Law as Instrument of Economic Policy
This chapter deals with state-owned enterprises (SOEs). SOEs dominated the Chinese economy throughout the centrally planned period from 1949 to 1978. The state funded SOEs directly through subsidies and indirectly through the state-owned banks. The transfer of credit to SOEs from state-owned banks resulted in significant accumulation of non-performing loans (NPLs). The system of supporting SOEs led to inflationary episodes and worsened by the ‘dual track’ transition where the state-owned banks undertake direct lending to the more efficient non-state sector.
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