Retreat of the state, advance of the private sector

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Retreat of the state, advance of the private sector
Chinese国退民进
meaningState-owned enterprises retreats, private firms advance[1]
Synonymrenationalization

Retreat of the state, advance of the private sector[2] (Chinese: 国退民进), or state retreats and people advance,[3] known in Chinese as "guotui minjin",[4] also called as renationalization,[5] is an economic term referring to the phenomenon of private companies moving forward as state-owned enterprises retreat from economic life.[6] In the Chinese context, the notion specifically means the policy of privatization of state-owned enterprises and the issues it raises during the reform and opening-up process in China.[2] It is a frequently mentioned phenomenon in the Chinese economic growth cycle that started in 2002.[7]

In 1998, the Chinese government comprehensively launched the policy of "guotui minjin",[8] allowing state-owned capital to withdraw from competitive industries and private enterprises to enter.[9] Since the reform and opening up, China has swung between state socialism and state capitalism, and into the 21st century, it was gradually replaced by "the state advances, the private sector retreats".[10]

After 1978, the first landmark event of the phenomenon of "guotui minjin" in China was the "Tieben Incident" that occurred in 2004.[11] From 2008 to 2009, it reached a climax. The merger and reorganization of coal mining enterprises in Shanxi and the merger of Rizhao Iron and Steel by Shandong Iron and Steel Group were the landmark events.[12]

References[edit]

  1. ^ "William C. Kirby: Is China Ready for Leadership on the Global Stage?". Harvard Magazine. 6 April 2020.
  2. ^ a b Sarah Eaton (2016). The Advance of the State in Contemporary China: State-Market Relations in the Reform Era. Cambridge University Press. pp. 1–. ISBN 978-1-107-12341-0.
  3. ^ Yuezhi Zhao (20 March 2008). Communication in China: Political Economy, Power, and Conflict. Rowman & Littlefield Publishers. pp. 316–. ISBN 978-0-7425-7428-1.
  4. ^ Changhong Pei; Chunxue Yang; Xinming Yang (14 June 2019). The Basic Economic System of China. Springer. pp. 26–. ISBN 9789811368950.
  5. ^ New Finance Economics. New Finance Economics Magazine House. 2009.
  6. ^ William Callahan (6 June 2013). China Dreams: 20 Visions of the Future. OUP USA. pp. 71–. ISBN 978-0-19-989640-0.
  7. ^ "The worry of "Guojin mintui"". 163.com. 21 April 2009.
  8. ^ "State-owned enterprise reform: "guotui minjin" or "guojin mintui"?". State Information Center of China. 30 December 2014.
  9. ^ Xing Ke (2018). Succession and the Transfer of Social Capital in Chinese Family Businesses: Understanding Guanxi as a Resource – Cases, Examples and Firm Owners in Their Own Words. Vandenhoeck & Ruprecht. pp. 55–. ISBN 978-3-8471-0892-4.
  10. ^ China: From Revolution to Rise. Linking Publishing Co., Ltd. 3 June 2011. pp. 143–.
  11. ^ ""Guojin mintui" is making a comeback and economic resources are concentrated back to state-owned enterprises". China News Service. 26 May 2009.
  12. ^ Wu Jinglian (27 September 2019). The process of China's economic reform. Hong Kong Open Page Publishing Co., Ltd. pp. 262-. ISBN 978-988-8570-39-3.
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