20 - The Economy of China Economics 162 Topic 6 Chinas...

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Economics 162 The Economy of China Topic 6 – China’s Industry Professor David Roland-Holst Department of Agricultural and Resource Economics Tuesday and Thursday, 11-1230pm, 10 Evans Hall
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Roland-Holst 2 Economics 162 Ownership Composition of Industrial Output (1978)
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Roland-Holst 3 Economics 162 Ownership Composition of Industrial Output (2000)
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Roland-Holst 4 Economics 162 Ownership Composition of Industrial Output (2007)
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Roland-Holst 5 Economics 162 What Is in the Non-State Sector? • Firms that are not Traditional State-Owned Enterprises (SOEs) Stock companies in which the state has controlling shares (called state controlled enterprises) • Types of ownership forms in the non-state sector Private ownership firms Non-private ownership firms (collectives and cooperatives)
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Roland-Holst 6 Economics 162 Varieties of Non-State Ownership • Private ownership Individual family business Private companies hiring more than 8 employees Foreign invested Share holding companies (private parties have controlling shares) Listed on the exchange Not listed • Non-private (but also non-state) ownership Rural Township-Village Enterprises (TVEs): rural collectives Urban collectives Joint ventures with TVEs or collectives controlling Share holding companies (neither the state nor private parties have controlling shares)
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Roland-Holst 7 Economics 162 Two Stages of Development • First Stage: from 1978 to mid-1990s Slow start of private ownership firms Very rapid growth of collective firms, especially rural TVEs No privatization of collectives • Second Stage: from mid-1990s to present Rapid growth of private ownership firms Fast privatization of collective firms Fast emergence of share holding ownership forms Publicly traded stock companies Closely held stock companies
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Roland-Holst 8 Economics 162 From 1978 to mid-1990s • The major growth engine: rural industry Most new non-state enterprises in other planned economies under socialism were in service sector, not in industry Most new industrial enterprises in developing countries are not in rural areas • Rural enterprises = TVEs + rural private enterprises • There are separate (may be related) reasons for rapid growth of rural industry and rapid growth of TVEs
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Roland-Holst 9 Ownership Classification Rural Enterprises Urban Enterprises State Ownership N/A State-Owned Enterprises (SOE) Collective Ownership Township-Village Enterprises (TVEs) Urban Collective Enterprises Private Ownership varieties of private enterprises varieties of private enterprises
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Roland-Holst 10 Share of Industrial Output by Ownership 1978 1993 Changes SOEs 78% 43% -35% Non-State 22% 57% +35% Urban 13% 10% -3% Rural 9% 36% +27% TVEs 9% 27% +18% Private 0% 9% +9% Others 0% 10% +10%
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Roland-Holst 11 Economics 162 Rural Enterprise Employment (million)
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20 - The Economy of China Economics 162 Topic 6 Chinas...

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