Abstract
This paper re-evaluates a long-standing proposal for the reform of large state enterprises in China, namely to turn them into joint stock companies with a rearranged pattern of public ownership, in the light of experience with privatization in Eastern Europe during 1990–1993. It gives a country-by-country summary of this experience, from which it derives lessons for China. One general conclusion is that the case for turning Chinese state enterprises into joint stock companies is strengthened. A second general conclusion is that most of the shares in these companies would have to be held by institutions, and in China mainly by public institutions, so that some sort of rearrangement of public ownership would be required.
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