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The Long and Winding Road to Privatization in China
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******************************** The Long and Winding Road to Privatization in China http://knowledge.wharton.upenn.edu/index.cfm?fa=viewfeature&id=1472 China's sweeping economic reforms, which have lifted the country to a starring role in the global economy in only a quarter-century, are marked by a more gradual transition from state control to private ownership of firms than in other countries that have also made the transition, according to Wharton faculty. Indeed, privatization in China has come slowly as government officials weighed the prospect of massive layoffs necessary to restructure bloated state-owned enterprises, known as SOEs. Privatization was also met with resistance from influential company managers, many of them Communist party officials. Despite these obstacles, however, a vibrant, entrepreneurial private sector has managed to survive alongside state-controlled firms.
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