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163-439: Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationalization . This type of privatization can include the demutualization of a mutual organization , cooperative , or public-private partnership in order to form

326-527: A Homo erectus who used fire , have been dated to between 680,000 and 780,000 years ago . The fossilized teeth of Homo sapiens (dated to 125,000–80,000 years ago) have been discovered in Fuyan Cave . Chinese proto-writing existed in Jiahu around 6600 BCE, at Damaidi around 6000 BCE, Dadiwan from 5800 to 5400 BCE, and Banpo dating from the 5th millennium BCE. Some scholars have suggested that

489-577: A failed war in northern Korea provoked widespread unrest. Under the succeeding Tang and Song dynasties , Chinese economy, technology, and culture entered a golden age. The Tang dynasty retained control of the Western Regions and the Silk Road, which brought traders to as far as Mesopotamia and the Horn of Africa , and made the capital Chang'an a cosmopolitan urban center. However, it

652-502: A joint-stock company . Separately, privatization can refer to the purchase of all outstanding shares of a publicly traded company by private equity investors, which is more often called "going private" . Before and after this process the company is privately owned, but after the buyout its shares are withdrawn from being traded at a public stock exchange . The term privatizing first appeared in English, with quotation marks, in

815-418: A nuclear-weapon state with the world's largest standing army by military personnel and the second-largest defense budget . It is a great power , and has been described as an emerging superpower . China is known for its cuisine and culture, and has 59 UNESCO World Heritage Sites , the second-highest number of any country . The word "China" has been used in English since the 16th century; however, it

978-433: A "People's Inquiry into Privatisation" (2016/17) found that the impact of privatisation on communities was negative. The report from the inquiry "Taking Back Control" made a range of recommendations to provide accountability and transparency in the process. The report highlighted privatisation in healthcare, aged care, child care, social services, government departments, electricity, prisons and vocational education featuring

1141-401: A climate very suitable for agriculture and the country has been the world's largest producer of rice, wheat, tomatoes, eggplant, grapes, watermelon, spinach, and many other crops. In 2021, 12 percent of global permanent meadows and pastures belonged to China, as well as 8% of global cropland. China is one of 17 megadiverse countries , lying in two of the world's major biogeographic realms :

1304-532: A cultural identity among its populace still remembered in the ethnonym of the modern Han Chinese . The Han expanded the empire's territory considerably , with military campaigns reaching Central Asia, Mongolia , Korea , and Yunnan , and the recovery of Guangdong and northern Vietnam from Nanyue . Han involvement in Central Asia and Sogdia helped establish the land route of the Silk Road , replacing

1467-634: A disputed land border with India and Bhutan . China is additionally involved in maritime disputes with multiple countries over territory in the East and South China Seas , such as the Senkaku Islands and the entirety of South China Sea Islands . The People's Republic of China is a one-party state governed by the Chinese Communist Party (CCP). The CCP is officially guided by socialism with Chinese characteristics , which

1630-730: A far-reaching popular uprising (the May Fourth Movement ). In the late 1920s, the Kuomintang under Chiang Kai-shek was able to reunify the country under its own control with a series of deft military and political maneuverings known collectively as the Northern Expedition . The Kuomintang moved the nation's capital to Nanjing and implemented "political tutelage", an intermediate stage of political development outlined in Sun Yat-sen's Three Principles of

1793-411: A form of a secured loan and are criticized as a "particularly noxious form of governmental debt". In this interpretation, the upfront payment from the privatization sale corresponds to the principal amount of the loan, while the proceeds from the underlying asset correspond to secured interest payments—the transaction can be considered substantively the same as a secured loan, though it is structured as

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1956-475: A high density of plant species including numerous rare endemics. Tropical and seasonal rainforests , though confined to Yunnan and Hainan , contain a quarter of all the animal and plant species found in China. China has over 10,000 recorded species of fungi . In the early 2000s, China has suffered from environmental deterioration and pollution due to its rapid pace of industrialization. Regulations such as

2119-497: A major focus, special economic zones (SEZs) were created. Inefficient state-owned enterprises (SOEs) were restructured and some closed. This marked China's transition away from planned economy. China adopted its current constitution on 4 December 1982. In 1989, there were protests such those in Tiananmen Square , and then throughout the entire nation. Zhao Ziyang was put under house arrest for his sympathies to

2282-748: A more cautious and nuanced evaluation of privatization" and that "private ownership alone is no longer argued to automatically generate economic gains in developing economies". According to a 2008 study published in Annals of Public and Cooperative Economics , liberalization and privatization have produced mixed results. Although typically there are many costs associated with these efficiency gains, many economists argue that these can be dealt with by appropriate government support through redistribution and perhaps retraining . Yet, some empirical literature suggests that privatization could also have very modest effects on efficiency and quite regressive distributive impact. In

2445-483: A natural and inevitable societal correction emerges to undermine the contradictions of capitalism. This was the case in the 2000 Cochabamba protests . Privatization in Latin America has invariably experienced increasing push-back from the public. Mary Shirley from The Ronald Coase Institute suggests that implementing a less efficient but more politically mindful approach could be more sustainable. In India,

2608-404: A permanent navy which was supported by the developed shipbuilding industry along with the sea trade. Between the 10th and 11th century CE, the population of China doubled to around 100 million people, mostly because of the expansion of rice cultivation in central and southern China, and the production of abundant food surpluses. The Song dynasty also saw a revival of Confucianism , in response to

2771-400: A process of deregulation . The term may also be used descriptively for something that has always been private, but could be public in other jurisdictions. There are also private entities that may perform public functions. These entities could also be described as privatized. Privatization may mean the government sells state-owned businesses to private interests, but it may also be discussed in

