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When China Rules the WorldAs a result, the top 150 state-owned firms, far from being lame ducks, have instead become enormously profitable, the aggregate total of their profits reaching $150 billion in 2007. This has been part of a broader government strategy designed to create a cluster of internationally competitive Chinese companies, most of which are state-owned. Unlike the approach most countries have followed with regard to state-owned firms, which has seen them enjoying various degrees of protection, and often quasi-monopoly status, the Chinese government has instead exposed them to the fiercest competition, both amongst themselves and with foreign firms. They are also, unlike in many Western countries, allowed to raise large amounts of private capital. Of the twelve biggest initial public offerings on the Shanghai Stock Exchange in 2007, all were by state enterprises and together they accounted for 85 per cent of the total capital raised. Some of the largest have foreign stakeholders, which, despite tensions, has usually helped them to improve their performance ...» |
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