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An Analysis of State‐owned Enterprises and State Capitalism in China

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                                      Disclaimer:

This research report was prepared at the request of the Commission to support its deliberations. Posting of the Report to the Commission's website is intended to promote greater public understanding of the issues addressed by the Commission in its ongoing assessment of U.S.-China economic relations and their implications for U.S. security, as mandated by Public Law 106-398 and Public Law 108-7. However, it does not necessarily imply an endorsement by the

Commission or any individual Commissioner of the views or conclusions expressed in this commissioned research report.

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liabilities and rights of investors holding SOE shares on behalf of the state and the responsibility  of guiding and supervising further SOE reforms.”6  In all, there are approximately 300 SASACs in  China.  In addition to the central government SASAC, there are about 30 provincial SASACs  overseeing provincially controlled SOEs, and scores of municipal SASACs supervising local SOEs.7   The position of SASACs within the government‐SOE hierarchy is shown in Figure III‐1.  Figure III‐1: Structure of relationships among SOEs, SASACs and central and local governments    Source: Deng, Morck and Wu.  How big is the state sector in China?  How big is the private sector? Ironically, given the  pronouncements on the vibrancy of China’s private sector, the truth is that nobody knows for  sure.  For a number of years, this was a relatively easy question to answer because China was a  centrally planned economy dominated by SOEs.  But after three decades of privatizations,  restructuring, joint ventures, and mergers and acquisitions involving SOEs, the answers to these  questions remain elusive, despite the fact that China actually has quite detailed data on the  subject.  This section responds to Question 1 in the Commission’s original RFP.  Using official data on  SOEs and other entities directly controlled by SOEs, this section demonstrates that the state          6 (Deng, et al. 2011) 11.  7  (Deng, et al. 2011) 48.  State Council of the  National Peoples' Congress SASAC

Ministries GovernmentsLocal 

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Figure III‐13: Private sector value added and gross output, 1998‐2007/09    Source: National Bureau of Statistics of China.  The table below compares private sector data with data for state‐owned and controlled  enterprises.  This representation of the state sector does not include all entities for which the  state has a major share (directly or indirectly), but it does incorporate many more enterprises  than data for SOEs alone.   The table shows that the output, value added, and tax payments of  SOEs and SHEs expanded substantially, though not as rapidly as the private sector did.  The  exception is employment, which reflects not only the growth of the private sector, but also the  restructuring of bloated SOEs since the late 1990s.  However, the employment data cover only  SOEs, not SHEs, and thus understate employment attributable to the state sector.  Table III‐5: Comparison of the private sector and the observable state sector    1998‐2001  2002‐2004  2005‐2009 1/ 

  Private SCE Private SCE Private  SCE 

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Table IV‐4: Number of industrial SOEs and SHEs and the number construction SOEs, by region 

   Source: National Bureau of Statistics of China. 

 

Industrial Construction Total

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firms that raise capital in the United States are required to submit form 20‐F annually.  This  form is analogous to the form 10‐K submitted to the SEC by domestic corporations.  For this  study, 20‐F forms were reviewed for the firms listed in Table VI‐1 below. 

Table VI‐1: Central SOEs and ownership shares of selected companies raising capital in U.S.  financial markets, 2010 

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