2934-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

3097-495: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

3260-554: A sale. This interpretation is particularly argued to apply to recent municipal transactions in the United States, particularly for fixed term, such as the 2008 sale of the proceeds from Chicago parking meters for 75 years. It is argued that this is motivated by "politicians' desires to borrow money surreptitiously", due to legal restrictions on and political resistance to alternative sources of revenue, viz, raising taxes or issuing debt. Privatization had different outcomes around

3423-476: A specialist in ancient history, posits that economic inequality and wealth concentration in the top percentile "had been made possible by the transfer of state assets to private owners." In Latin America, on the one hand, according to John Nellis's research for Center for Global Development , economic indicators, including firm profitability, productivity, and growth, project positive microeconomic results. On

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3586-477: A state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it

3749-624: A stock market with high capital. Voucher privatization occurred mainly in the transition economies in Central and Eastern Europe, such as Russia , Poland , the Czech Republic , and Slovakia . Additionally, privatization from below had made important contribution to economic growth in transition economies. In one study assimilating some of the literature on "privatization" that occurred in Russian and Czech Republic transition economies,

3912-740: A survey by the National Commission for Protection of Child Rights (NCPCR) – Utilization of Free Medical Services by Children Belonging to the Economically Weaker Section (EWS) in Private Hospitals in New Delhi, 2011–12: A Rapid Appraisal – indicates under-utilization of the free beds available for EWS category in private hospitals in Delhi, though they were allotted land at subsidized rates. In Australia

4075-829: A term which developed under the Western Zhou dynasty in reference to its royal demesne . It was used in official documents as an synonym for the state under the Qing . The name Zhongguo is also translated as 'Middle Kingdom' in English. China is sometimes referred to as " mainland China " or "the Mainland" when distinguishing it from the Republic of China or the PRC's Special Administrative Regions . Archaeological evidence suggests that early hominids inhabited China 2.25 million years ago. The hominid fossils of Peking Man ,

4238-411: A transition to "effective private sector owners [of former] state assets". Rather than mainly participating in a market economy, these individuals could prefer elevating their personal status or prefer accumulating political power. Instead, outside foreign investment led to the efficient conduct of former state assets in the private sector and market economy. Through privatization by direct asset sale or

4401-457: Is Marxism adapted to Chinese circumstances . The Chinese constitution states that the PRC "is a socialist state governed by a people's democratic dictatorship that is led by the working class and based on an alliance of workers and peasants," that the state institutions "shall practice the principle of democratic centralism ," and that "the defining feature of socialism with Chinese characteristics

4564-470: Is a country in East Asia . With a population exceeding 1.4 billion, it is the second-most populous country after India , representing 17.4% of the world population. China spans the equivalent of five time zones and borders fourteen countries by land . With an area of nearly 9.6 million square kilometers (3,700,000 sq mi), it is the third-largest country by total land area. The country

4727-473: Is a matter of debate. Alternative suggestions include the names for Yelang and the Jing or Chu state. The official name of the modern state is the "People's Republic of China" ( simplified Chinese : 中华人民共和国 ; traditional Chinese : 中華人民共和國 ; pinyin : Zhōnghuá rénmín gònghéguó ). The shorter form is "China" ( 中国 ; 中國 ; Zhōngguó ), from zhōng ('central') and guó ('state'),

4890-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

5053-764: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

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5216-856: Is bounded by the Bohai , Yellow , East China and South China seas. China connects through the Kazakh border to the Eurasian Steppe . The territory of China lies between latitudes 18° and 54° N , and longitudes 73° and 135° E . The geographical center of China is marked by the Center of the Country Monument at 35°50′40.9″N 103°27′7.5″E  /  35.844694°N 103.452083°E  / 35.844694; 103.452083  ( Geographical center of China ) . China's landscapes vary significantly across its vast territory. In

5379-585: Is commonly agreed that pre-modern China's population experienced two growth spurts, one during the Northern Song period (960–1127), and other during the Qing period (around 1700–1830). By the High Qing era China was possibly the most commercialized country in the world, and imperial China experienced a second commercial revolution by the end of the 18th century. On the other hand, the centralized autocracy

5542-469: Is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally, the term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so

5705-415: Is divided into 33 province-level divisions : 22 provinces , five autonomous regions , four municipalities , and two semi-autonomous special administrative regions . Beijing is the country's capital, while Shanghai is its most populous city by urban area and largest financial center . China is considered one of the cradles of civilization : the first human inhabitants in the region arrived during

5868-617: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

6031-461: Is home to a variety of forest types. Cold coniferous forests predominate in the north of the country, supporting animal species such as moose and Asian black bear , along with over 120 bird species. The understory of moist conifer forests may contain thickets of bamboo . In higher montane stands of juniper and yew , the bamboo is replaced by rhododendrons . Subtropical forests, which are predominate in central and southern China, support

6194-448: Is influenced by the capital market and the political and firm-specific factors. Privatization through the stock market is more likely to be the method used when there is an established capital market capable of absorbing the shares. A market with high liquidity can facilitate the privatization. If the capital markets are insufficiently developed, however, it would be difficult to find enough buyers. The shares may have to be underpriced, and

6357-587: Is more prevalent in non-privatized sectors. Furthermore, according to the World Bank extralegal and unofficial activities are more prevalent in countries that privatized less. Other research suggests that privatization in Russia resulted in a dramatic rise in the level of economic inequality and a collapse in GDP and industrial output. Russian President Boris Yeltsin 's IMF -backed rapid privatization schemes saw half

