China's Hunan lesson

New policies could turbo-charge Chinese economic growth, says Zhang Jun of Fudan University.

In most countries privatization goes through the stock market. That's not the case in China due to a fear that the sell off of government shareholdings will cause share prices to collapse. So while SOEs have been listing, they only float around 25% of their shares, and their government controlled structure remains intact. Does that account for the relatively low profile of China's privatization experiment

Zhang Jun Selling state assets is always controversial, especially in a communist country, because traditionally all assets belong to the people. Valuations are difficult - look at the scandal surrounding how the new Russian plutocracy made its money from buying cheap state assets. In China, selling off...

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