Asymmetries Of Power And Path Dependence

Since the 3^rd Universal Conference of the 11th Central Committee of CCP in 1978, an overall reform has been launched in China, represented as both an outward-open policy and an internal economic reform from central command economy to market. Companied with the transition towards socialist market economy, numerous new arguments on economic reform have emerged. Especially, the most important and also difficult point is how to integrate the socialist ownership system into the growing-up market structure, which is drawing more and more attention from the government as well as form the academic field. This form has experienced from"the plan economy is the mainstream and the market adjustment is the accessory"to"the commercial economy with plan", to"socialist market economy", and nowadays finally to the property rights reform that is aimed at an institution consisting of the stock system and other various vigorous mixed economic forms. The gradual reform has evolved from"release power and transfer benefits"to an institutional innovation. As far as the content of the property rights reform is concerned, the mainstream economists in China insist on to resolve the inherent weakness of SOEs through redesigning the property sights system. Among them, some argue that SOEs should carry out a stock reform, while others tend to privatize the SOEs. Generally speaking, the stock reform calls on to set up the property rights organizations of SOEs'juridical persons and then the modern enterprise institution so that the smooth operation of SOEs can be guaranteed. However, the thought of privatizing SOEs argues that state estate should withdraw...