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Enterprises And Ownership Reform In China

Author

Listed:
  • ZHIKAI WANG

    (School of Economics and Centre for Research of Private Economy (CRPE), Zhejiang University, No. 866 Yuhangtang Rd., Hangzhou 310058, P. R. China)

  • SIMIN ZHANG

    (Centre for Research of Private Economy (CRPE), Centre for Research of Fiscal Big-Data and Policy, Zhejiang University, No. 866 Yuhangtang Rd., Hangzhou 310058, P. R. China)

  • BRUNO DALLAGO

    (Department of Economics and Management, University of Trento, Italy4Hengyi Chair Professor, Centre for Research of Private Economy, Zhejiang University, P. R. China)

  • XUEFAN WANG

    (School of Business, Yonsei University, Korea)

Abstract

In spite of remarkable results obtained, China requires more sophisticated economic structure and flexible institutions to foster its development in a more difficult context. Particularly important are the integration of public and private sectors, proper division of labor between them, and cooperative distinction of roles. The expansion of the private sector and entrepreneurship have been leading factors in China’s economic miracle. However, despite the numbers of new private enterprises increasing, their dynamic innovation slowed down in recent years. This negatively affects the sustainability of China’s economic growth. This paper considers several reasons for the attenuation of Chinese entrepreneurship and considers that it requires the revival of enterprise and ownership reform together with support to their innovative role. The latter should complement innovation in the public sector to counterbalance the biased structure and nature of Chinese innovation and afford new international challenges. This paper contributes to identifying solutions for reversing the deterioration of entrepreneurship in the frame of enterprises and ownership reform. Solutions lie in institutional innovation, like accelerating the pace of market-oriented reform, improving corporate governance for state-owned enterprises and commercial banks, strengthening domestic competitions, and deepening the mixed ownership reform.

Suggested Citation

  • Zhikai Wang & Simin Zhang & Bruno Dallago & Xuefan Wang, 2024. "Enterprises And Ownership Reform In China," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 69(03), pages 891-913, June.
  • Handle: RePEc:wsi:serxxx:v:69:y:2024:i:03:n:s0217590823500431
    DOI: 10.1142/S0217590823500431
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    More about this item

    Keywords

    China; entrepreneurship; ownership reform; private economy; state-owned enterprises;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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