6520-451: Is protected by law, and as of 2005 , the country has over 2,349 nature reserves , covering a total area of 149.95 million hectares, 15 percent of China's total land area. Most wild animals have been eliminated from the core agricultural regions of east and central China, but they have fared better in the mountainous south and west. The Baiji was confirmed extinct on 12 December 2006. China has over 32,000 species of vascular plants, and

6683-451: Is the direct ancestor of modern Chinese characters . The Shang were overthrown by the Zhou , who ruled between the 11th and 5th centuries BCE, though the centralized authority of Son of Heaven was slowly eroded by fengjian lords. Some principalities eventually emerged from the weakened Zhou and continually waged war with each other during the 300-year Spring and Autumn period . By

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6846-401: Is the leadership of the Chinese Communist Party." The PRC officially terms itself as a democracy , using terms such as "socialist consultative democracy", and " whole-process people's democracy ". However, the country is commonly described as an authoritarian one-party state and a dictatorship , with among the heaviest restrictions worldwide in many areas, most notably against freedom of

7009-559: Is the world's leading investor in renewable energy and its commercialization , with $ 546 billion invested in 2022; it is a major manufacturer of renewable energy technologies and invests heavily in local-scale renewable energy projects. Long heavily relying on non-renewable energy sources such as coal, China's adaptation of renewable energy has increased significantly in recent years, with their share increasing from 26.3 percent in 2016 to 31.9 percent in 2022. In 2023, 60.5% of China's electricity came from coal (largest producer in

7172-702: The Encyclopædia Britannica , to 9,596,961 km (3,705,407 sq mi) according to the UN Demographic Yearbook , and The World Factbook . China has the longest combined land border in the world , measuring 22,117 km (13,743 mi) and its coastline covers approximately 14,500 km (9,000 mi) from the mouth of the Yalu River (Amnok River) to the Gulf of Tonkin . China borders 14 nations and covers

7335-590: The New York Times , in April 1923, in a translation of a German speech referring to the potential for German state railroads to be bought by American companies. In German, the word Privatisierung has been used since at least the 19th century. Ultimately, the word came to German through French from the Latin privatus . The term reprivatization , again translated directly from German ( Reprivatisierung ),

7498-456: The 18th CCP National Congress in 2012. Shortly after his ascension to power, Xi launched a vast anti-corruption crackdown , that prosecuted more than 2 million officials by 2022. During his tenure , Xi has consolidated power unseen since the initiation of economic and political reforms. China's landscape is vast and diverse, ranging from the Gobi and Taklamakan Deserts in the arid north to

7661-523: The 2011 revolution , most of the public began to call for re-nationalization, citing allegations of the privatized firms practicing crony capitalism under the old regime. There are various reasons why a government may decide to privatize; commonly due to economic reasons. The economic factors that influence a government's decision to privatize assume this will lower government debt. Studies have shown that governments are more likely to privatise with higher public debt, typically because governments do not have

7824-534: The Conservative government of Margaret Thatcher when many state-run firms were sold off to the private sector. The privatization received very mixed views from the public and the parliament. Even former Conservative prime minister Harold Macmillan was critical of the policy, likening it to "selling the family silver". There were around 3 million shareholders in Britain when Thatcher took office in 1979 , but

7987-778: The Cultural Revolution , sparking a decade of political recrimination and social upheaval that lasted until Mao's death in 1976. In October 1971, the PRC replaced the ROC in the United Nations, and took its seat as a permanent member of the Security Council. After Mao's death, the Gang of Four was arrested by Hua Guofeng and held responsible for the Cultural Revolution. The Cultural Revolution

8150-582: The European Commission argues that privatisation in Europe had mixed effects on service quality and has achieved only minor productivity gains, driven mainly by lower labour input combined with other cost cutting strategies that led to a deterioration of employment and working conditions. Meanwhile, a different study by the commission found that the UK rail network (which was privatized from 1994 to 1997)

8313-713: The Great Leap Forward was largely responsible for the Great Chinese Famine that ended with millions of Chinese people having died, and the subsequent Cultural Revolution was a period of social turmoil and persecution characterized by Maoist populism. Following the Sino-Soviet split , the Shanghai Communiqué in 1972 would precipitate the normalization of relations with the United States . Economic reforms that began in 1978 moved

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8476-513: The Jiahu symbols (7th millennium BCE) constituted the earliest Chinese writing system. According to traditional Chinese historiography , the Xia dynasty was established during the late 3rd millennium BCE, marking the beginning of the dynastic cycle that was understood to underpin China's entire political history. In the modern era, the Xia's historicity came under increasing scrutiny, in part due to

8639-636: The Kuomintang and the Communists led to the resumption of civil war. Constitutional rule was established in 1947, but because of the ongoing unrest, many provisions of the ROC constitution were never implemented in mainland China. Afterwards, the CCP took control of most of mainland China, and the ROC government retreated offshore to Taiwan . On 1 October 1949, CCP Chairman Mao Zedong formally proclaimed

8802-568: The Northern Chinese Famine of 1876–1879 , in which between 9 and 13 million people died. The Guangxu Emperor drafted a reform plan in 1898 to establish a modern constitutional monarchy , but these plans were thwarted by the Empress Dowager Cixi . The ill-fated anti-foreign Boxer Rebellion of 1899–1901 further weakened the dynasty. Although Cixi sponsored a program of reforms known as the late Qing reforms ,

8965-620: The Palearctic and the Indomalayan . By one measure, China has over 34,687 species of animals and vascular plants, making it the third-most biodiverse country in the world, after Brazil and Colombia . The country is a party to the Convention on Biological Diversity ; its National Biodiversity Strategy and Action Plan was received by the convention in 2010. China is home to at least 551 species of mammals (the third-highest in

