China's ownership transformation: processes, outcomes, prospects

This study sheds new light on the progress that China has made in enterprise restructuring and privatisation, known as Gaizhi, a Chinese term meaning “transforming the system,”. It also focuses on the challenges that enterprises, investors, and governments are facing in the process. An important finding of the study is that among the various forms of enterprise restructuring, privatisations involving outside investors have had the strongest positive impact on firm performance. The study also shows that the private sector is emerging as an important player in the restructuring of State Owned Enterprises but argues that its role could be enhanced further.

The study is available to download by chapter, which are as follows:

• the main players in Gaizhi
• the Gaizhi process
• the impact of Gaizhi on labour
• the impact of Gaizhi on corporate governance
• the impact of Gaizhi on firm behaviour and performance
• towards a fairer and more efficient Gaizhi process.