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Based on an enterprise survey conducted in 11 cities in 2002, this paper reviews the trends of privatization in China, discusses the forms of gaizhi (restructuring), analyzes the issues emerging in the process of gaizhi, especially the handling of state assets and land-use rights and re-employment, and compares the performance of firms before and after gaizhi. The study found that restructuring has become more oriented towards privatization over recent years. The so-called "loss of state assets" has occurred mainly in the form of price discounts when selling state assets. Restructured or gaizhi firms did sack more workers in the year the gaizhi took place, but subsequently they maintained a slower rate of employment reduction than pure SOEs. Gaizhi, especially restructuring with privatization, has hardened firms' budget constraint with banks, but has not been effective in hardening firms' budget constraint with the government. Gaizhi and privatization have significantly improved firms' profitability, but have not raised investment rates or labor productivity. (China J/DÜI)

The world and China's place in it have been transformed over the past year. The pressures for change have come from the most severe global financial crisis ever. The crisis has accelerated China's emergence as a great power. But China and its global partners have yet to think or work through the consequences of its new position for the governance of world affairs. China's New Place in a World in Crisis discusses and provides in-depth analysis of the following questions. How have China's growth prospects been affected by the global crisis? How will the crisis and China's response to it impact China's major domestic issues, such as industrialisation, urbanisation and the reform of the state-owned sector of the economy? How will the crisis and the international community's response to it affect the rapidly emerging new international order? What will be China's, and other major developing countries', new role? Can China and the world find a way of breaking the nexus between economic growth and environmental sustainability — especially on the issue of climate change?

The world and China's place in it have been transformed over the past year. The pressures for change have come from the most severe global financial crisis ever. The crisis has accelerated China's emergence as a great power. But China and its global partners have yet to think or work through the consequences of its new position for the governance of world affairs. China's New Place in a World in Crisis discusses and provides in-depth analysis of the following questions. How have China's growth prospects been affected by the global crisis? How will the crisis and China's response to it impact China's major domestic issues, such as industrialisation, urbanisation and the reform of the state-owned sector of the economy? How will the crisis and the international community's response to it affect the rapidly emerging new international order? What will be China's, and other major developing countries', new role? Can China and the world find a way of breaking the nexus between economic growth and environmental sustainability — especially on the issue of climate change?

Deepening reform and opening-up for China to grow into a high-income country / Ligang Song, Yixiao Zhou and Luke Hurst - China's economic development : a perspective on capital misallocation / Guiying Laura Wu - Chinese corporate debt and credit misallocation / Ninghua Zhong, Mi Xie and Zhikuo Liu - A structural investigation of the Chinese economy with a hybrid monetary policy rule / Jiao Wang and Ran Li - Off-farm employment in rural China and the hukou system / Yuhan Zhao, Moyu Chen and Yu Sheng - Nonstandard employment : global vision and evidence from China's urban labour market / Yongjie Wang - E-commerce development in rural China / Sherry Tao Kong - Innovation of Chinese listed enterprises : evaluation and policies / Zhongyu Ma, Huiqing Gao, Weihua Yin and Zhichao Wen - The effects of financial sector opening on financial constraints in China / Liqing Zhang, Yan Zhang and Zhixiao Dong - Financial support schemes for SMEs in China : benefits, costs and selected policy issues / Qin Gou and Yiping Huang - Modelling the economic impact of the Sino-US trade dispute : a global perspective / Deborah H. Y. Tan and Chen Chen - Inequality of opportunity and gender discrimination in China's labour income / Jane Golley, Yixiao Zhou and Meiyan Wang - What types of Chinese ODI activities are most prone to political intervention? / Bijun Wang and Xiao He - The impact of Chinese state capital during the iron ore boom / Luke Hurst.

China's efforts in searching for new sources of growth are increasingly pressing given the persistence of the growth slowdown in recent years. This year's book elucidates key present macroeconomic challenges facing China's economy in 2017, and the impacts and readiness of human capital, innovation and technological change in affecting the development of China's economy. The book explores the development of human capital as the foundations of China's push into more advanced growth frontiers. It also explores the progress of productivity improvement in becoming the primary mechanism by which China can sustain economic growth, and explains the importance of China's human capital investments to success on this front. The book demonstrates that technical change is a major contributor to productivity growth; and that invention and innovation are increasingly driving technical change but so far lumpily across regions, sectors and invention motivations. Included are chapters providing an update on reform and macroeconomic development, educational inequality, the role of intangibles in determining China's economic growth, and China's progress in transitioning towards being an innovative country. The book also covers the regional dimension of innovation and technological progress by sector: in agricultural productivity, renewable energy and financial markets. Chapters on trade, investment, regional cooperation and foreign aid explore further the mechanisms through which technological change and innovative activities are emerging locally and internationally.

