China's State Owned Enterprise Reforms: An Industrial and CEO Approach (Routledge Studies in the Growth Economies of Asia) Review

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China's State Owned Enterprise Reforms: An Industrial and CEO Approach (Routledge Studies in the Growth Economies of Asia) ReviewBy 1998, about 20% of China's industrial SOEs had partly or fully ceased production. Utilization in over half was less than 60%, and one-third of employees were redundant. There were losses in 25 of 39 sectors. By 2001, this was down to four.
When reforms began in '78, the only possible direction for SOE profits was down. Farmers faced mandatory production quotas at low prices, allowing low industrial wages. Industrial prices were set high to generate large surpluses for the government. Subsequent price liberalization worked against the SOEs. Accounting changes acerbated the decline.
The 1998 SOE reform slogan was "seize the big ones and let go of the small ones." Most were small industrial SOEs owned by local governments - the central government left it up to those local entities to decide how to handle the small ones. Mergers, increased equity, bankruptcies, reducing employment, improving management, privatization, buyouts - all were on the table. Laid-off workers were given three years of retraining, then regular unemployment payments for up to two years. During these five years they were allowed to remain in their company housing.China's State Owned Enterprise Reforms: An Industrial and CEO Approach (Routledge Studies in the Growth Economies of Asia) Overview

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