GOVERNMENT SHAREHOLDING AND THE VALUE OF CHINA'S MODERN FIRMS PDF Download

Author: LIHUI TIAN
Publisher:
ISBN:
Category :
Languages : en
Pages : 61

View

Book Description

Author: Congressional Research Service
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52

View

Book Description
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.

Author: Andrew Szamosszegi
Publisher: Createspace Independent Publishing Platform
ISBN: 9781475293258
Category : Capitalism
Languages : en
Pages : 122

View

Book Description
China's breathtaking economic growth, has often led observers to assume that the country's economic system has been transformed into a capitalist economy dominated by private enterprise. Although China's reliance on private enterprise and market-based incentives has been growing, and the CCP's treatment of private enterprises and entrepreneurs has been changing, it would be a mistake to minimize the current role of the State and the CCP in shaping economic outcomes in China and beyond. The Chinese government and state-owned enterprises (SOEs) remain potent economic forces. Indeed, some of China's SOEs are among the largest firms in China and the world. They are major investors in foreign countries. They have been involved in some of the largest initial public offerings in recent years and remain the controlling owners of many major firms listed on Chinese and foreign stock exchanges.

Author: Christian Büchelhofer
Publisher: Springer Science & Business Media
ISBN: 3790820202
Category : Business & Economics
Languages : en
Pages : 122

View

Book Description
This intriguing study sheds light on the efficiency of corporate control allocation in Chinese listed firms. Using a panel data set for the period 1996 to 2006, it examines the frequency, causes and consequences of changes in corporate control. The results indicate that poorly performing firms are the predominant targets of control changes. The findings provide insights into the motives and constraints of the key players involved in governance practices in China.

Author: Becky Chiu
Publisher: Edward Elgar Publishing
ISBN: 1845429885
Category : Business & Economics
Languages : en
Pages : 451

View

Book Description
This book is informative and readable. It will be of interest to anyone wanting to learn about the development of the Chinese economy in general and the reforms of state-owned enterprises in particular. The data and in-depth discussion presented in the book will appeal to academics as well as policymakers. Yin-Fang Zhang, Journal of the Asia Pacific Economy China watchers will welcome a book which provides a detailed insight into the two pillars of that economy: the state-owned enterprises (SOEs) and the state-owned banks (SOBs). This is a scholarly work, rich in detail. Shelagh Heffernan, The Financial Regulator For China to sustain her transformation requires that she tackle reform of her state-owned enterprises (SOEs) and banks. This book comprehensively assesses the scale of the problem, reviews previous reforms and suggested solutions. Finally the authors propose their own reform agenda, sensitive to Chinese realities. Michael Artis, European University Institute, Italy This is an excellent study of the nexus between the effects of party control, the soft budget of state-owned enterprise (SOEs) and the financial fragility of the state-owned banking system (SOBs) in China. It is both sympathetic and knowledgeable about the problems of achieving reform and progress. Beautifully written, it should become the most influential work in this field in the English-speaking world. Charles A.E. Goodhart, London School of Economics, UK This book s starting point is that after two decades of experiments, during which other transition economies have effectively privatised all of their former state enterprises, China is still endeavouring to find a way to reinvent and re-engineer its own state-owned economic establishments. The authors explore these reforms along with the problems of China s state-owned banks, which have long been troubled by the adverse loans of Chinese enterprises and face foreign competition in 2007 under China s WTO commitments. Drawing on wide-ranging case studies of enterprise reform, Becky Chiu and Mervyn Lewis combine their extensive experience to give an authoritative account of China s enterprise and bank reform agenda, involving property rights, improved corporate governance and stimulating enterprise. This book will be of great interest to business economists, academic economists and those following the development of the Chinese economy.

Author: François Bourguignon
Publisher: World Bank Publications
ISBN: 0821368443
Category : Social Science
Languages : en
Pages : 386

View

Book Description
Global Development Finance (GDF), is the World Bank's annual review of recent trends in and prospects for financial flows to developing countries. It is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. Vol I: Analysis and Outlook reviews recent trends in financial flows to developing countries. Also available as a two volume set, Vol II. Summary and Country Tables* includes comprehensive data for 138 countries, as well as summary data for regions and income groups.

Author: David Brown
Publisher: Routledge
ISBN: 1134295790
Category : Business & Economics
Languages : en
Pages : 197

View

Book Description
High profile contributors explore the challenges of self-determination from the perspective of China's enterprises in social and welfare changes.

Author: Asli M. Colpan
Publisher: Oxford Handbooks Online
ISBN: 019955286X
Category : Business & Economics
Languages : en
Pages : 828

View

Book Description
This handbook provides a comprehensive analysis of business groups around the world. It focuses on the adaptive and competitive capabilities of business groups and their evolutionary dynamics, as well as considering the historical and theoretical contexts of business groups.

Author: M. Nakamura
Publisher: Springer
ISBN: 0230595154
Category : Business & Economics
Languages : en
Pages : 302

View

Book Description
A timely evaluation of rapidly globalizing governance mechanisms in China and Japan. This book looks at how corporate governance practices in these countries are adapting to Anglo-American practices, but argues that these adaptations are selective, and both countries continue to retain their own local corporate governance practices in some areas.

Author: Kenneth D. Lawrence
Publisher: Emerald Group Publishing
ISBN: 0857247875
Category : Business & Economics
Languages : en
Pages : 307

View

Book Description
Includes sections devoted to financial applications of forecasting, as well as demand forecasting. This publication also includes a section on general business applications of forecasting, as well as one on forecasting methodologies.