9128-578: The Paleolithic . By the late 2nd millennium BCE, the earliest dynastic states had emerged in the Yellow River basin. The 8th–3rd centuries BCE saw a breakdown in the authority of the Zhou dynasty , accompanied by the emergence of administrative and military techniques, literature , philosophy , and historiography . In 221 BCE, China was unified under an emperor , ushering in more than two millennia of imperial dynasties including

9291-557: The Qin , Han , Tang , Yuan , Ming , and Qing . With the invention of gunpowder and paper , the establishment of the Silk Road , and the building of the Great Wall , Chinese culture flourished and has heavily influenced both its neighbors and lands further afield. However, China began to cede parts of the country in the late 19th century to various European powers by a series of unequal treaties . After decades of Qing China on

9454-613: The Revolutions of 1989 introduced non-communist governments. Freedom House's privatization index, 1998 and 2002 Freedom House 's privatization index rated transition countries from 1 (maximum progress) to 7 (no progress). The table below shows the privatization index for various Eastern European countries in 1998 and 2002: The largest public shares offering in France involved France Télécom . Egypt undertook widespread privatization under Hosni Mubarak . Following his overthrow in

9617-476: The State Council , China's cabinet, composed of four vice premiers, state councilors , and the heads of ministries and commissions. The Chinese People's Political Consultative Conference (CPPCC) is a political advisory body that is critical in China's " united front " system, which aims to gather non-CCP voices to support the CCP. Similar to the people's congresses, CPPCC's exist at various division, with

9780-715: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

9943-505: The Turpan Depression . China's climate is mainly dominated by dry seasons and wet monsoons , which lead to pronounced temperature differences between winter and summer. In the winter, northern winds coming from high-latitude areas are cold and dry; in summer, southern winds from coastal areas at lower latitudes are warm and moist. A major environmental issue in China is the continued expansion of its deserts , particularly

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10106-621: The World Trade Organization in 2001. At the 16th CCP National Congress in 2002, Hu Jintao succeeded Jiang as the general secretary. Under Hu, China maintained its high rate of economic growth, overtaking the United Kingdom, France, Germany and Japan to become the world's second-largest economy. However, the growth also severely impacted the country's resources and environment, and caused major social displacement. Xi Jinping succeeded Hu as paramount leader at

10269-433: The Xi , Mekong , Brahmaputra and Amur . To the west sit major mountain ranges, most notably the Himalayas. High plateaus feature among the more arid landscapes of the north, such as the Taklamakan and the Gobi Desert. The world's highest point, Mount Everest (8,848 m), lies on the Sino-Nepalese border. The country's lowest point, and the world's third-lowest, is the dried lake bed of Ayding Lake (−154 m) in

10432-426: The Xinhai Revolution of 1911–1912 ended the Qing dynasty and established the Republic of China . Puyi , the last Emperor, abdicated in 1912 . On 1 January 1912, the Republic of China was established, and Sun Yat-sen of the Kuomintang (KMT) was proclaimed provisional president. In March 1912, the presidency was given to Yuan Shikai , a former Qing general who in 1915 proclaimed himself Emperor of China . In

10595-422: The campaigns against Western Xia by Genghis Khan , who also invaded Jin territories . In 1271, the Mongol leader Kublai Khan established the Yuan dynasty , which conquered the last remnant of the Song dynasty in 1279. Before the Mongol invasion, the population of Song China was 120 million citizens; this was reduced to 60 million by the time of the census in 1300. A peasant named Zhu Yuanzhang overthrew

10758-664: The private sector , and the women in the public sector are more likely to be unionized than those in the private sector. In Chile, women are disproportionately affected by the privatization of the pension system because factors such as "women's longer life expectancy, earlier retirement age, and lower rates of labor-force participation, lower salaries" affect their ability to accumulate funds for retirement which leads to lower pensions. Low-income women face an even greater burden; Anjela Taneja, of Oxfam India says "The privatization of public services...implies limited or no access to essential services for women living in poverty, who are often

10921-422: The subtropical forests in the wetter south. The Himalaya , Karakoram , Pamir and Tian Shan mountain ranges separate China from much of South and Central Asia . The Yangtze and Yellow Rivers, the third- and sixth-longest in the world, respectively, run from the Tibetan Plateau to the densely populated eastern seaboard. China's coastline along the Pacific Ocean is 14,500 km (9,000 mi) long and

11084-440: The 1979 Environmental Protection Law are fairly stringent, though they are poorly enforced, frequently disregarded in favor of rapid economic development. China has the second-highest death toll because of air pollution, after India , with approximately 1 million deaths. Although China ranks as the highest CO 2 emitting country, it only emits 8 tons of CO 2 per capita , significantly lower than developed countries such as

11247-406: The 2010s. In 2020, the Chinese government announced its aims for the country to reach its peak emissions levels before 2030, and achieve carbon neutrality by 2060 in line with the Paris Agreement , which, according to Climate Action Tracker , would lower the expected rise in global temperature by 0.2–0.3 degrees – "the biggest single reduction ever estimated by the Climate Action Tracker". China

11410-403: The Austrian-American management expert Peter Drucker 's 1969 book, The Age of Discontinuity . The word privatization may mean different things depending on the context in which it is used. It can mean moving something from the public sphere into the private sphere, but it may also be used to describe something that was always private, but heavily regulated, which becomes less regulated through

11573-416: The British under the 1842 Treaty of Nanking , the first of what have been termed as the " unequal treaties ". The First Sino-Japanese War (1894–1895) resulted in Qing China's loss of influence in the Korean Peninsula , as well as the cession of Taiwan to Japan . The Qing dynasty also began experiencing internal unrest in which tens of millions of people died, especially in the White Lotus Rebellion ,

