By Kate Hannan
This e-book analyses the commercial reform measures taken by way of the chinese language govt throughout the decade 1985-95 and identifies the industrial and political tensions and contradictions that nation company reform has offered to a management rationale on holding its authoritative political position.Using govt resources and interviews with economists and staff at certainly one of China's greatest state-owned agencies (The moment Automobile/Dongfeng company ), Hannan concludes that the connection among kingdom coverage and company is a fancy two-way technique characterized via tensions because of conflicting priorities.
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Extra info for Industrial Change in China: Economic Restructuring and Conflicting Interests (Routledge Studies on China in Transition, 4)
Example text
It was said that the secondary market had ‘played a beneficial role in increasing the price of government securities’. 21 In the secondary market the rising price at which enterprise shares transacted was uninformed by the buyer’s understanding of profit predicated on the productive efficiency of the enterprise. In the latter 1980s the price of the shares had produced a ‘thin’ market that in its initial form had always risen and perceptions of share value were also informed by the status of the enterprise.
Particular interests 17 A large proportion of the funds that the managers of state-owned enterprises raised outside government channels consisted of funds made available through both contract arrangements negotiated between state-owned enterprises and smaller client enterprises and funds raised through enterprise share issues. In the case of contract agreements negotiated with smaller client enterprises (in the late 1980s these were usually small state-owned and collectively owned enterprises) the managers of larger advantaged state-owned enterprises found that they were in a position to promote lateral economic ties by offering the managers of their client enterprises administrative expertise, access to technical training and even machinery and, above all, the use of their bargaining power in order to acquire the scarce raw and/or semi-finished materials they required in order to manufacture the product that they would sell to their patron, the large state-owned enterprise.
For example, the claim of central government administrators that those purchasing shares (in this case usually other state-owned enterprises or government administrations) would be in a position to influence policy decisions by the enterprise board, was usually, though not always, hollow. 20 Securities, savings and enterprise financing Between 1988 and 1991, the price of all securities available on China’s secondary market rose. The secondary market had replaced a former black market in bonds that had lasted from mid 1981 until April 1988.