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Shareholding System Reform in China

Privatizing by Groping for Stones Shu-Yun Ma, Professor, The Chinese University of Hong Kong
Since the 1980s, there has been a global wave of transfer of state assets to private hands. China is a relatively late participant of this worldwide trend, yet, in the last decade it has emerged as one of the largest privatizing countries. Shu-Yun Ma argues that China’s privatization is not based on any grand blueprint; rather, it is privatization by ‘groping for stones to cross the river’, a well-known metaphor often attributed to Deng Xiaoping, meaning that the reform simply proceeds on a trial-and-error basis without being guided by any theory.
Extent: 176 pp
Hardback Price: $120.00 Web: $108.00
Publication Date: 2010
ISBN: 978 1 84844 051 7
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This insightful book demonstrates how China has emerged as one of the world's largest privatizing countries within a decade.

Since the 1980s, 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. Shu-Yun Ma argues that China’s privatization is not based on any grand blueprint; rather, it is privatization by ‘groping for stones to cross the river’, a well-known metaphor often attributed to Deng Xiaoping, meaning that the reform simply proceeds on a trial-and-error basis without being guided by any theory.

With original case studies, including one on China’s first industrial shareholding enterprise, this informative book, will be of great interest to the academic community, China observers and policymakers, as well as financial analysts.
Contents: 1. Introduction 2. Shareholding System Reform as the Chinese Way of Privatization 3. Evolution of the Shareholding System Reform 4. The Role of Spontaneity and State Initiative in the Shareholding System Reform 5. Foreign Participation in China’s Privatization and the Role of the State 6. China’s Privatization through Listing State Enterprises in Hong Kong 7. Completing Privatization through ‘Share Conversion’ 8. Conclusion: Privatizing through Groping for Stepping Stones References Index