11736-449: The CCP. The NPC is dominated by the CCP, with another eight minor parties having nominal representation under the condition of upholding CCP leadership. The president is elected by the NPC. The presidency is the ceremonial state representative, but not the constitutional head of state. The incumbent president is Xi Jinping, who is also the general secretary of the CCP and the chairman of

11899-638: The Central Military Commission , making him China's paramount leader and supreme commander of the Armed Forces. The premier is the head of government , with Li Qiang being the incumbent. The premier is officially nominated by the president and then elected by the NPC, and has generally been either the second- or third-ranking member of the Politburo Standing Committee (PSC). The premier presides over

12062-510: The Gobi Desert. Although barrier tree lines planted since the 1970s have reduced the frequency of sandstorms , prolonged drought and poor agricultural practices have resulted in dust storms plaguing northern China each spring, which then spread to other parts of East Asia, including Japan and Korea. Water quality, erosion , and pollution control have become important issues in China's relations with other countries. Melting glaciers in

12225-774: The Himalayas could potentially lead to water shortages for hundreds of millions of people. According to academics, in order to limit climate change in China to 1.5 °C (2.7 °F) electricity generation from coal in China without carbon capture must be phased out by 2045. With current policies, the GHG emissions of China will probably peak in 2025, and by 2030 they will return to 2022 levels. However, such pathway still leads to three-degree temperature rise. Official government statistics about Chinese agricultural productivity are considered unreliable, due to exaggeration of production at subsidiary government levels. Much of China has

12388-713: The Kuomintang and the CCP. Japanese forces committed numerous war atrocities against the civilian population; as many as 20 million Chinese civilians died. An estimated 40,000 to 300,000 Chinese were massacred in Nanjing alone during the Japanese occupation. China, along with the UK, the United States, and the Soviet Union , were recognized as the Allied " Big Four " in the Declaration by United Nations . Along with

12551-882: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

12714-635: The Nazi Party." Great Britain privatized its steel industry in the 1950s, and the West German government embarked on large-scale privatization, including sale of the majority stake in Volkswagen to small investors in public share offerings in 1961. However, it was in the 1980s under Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States that privatization gained worldwide momentum. Notable privatization attempts in

12877-580: The PRC initially allied closely with the Soviet Union , the relations between the two communist nations gradually deteriorated , leading China to develop an independent industrial system and its own nuclear weapons . The Chinese population increased from 550 million in 1950 to 900 million in 1974. However, the Great Leap Forward , an idealistic massive industrialization project, resulted in an estimated 15 to 55 million deaths between 1959 and 1961, mostly from starvation. In 1964, China detonated its first atomic bomb. In 1966, Mao and his allies launched

13040-1002: The People program for transforming China into a modern democratic state. The Kuomintang briefly allied with the Chinese Communist Party (CCP) during the Northern Expedition, though the alliance broke down in 1927 after Chiang violently suppressed the CCP and other leftists in Shanghai, marking the beginning of the Chinese Civil War . The CCP declared areas of the country as the Chinese Soviet Republic (Jiangxi Soviet) in November 1931 in Ruijin , Jiangxi . The Jiangxi Soviet

13203-535: The People's Republic of China in Tiananmen Square , Beijing . In 1950, the PRC captured Hainan from the ROC and annexed Tibet . However, remaining Kuomintang forces continued to wage an insurgency in western China throughout the 1950s. The CCP consolidated its popularity among the peasants through the Land Reform Movement , which included the state-tolerated executions of between 1 and 2 million landlords by peasants and former tenants. Though

13366-605: The Russian population fall into destitution in just several years as unemployment climbed to double digits by the early to mid 1990s. A 2009 study published in The Lancet medical journal has found that as many as a million working men died as a result of economic shocks associated with mass privatization in the former Soviet Union and in Eastern Europe during the 1990s, although a further study suggested that there were errors in their method and "correlations reported in

13529-689: The Taoist clergy that a strong ruler was virtually invisible. During the Renaissance , most of Europe was still by and large following the feudal economic model. By contrast, the Ming dynasty in China began once more to practice privatization, especially with regards to their manufacturing industries. This was a reversal of the earlier Song dynasty policies, which had themselves overturned earlier policies in favor of more rigorous state control. In Britain,

13692-406: The UK included privatization of Britoil (1982), the radioactive-chemicals company Amersham International (1982), British Telecom (1984), Sealink ferries (1984), British Petroleum (gradually privatized between 1979 and 1987), British Aerospace (1985 to 1987), British Gas (1986), Rolls-Royce (1987), Rover Group (formerly British Leyland , 1988), British Steel Corporation (1988), and

13855-949: The UN representative for China was changed from the ROC to the PRC in 1971. It is a founding member of several multilateral and regional organizations such as the AIIB , the Silk Road Fund , the New Development Bank , and the RCEP . It is a member of the BRICS , the G20 , APEC , the SCO , and the East Asia Summit . Making up around one-fifth of the world economy, the Chinese economy is

14018-1019: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

14181-488: The United States (16.1), Australia (16.8) and South Korea (13.6). Greenhouse gas emissions by China are the world's largest . The country has significant water pollution problems; only 89.4% of China's national surface water was graded suitable for human consumption by the Ministry of Ecology and Environment in 2023. China has prioritized clamping down on pollution, bringing a significant decrease in air pollution in

