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China: Business. Local Companies.

Author: Kanopy (Firm)
Publisher: [San Francisco, California, USA] : Kanopy Streaming, 2016.
Edition/Format:   eVideo : Clipart/images/graphics
Summary:
Generally speaking, China has four types of economic organizations - state-run businesses; state-run and family-run farms; urban and rural collectively owned industrial enterprises, which operate under the watchful eye of the state; and small private and individual businesses. Overseeing these organizations and some industries are various ministries, many of which continue to exhibit highly structured and  Read more...
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Material Type: Clipart/images/graphics, Internet resource, Videorecording
Document Type: Internet Resource, Computer File, Visual material
All Authors / Contributors: Kanopy (Firm)
OCLC Number: 956892889
Language Note: In English.
Notes: Playing time: 1 min.
Title from title frames.
In Process Record.
Event notes: Originally produced by Atma Global in 2012.
Description: 1 online resource (1 video file, approximately 2 min.)

Abstract:

Generally speaking, China has four types of economic organizations - state-run businesses; state-run and family-run farms; urban and rural collectively owned industrial enterprises, which operate under the watchful eye of the state; and small private and individual businesses. Overseeing these organizations and some industries are various ministries, many of which continue to exhibit highly structured and bureaucratic management systems. Ministries are responsible for aeronautics, astronautics, chemicals, coal, electronics, metals, petroleum, textiles, railways, water resources, and the power sector. One of the greatest changes in China in recent years has been the large-scale reform of state-owned enterprises (SOEs). Many of these companies have already become publicly held corporations, and more privatization is on the way. Some of these companies have introduced quite novel company-ownership and shareholding arrangements. Almost half the medium-sized state enterprises have been closed or merged, and many others have an uncertain future. Overall, state-sector output is growing at a snail's pace compared to the rapid expansion of the private sector. Industrial Enterprises The range of companies in China is as varied as the country they operate in. There are vast differences, for example, in ownership, governance, market power, and financial performance. Wholly State-Owned Enterprises China has more than 60,000 SOEs, and more than half of them continue to operate under more or less old rules. Each company reports to multiple government agencies at local and sometimes national levels on its key business decisions. In addition, each relies on the state, or its various organs, to secure credit, obtain information, and identify customers. This creates an unwieldy, at times very inefficient, system. Many SOEs have difficulty producing what the market wants, or responding to market demand, and, as a result, they often don't produce a profit. Many remain bloated and overstaffed. Not all SOEs are losing money, though. In some, there's a new spirit of entrepreneurialism, and some SOEs now compete in unregulated markets, where they are often forced to streamline and reorient their operations. Functional roles Partially State-Owned Enterprises In partially state-owned enterprises, the ownership structure has been redefined and made more flexible. In many, government agencies are partial owners. An agency official sits on the company's board with other institutional owners, who exert their influence on the operation of the business only as board members. A chief duty of the board is to appoint a professional management team to run the company. Companies that have been reorganized in this way, or "delinked" from outright state control, are known as having been corporatized. This is accomplished through cross-regional and cross-industrial asset holding, through mergers and acquisitions, and by listing stocks and issuing bonds, forming international joint ventures, and selling off shares to individual investors. Free from government intervention, and more able to respond to the demands of the marketplace, corporatized companies have a much greater chance of surviving the rigors of market competition. China's partially state-owned enterprises are in the sector of the economy that has been injected with the most foreign investment. This sector is growing rapidly and serves as a model for the reform of the noncorporatized part of the state economy. Nonstate Sector A distinctive feature of the prereform Chinese economic system was the existence of a large number of small to medium-sized companies that were under only nominal state control and operated outside the mandatory planning system. By contrast, these companies did not exist in the former Soviet Union and in some socialist countries in Eastern Europe. Nowadays the nonstate sector is composed of all the companies owned by the lower tiers of the government, such as smaller cities, counties, townships, and villages, and by private households and individuals. Among these companies, township and village enterprises (TVEs) are known for their economic vibrancy and success in creating jobs in the countryside, as well as for filling market niches in the cities. But, despite their increasing contributions to China's economic growth, nonstate-sector companies have been treated unfavorably by their government and state-sector counterparts: They have often been denied access to credit, prohibited from being listed on stock exchanges, and banned from conducting import and export activities and from forming alliances with foreign companies. This situation changed only recently when the Chinese constitution was amended to recognize private ownership and allow businesses to operate almost freely. Dozens of privately owned companies are now authorized to conduct business directly with their foreign counterparts, a privilege once reserved solely for SOEs. This has, in effect, changed the business landscape of China and led to a flourishing nonstate sector.

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Primary Entity

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Almost half the medium-sized state enterprises have been closed or merged, and many others have an uncertain future. Overall, state-sector output is growing at a snail's pace compared to the rapid expansion of the private sector. Industrial Enterprises The range of companies in China is as varied as the country they operate in. There are vast differences, for example, in ownership, governance, market power, and financial performance. Wholly State-Owned Enterprises China has more than 60,000 SOEs, and more than half of them continue to operate under more or less old rules. Each company reports to multiple government agencies at local and sometimes national levels on its key business decisions. In addition, each relies on the state, or its various organs, to secure credit, obtain information, and identify customers. This creates an unwieldy, at times very inefficient, system. Many SOEs have difficulty producing what the market wants, or responding to market demand, and, as a result, they often don't produce a profit. Many remain bloated and overstaffed. Not all SOEs are losing money, though. In some, there's a new spirit of entrepreneurialism, and some SOEs now compete in unregulated markets, where they are often forced to streamline and reorient their operations. Functional roles Partially State-Owned Enterprises In partially state-owned enterprises, the ownership structure has been redefined and made more flexible. In many, government agencies are partial owners. An agency official sits on the company's board with other institutional owners, who exert their influence on the operation of the business only as board members. A chief duty of the board is to appoint a professional management team to run the company. Companies that have been reorganized in this way, or "delinked" from outright state control, are known as having been corporatized. This is accomplished through cross-regional and cross-industrial asset holding, through mergers and acquisitions, and by listing stocks and issuing bonds, forming international joint ventures, and selling off shares to individual investors. Free from government intervention, and more able to respond to the demands of the marketplace, corporatized companies have a much greater chance of surviving the rigors of market competition. China's partially state-owned enterprises are in the sector of the economy that has been injected with the most foreign investment. This sector is growing rapidly and serves as a model for the reform of the noncorporatized part of the state economy. Nonstate Sector A distinctive feature of the prereform Chinese economic system was the existence of a large number of small to medium-sized companies that were under only nominal state control and operated outside the mandatory planning system. 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This situation changed only recently when the Chinese constitution was amended to recognize private ownership and allow businesses to operate almost freely. Dozens of privately owned companies are now authorized to conduct business directly with their foreign counterparts, a privilege once reserved solely for SOEs. This has, in effect, changed the business landscape of China and led to a flourishing nonstate sector." ;
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