Unfinished Market-Oriented Reforms
Unfinished Market-Oriented Reforms
By the late 1990s, the suppressed entrepreneurial spirit of the Chinese people was finally flourishing. However, the current market system is still a rudimentary system, burdened by the legacy of the command economy. Farmers do not have permanent users’ rights for contracted land, and much of their farmland has been expropriated by rural officials. In the urban areas, state-sector reform has been even more difficult. Although most local small and medium-sized enterprises are no longer under state control, since 2004 there have been attempts to reverse the reforms of the large state-owned enterprises. Benefiting from the injection of economic resources and administrative monopolies, the state-owned enterprises accumulated huge profits. Due to resistance from rent-seeking privileged interests and interventions by power, government-business collusion has weakened the equal protection of owners’ rights, protected the interests of the minority at the expense of the majority, and trampled on the principle of fairness.
Keywords: Chapter market reform, rent seeking, state-sector reform, administrative monopoly, government-business collusion, land expropriation
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