14344-631: The Yuan in 1368 and founded the Ming dynasty as the Hongwu Emperor . Under the Ming dynasty, China enjoyed another golden age, developing one of the strongest navies in the world and a rich and prosperous economy amid a flourishing of art and culture. It was during this period that admiral Zheng He led the Ming treasure voyages throughout the Indian Ocean, reaching as far as East Africa. In

14507-609: The assumption that foreign investment would play a major role. In post- reunification East Germany, by the end of June 1992, the Treuhandanstalt had privatized 8,175 companies, with 5,950 left on hand (4,340 remaining to be sold and the remainder to be liquidated). June 1992 was also when the last East German on the board of the Treuhand left. By the end of 1994, Treuhand had sold almost everything, having only 65 firms left to privatize as of December 1994. More than 80% of

14670-444: The authors identified three methods of privatization: "privatization by sale", "mass privatization", and "mixed privatization". Their calculations showed that "mass privatization" was the most effective method. However, in economies "characterized by shortages" and maintained by the state bureaucracy, wealth was accumulated and concentrated by "gray/black market" operators. Privatizing industries by sale to these individuals did not mean

14833-820: The bulk of East Asia, bordering Vietnam , Laos , and Myanmar in Southeast Asia; India , Bhutan , Nepal , Pakistan and Afghanistan in South Asia; Tajikistan , Kyrgyzstan and Kazakhstan in Central Asia; and Russia, Mongolia , and North Korea in Inner Asia and Northeast Asia . It is narrowly separated from Bangladesh and Thailand to the southwest and south, and has several maritime neighbors such as Japan , Philippines , Malaysia , and Indonesia . China has resolved its land borders with 12 out of 14 neighboring countries, having pursued substantial compromises in most of them. China currently has

14996-783: The context of the privatization of services or government functions, where private entities are tasked with the implementation of government programs or the performance of government services. Gillian E. Metzger has written that: "Private entities [in the US] provide a vast array of social services for the government; administer core aspects of government programs; and perform tasks that appear quintessentially governmental, such as promulgating standards or regulating third-party activities." Metzger mentions an expansion of privatization that includes health and welfare programs, public education, and prisons. The history of privatization dates from Ancient Greece , when governments contracted out almost everything to

15159-510: The cost of bureaucracy was one of the reasons for the fall of the Roman Empire . Perhaps one of the first ideological movements towards privatization came during China 's golden age of the Han dynasty . Taoism came into prominence for the first time at a state level, and it advocated the laissez-faire principle of Wu wei (無為), literally meaning "do nothing". The rulers were counseled by

15322-713: The countries suggest that a large segment of the public is dissatisfied with or have negative views of privatization in the region. In the 1990s, the governments in Eastern and Central Europe engaged in extensive privatization of state-owned enterprises in Eastern and Central Europe and Russia, with assistance from the World Bank , the U.S. Agency for International Development, the German Treuhand , and other governmental and non-governmental organization . Nippon Telegraph and Telephone 's privatization in 1987 involved

15485-492: The country away from a socialist planned economy towards an increasingly capitalist market economy , spurring significant economic growth. The corresponding movement for increased democracy and liberalization stalled after the Tiananmen Square protests and massacre in 1989. China is a unitary one-party socialist republic led by the CCP. It is one of the five permanent members of the UN Security Council ;

15648-505: The decline, the 1911 Revolution overthrew the Qing dynasty and the monarchy and the Republic of China (ROC) was established the following year. The country under the nascent Beiyang government was unstable and ultimately fragmented during the Warlord Era , which was ended upon the Northern Expedition conducted by the Kuomintang (KMT) to reunify the country. The Chinese Civil War began in 1927, when KMT forces purged members of

15811-610: The earlier path over the Himalayas to India. Han China gradually became the largest economy of the ancient world. Despite the Han's initial decentralization and the official abandonment of the Qin philosophy of Legalism in favor of Confucianism , Qin's legalist institutions and policies continued to be employed by the Han government and its successors. After the end of the Han dynasty , a period of strife known as Three Kingdoms followed, at

15974-436: The earliest for which there are both contemporary written records and undisputed archaeological evidence. The Shang ruled much of the Yellow River valley until the 11th century BCE, with the earliest hard evidence dated c.  1300 BCE . The oracle bone script , attested from c.  1250 BCE but generally assumed to be considerably older, represents the oldest known form of written Chinese , and

16137-455: The earliest known attestation of the Xia being written millennia after the date given for their collapse. In 1958, archaeologists discovered sites belonging to the Erlitou culture that existed during the early Bronze Age ; they have since been characterized as the remains of the historical Xia, but this conception is often rejected. The Shang dynasty that traditionally succeeded the Xia is

16300-537: The early Ming dynasty, China's capital was moved from Nanjing to Beijing. With the budding of capitalism, philosophers such as Wang Yangming critiqued and expanded Neo-Confucianism with concepts of individualism and equality of four occupations . The scholar-official stratum became a supporting force of industry and commerce in the tax boycott movements, which, together with the famines and defense against Japanese invasions of Korea (1592–1598) and Later Jin incursions led to an exhausted treasury. In 1644, Beijing

16463-737: The east, along the shores of the Yellow Sea and the East China Sea, there are extensive and densely populated alluvial plains , while on the edges of the Inner Mongolian plateau in the north, broad grasslands predominate. Southern China is dominated by hills and low mountain ranges, while the central-east hosts the deltas of China's two major rivers, the Yellow River and the Yangtze River. Other major rivers include

16626-656: The end of which Wei was swiftly overthrown by the Jin dynasty . The Jin fell to civil war upon the ascension of a developmentally disabled emperor ; the Five Barbarians then rebelled and ruled northern China as the Sixteen States . The Xianbei unified them as the Northern Wei , whose Emperor Xiaowen reversed his predecessors' apartheid policies and enforced a drastic sinification on his subjects . In

