Book Chapter
Ownership Reform in the Absence of Crisis

Since 1992 a series of radical and successful reforms of their ownership and governance structures of the state, township-village, and private SME sector have occurred. The innovative joint-stock cooperative form of organization has become widespread, supplemented by traditional measures such as sale, leasing, takeover, merger and restructuring through Sino-foreign joint ventures and corporatization. The large weight of locally-controlled rural and urban SMEs in the Chinese economy suggests that their ownership restructuring during the 1990s will fundamentally change the economic system in the future.