China's change to a new model of growth, now called the 'new normal', was always going to be hard. Events over the past year show how hard it is. The attempts to moderate the extremes of high investment and low consumption, the correction of overcapacity in the heavy industries that were the mainstays of the old model of growth, the hauling in of the immense debt hangover from the fiscal and monetary expansion that pulled China out of the Great Crash of 2008 would all have been hard at any time. They are harder when changes in economic policy and structure coincide with stagnation in global trade and rising protectionist sentiment in developed countries, extraordinarily rapid demographic change and recognition of the urgency of easing the environmental damage from the old model. China's economy has slowed and there are worries that the authorities will not be able to contain the slowdown within preferred limits. This year's Update explores the challenge of the slowdown in growth and the change in economic structure. Leading experts on China's economy and environment review change within China's new model of growth, and its interaction with ageing, environmental pressure, new patterns of urbanisation, and debt problems at different levels of government. It illuminates some new developments in China's economy, including the transformational potential of internet banking, and the dynamics of financial market instability. China's economic development since 1978 is full of exciting change, and this year's China Update is again the way to know it as it is happening

Domestic transformation in the global context / Ross Garnaut, Ligang Song, Cai Fang and Lauren Johnston -- Part I. Domestic transformation and structural change -- The new model of growth and the global resources economy / Ross Garnaut -- A compelling case for Chinese monetary easing / Guonan Ma -- Consequences of China's opening to foreign banks / Ran Li, Xiang Li, Wen Lei and Yiping Huang -- Destination consumption : enabling migrants' propensity to consume / Meiyan Wang and Cai Fang -- National energy market integration : a study of energy price convergence in China / Qing King Guo, Chi Keung Marco Lau, Kunwang Li and Ligang Song -- China's gas market liberalisation : the impact on China-Australia gas trade / Xunpeng Shi and Hari Malamakkavu Padinjare Variam -- China's electricity sector : powering growth, keeping the lights on and prices down / Stephen Wilson, Yufeng Yang and Jane Kuang -- Part II. China's participation in global integration -- Financial integration and global interdependence / Rod Tyers -- Capital account liberalisation in China : reform sequence, risks and selective policy issues / Liqing Zhang and Qin Gou -- The offshore Renminbi market and Renminbi internationalisation / William Nixon, Eden Hatzi and Michelle Wright -- China's manufacturing performance and industrial competitiveness : upgrading international comparison and policy reflection / Kevin H. Zhang -- China becomes a capital exporter : trends and issues / Mei (Lisa) Wang, Zhen Qi and Jijing Zhang -- The impact of coastal FDI on inland economic growth in China / Chunlai Chen -- China's trade negotiation strategies : matters of growth and regional economic integration / Fan He and Xiaoming Pan -- Boom to cusp : prospecting the 'new normal' in China and Africa / Lauren Johnston -- The trend of China's foreign investment legal system : from the perspective of the China (Shanghai) Pilot Free Trade Zone / Gao Xiang and Huiqin Jiang.

The phrase 'New Normal' captures the ongoing shift in the pattern and drivers of China's economic growth. China's new growth rate is both slower and imposing difficult structural change. These new economic conditions are challenging yet offer opportunities for China and its economic partners. Reforms must be deepened but also make growth more inclusive and environmentally sustainable, over this decade and beyond. This year's Update offers both global context and domestic insight into this challenging new phase of China's domestic economic transformation. How are policymakers elevating migrant workers concurrent with increasing consumption? Is China's government spending enough on education and R&D to ensure it can achieve its aspirations to ascend the global manufacturing value chain and avoid the middle-income trap? Are energy market reforms reducing or increasing the price of gas and electricity in China? What are the consequences of China's financial reforms and expanding Renminbi trading for foreign banks? What does China's new growth model mean for the international resources economy and for Africa? Do SOEs face market conditions and are they dominating China's fast-rising outbound investment? What is China's strategy for navigating fragmented international trade policy negotiations?

"The Chinese economy is currently undergoing a profound institutional transformation—a quiet revolution. In a regulated environment geared to the requirements of state-owned enterprises, the successs of the private sector as the main focus for economic growth is remarkable. State-owned enterprises are currently being restructured based on market conditions in which private firms are now permitted to play an important role. Fascinated by the implications of this reform within the Chinese economy, the Asia-Pacific School of Economics and Management of The Australian National University, in conjunction with the China Center for Economic Research of Peking University research team, conducted a large sample survey. Four study sites were chosen: Beijing, Chengdu, Shunde and Wenzhou. Leading economists analyse the nature and dynamics of private sector reform within the Chinese economy and make recommendations for policy which support opportunities for growth and investment. This work, originally published by Asia Pacific Press, is reproduced here in the interests of maintaining open access to high-quality academic works no longer in print."