16789-473: The face of popular condemnation and opposition from his own Beiyang Army , he was forced to abdicate and re-establish the republic in 1916. After Yuan Shikai's death in 1916, China was politically fragmented. Its Beijing-based government was internationally recognized but virtually powerless; regional warlords controlled most of its territory. During this period , China participated in World War I and saw

16952-555: The failed Taiping Rebellion that ravaged southern China in the 1850s and 1860s and the Dungan Revolt (1862–1877) in the northwest. The initial success of the Self-Strengthening Movement of the 1860s was frustrated by a series of military defeats in the 1880s and 1890s. In the 19th century, the great Chinese diaspora began. Losses due to emigration were added to by conflicts and catastrophes such as

17115-775: The first attempt at a social welfare analysis of the British privatization program under the Conservative governments of Margaret Thatcher and John Major during the 1980s and 1990s, Massimo Florio points to the absence of any productivity shock resulting strictly from ownership change. Instead, the impact on the previously nationalized companies of the UK productivity leap under the Conservatives varied in different industries. In some cases, it occurred prior to privatization, and in other cases, it occurred upon privatization or several years afterward. A 2012 study published by

17278-507: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

17441-399: The government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have a distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as

17604-612: The growth of Buddhism during the Tang, and a flourishing of philosophy and the arts, as landscape art and porcelain were brought to new levels of complexity. However, the military weakness of the Song army was observed by the Jin dynasty . In 1127, Emperor Huizong of Song and the capital Bianjing were captured during the Jin–Song wars . The remnants of the Song retreated to southern China . The Mongol conquest of China began in 1205 with

17767-400: The informal paramount leader . The current general secretary is Xi Jinping , who took office on 15 November 2012. At the local level, the secretary of the CCP committee of a subdivision outranks the local government level; CCP committee secretary of a provincial division outranks the governor while the CCP committee secretary of a city outranks the mayor. The government in China is under

17930-409: The largest importer of Russian crude oil in 2022. China is the third-largest country in the world by land area after Russia , and the third- or fourth-largest country in the world by total area. China's total area is generally stated as being approximately 9,600,000 km (3,700,000 sq mi). Specific area figures range from 9,572,900 km (3,696,100 sq mi) according to

18093-481: The largest share offering in financial history at the time. 15 of the world's 20 largest public share offerings have been privatizations of telecoms. In 1988, the perestroika policy of Mikhail Gorbachev started allowing privatization of the centrally planned economy. Large privatization of the Soviet economy occurred over the next few years as the country dissolved . Other Eastern Bloc countries followed suit after

18256-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

18419-400: The middle of the 1930s. The firms belonged to a wide range of sectors: steel, mining, banking, local public utilities, shipyard, ship-lines, railways, etc. In addition to this, delivery of some public services produced by public administrations prior to the 1930s, especially social services and services related to work, was transferred to the private sector, mainly to several organizations within

18582-465: The more competitive the industry, the greater the improvement in output, profitability, and efficiency. Such efficiency gains mean a one-off increase in GDP , but through improved incentives to innovate and reduce costs also tend to raise the rate of economic growth . More recent research and literature review performed by Professor Saul Estrin and Adeline Pelletier concluded that "the literature now reflects

18745-715: The multiple consultation mechanisms that exist in Chinese government. According to the CCP constitution , its highest body is the National Congress held every five years. The National Congress elects the Central Committee , who then elects the party's Politburo , Politburo Standing Committee and the general secretary ( party leader ), the top leadership of the country. The general secretary holds ultimate power and authority over party and state and serves as

18908-405: The needed time to wait for a return. Another economic factor that influences this area is the resulting efficiency of SOEs once privatised. Commonly, governments aren’t able to provide the required investments required to ensure profitability for various reasons. These factors may lead to a government deciding to privatize. There are several main methods of privatization: The choice of sale method

19071-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

19234-445: The ones more in need of these services." The increase in privatization since the 1980s has been a factor in rising income and wealth inequality in the United States. Due to low levels of native capital accumulation in the former Central and Eastern Europe, the rapid privatization preferred by international institutions ( EBRD , IMF , World Bank ) and other foreign banks was a de facto call for international bidding, reflecting

19397-687: The original article are simply not robust." A subsequent body of scholarship, while still controversial, demonstrates that rapid privatization schemes associated with neoliberal economic reforms did result in poorer health outcomes in former Eastern Bloc countries during the transition to markets economies, with the World Health Organization contributing to the debate by stating "IMF economic reform programs are associated with significantly worsened tuberculosis incidence, prevalence, and mortality rates in post-communist Eastern European and former Soviet countries." Historian Walter Scheidel ,

19560-430: The other hand, however, privatisation has been largely met with a negative criticism and citizen coalitions. This neoliberal criticism highlights the ongoing conflict between varying visions of economic development. Karl Polanyi emphasizes the societal concerns of self-regulating markets through a concept known as a "double movement". In essence, whenever societies move towards increasingly unrestrained, free-market rule,

19723-472: The other three great powers, China was one of the four major Allies of World War II , and was later considered one of the primary victors in the war. After the surrender of Japan in 1945, Taiwan, including the Penghu , was handed over to Chinese control ; however, the validity of this handover is controversial. China emerged victorious but war-ravaged and financially drained. The continued distrust between

19886-553: The press , freedom of assembly , free formation of social organizations , freedom of religion and free access to the Internet . China has consistently been ranked amongst the lowest as an "authoritarian regime" by the Economist Intelligence Unit 's Democracy Index , ranking at 148th out of 167 countries in 2023. Other sources suggest that terming China as "authoritarian" does not sufficiently account for

