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1、WorldDevelopmentVol.21,No.1,pp.169-200,1YYYPergaman01998PublishedbyElsevierScienceLtd.Allrighlsreserved-PrintedinGreatBritain0305-750X/98/$-seefrontmailerPII:SO305750X(98)00132-6BeyondPrivatization:InstitutionalInnovationandGrowthinChina’sLargeState-OwnedEnterprisesPETERNOLANandWANGXIAOQIANG:‘
2、:Univel-istyofCambridge,Cambridge,UKSummary.-ThisarticlcdemonstratesthatChina’slargestate-ownedenterprises(SOEs)arcnotstagnantfossilswaitingtodie.Undereconomicreformpoliciesthissectorhasundergonelargechangeduetoenhancedenterpriseautonomy,theimpactofmarketforces,rapidgrowthofdomesticdemandforup
3、streamproducts,strategicintegrationwiththeworldeconomyandthestate’spolicytopromotelargebusinesses.China’slargeSOEsaredevelopingnewinstitutionalformsthatdonotneatlyfitintoexistingpatterns.Chinaisexperimentallychangingitsinstitutionsthroughacombinationofcentralpolicy,localinitiativeandinteractio
4、nwithinternalionalinvestment.Thispresentsachallengetothe“transitionalorthodoxy”andtoideasconcerningpropertyrightsindevelopmenteconomics.Thereisnotauniversalmodelofpropertyrightsandgovernmentactionthatworksbestinallcircumstances.China’sexperiencewiththereformoflargeSOEsshowsthediversepossibilit
5、iesforeffectiveindustrialinstitutions.01998PublishedbyElsevierScienceLtd.Allrightsreserved.Keywords-China,transition,privatization,institutionalchange1.FOREWORDaretheSiamesetwinsofthenewChineseindustrialrevolution.IfonetakesajourneysouthwardfromthecenterofShanghaionepassesmileaftermileofthrivi
6、ngnewbusinesses.Theyaremainly2.INTRODUCTIONtownshipandvillageenterprises(TVEs)mostlyhousedinnewbuildings,oftenSino-Itiswidelythoughtthatsmall-scaleforeignjointventures,makingavastarrayofnon-stateenterprises,notablythe“townshipgoods,manydestinedfortheworldmarket.andvillageenterprises”(TVEs)aret
7、hechiefThebewilderingarrayofproductsincludessourceofChina’snewindustrialrevolutionfootwear,packaging,luggage,sportsgoods,(e.g.,WorldBank,1996a,pp.71-75).SOEselectronicgoods,clothing,furniture,andtoys.arewidelythoughttobeahomogenousgroup
