- rests the country's economic future, as well as the stability of its social fabric. The stakes could not be greater. According to government statistics, state-owned enterprises are the key drivers of China's industrial economy, accounting for almost half of industrial production and more than two-thirds of fixed assets. This is true across all provinces -- even in the entrepreneurial South, where, for example, SOEs account for 35 percent of Guangdong's industrial output. In addition, SOEs provide essential raw materials and dominate such capital-intensive sectors as power, steel, chemicals, and machinery. They also are important players in consumer industries like appliances, clothing, food, personal care products, and beverages. In 1991, the most recent year for which comparative World Bank figures are available, China's SOEs produced almost $83 billion worth of industrial output at purchase prices -- a figure larger than that of the entire industrial sector of India or Indonesia, and close to that of Australia. Also, in 1991, more than 300 of these SOEs had revenues exceeding US$100 million. Although most of them are in capital-intensive sectors, some are trading companies, service monopolies like airlines, and emerging business conglomerates. The very biggest are truly world-class in scale: their sales would comfortably place them among the US Fortune 500. Further, above the individual enterprise level sit national corporations that oversee entire industry sectors. In the oil sector, for example, China National Petroleum Corporation (CNPC), which is responsible for exploration and production activities, comprises more than 30 major companies and over one million employees. Similarly, China National Petrochemical Corporation (Sinopec) has administrative control over petroleum refining and petrochemicals, a sector with 600,000 employees and $9 billion in revenues. A world in transition The macroeconomic environment in which these SOEs operate is changing dramatically, as China moves toward a market-based economy. In the past five years, the government has reengineered the national planning system, giving much more autonomy to both provinces and enterprises. Consistent with the shrinking role of the state, government tax revenues are declining, and less than 10 percent of nationwide investment is now directly supervised by the State Planning Commission. At the same time, prices for more than 80 percent of capital goods have been liberalized, and prices for power and other production inputs are becoming increasingly market-oriented. Other controls are disappearing, too. The number of products subject to mandatory planned production and distribution by the State Planning Commission, for example, dropped from 120 in 1980 to 33 in 1994 -- or from 45 percent to 4.5 percent of the nation's total industrial output. Official planning now covers only such goods as coal, crude oil, and steel (and only a small proportion of those). The microeconomic world of enterprise management is also changing. Enterprise management rights were spelled out for the first time in the so-called 14 Articles published in June 1992. They have since been reinforced by laws on enterprise property rights and by China's first corporation law, promulgated in January 1994. …" @default.
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• W201405792 title "The Challenge of Facing China's State-Owned Enterprises" @default.
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