20049-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

20212-432: The private sector. In the Roman Republic private individuals and companies performed the majority of services including tax collection ( tax farming ), army supplies ( military contractors ), religious sacrifices and construction. However, the Roman Empire also created state-owned enterprises —for example, much of the grain was eventually produced on estates owned by the Emperor. David Parker and David S. Saal suggest that

20375-405: The private sector. In the 1990s, privatization revenue from 18 Latin American countries totaled 6% of gross domestic product. Private investment in infrastructure from 1990 and 2001 reached $ 360.5 billion, $ 150 billion more than in the next emerging economy. While economists generally give favorable evaluations of the impact of privatization in Latin America, opinion polls and public protests across

20538-484: The privatization of common lands is referred to as enclosure (in Scotland as the Lowland Clearances and the Highland Clearances ). Significant privatizations of this nature occurred from 1760 to 1820, preceding the Industrial Revolution in that country. The first mass privatization of state property occurred in Nazi Germany between 1933 and 1937: "It is a fact that the government of the National Socialist Party sold off public ownership in several state-owned firms in

20701-571: The privatized businesses were bought by foreigners (chiefly West Germans – 75%). Romania's first privatization took place on 3 August 1992. There was "very little" privatization during 1992: only 22 state-owned enterprises were privatized. The pace picked up throughout the following year, with more than 260 companies privatized. Four of the 22 enterprises privatized in 1992 were sold to foreign investors. In 1993, 265 companies were privatized, followed by 604 in 1994. Two companies were sold to foreign investors during this period, one each in 1993 and 1994. At

20864-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

21027-417: The protests and was replaced by Jiang Zemin . Jiang continued economic reforms, closing many SOEs and trimming down " iron rice bowl " (life-tenure positions). China's economy grew sevenfold during this time. British Hong Kong and Portuguese Macau returned to China in 1997 and 1999 , respectively, as special administrative regions under the principle of one country, two systems . The country joined

21190-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

21353-428: The regional water authorities (mostly in 1989). After 1979, council house tenants in the UK were given the right to buy their homes (at a heavily discounted rate). One million purchased their residences by 1986. Such efforts culminated in 1993 when British Rail was privatized under Thatcher's successor, John Major . British Rail had been formed by prior nationalization of private rail companies. The privatization

21516-406: The rival Chinese Communist Party (CCP), who proceeded to engage in sporadic fighting against the KMT-led Nationalist government . Following the country's invasion by the Empire of Japan in 1937, the CCP and KMT formed the Second United Front to fight the Japanese. The Second Sino-Japanese War eventually ended in a Chinese victory; however, the CCP and the KMT resumed their civil war as soon as

21679-425: The sale of the state-owned companies. Those with political connections unfairly gained large wealth, which has discredited privatization in these regions. While media have widely reported the grand corruption that accompanied those sales, according to research released by the World Bank there has been increased operating efficiency, daily petty corruption is, or would be, larger without privatization, and that corruption

21842-452: The sales may not raise as much capital as would be justified by the fair value of the company being privatized. Many governments, therefore, elect for listings in more sophisticated markets, for example, Euronext , and the London , New York and Hong Kong stock exchanges. Governments in developing countries and transition countries more often resort to direct asset sales to a few investors, partly because those countries do not yet have

22005-417: The secretariat to the PCG and managed the implementation of the programme, which was completed in 2015. As of 2024, Philippines Amusement and Gaming Corporation (PAGCOR) is the most profitable state-owned enterprise in the Philippines. It is the third largest contributor to government revenues, following taxes and customs. China China , officially the People's Republic of China ( PRC ),

22168-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

22331-563: The sole control of the CCP. The CCP controls appointments in government bodies, with most senior government officials being CCP members. The National People's Congress (NPC), with nearly 3,000-members, is constitutionally the " highest organ of state power ", though it has been also described as a " rubber stamp " body. The NPC meets annually, while the NPC Standing Committee , around 150 members elected from NPC delegates, meets every couple of months. Elections are indirect and not pluralistic, with nominations at all levels being controlled by

22494-495: The south, the general Liu Yu secured the abdication of the Jin in favor of the Liu Song . The various successors of these states became known as the Northern and Southern dynasties , with the two areas finally reunited by the Sui in 581. The Sui restored the Han to power through China, reformed its agriculture, economy and imperial examination system, constructed the Grand Canal , and patronized Buddhism . However, they fell quickly when their conscription for public works and

22657-443: The standardization of Chinese characters, measurements , road widths, and currency . His dynasty also conquered the Yue tribes in Guangxi , Guangdong , and Northern Vietnam . The Qin dynasty lasted only fifteen years, falling soon after the First Emperor's death. Following widespread revolts during which the imperial library was burned , the Han dynasty emerged to rule China between 206 BCE and 220 CE, creating

22820-505: The start of 1999, 4,330 companies were left to be privatized, with 5,476 having been sold during 1993–1998. At the end of 1998, only 2.4% of privatized companies had foreign participation. Arguments for and against the controversial subject of privatization are presented here. State-owned enterprise A state-owned enterprise ( SOE ) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for

22983-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

23146-447: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

23309-411: The stock market, bidders compete to offer higher prices, generating more revenue for the state. Voucher privatization, on the other hand, could represent a genuine transfer of assets to the general population, creating a sense of participation and inclusion. A market could be created if the government permits transfer of vouchers among voucher holders. Some privatization transactions can be interpreted as

23472-433: The subsequent sale of state-run firms saw the number of shareholders double by 1985. By the time of her resignation in 1990, there were more than 10 million shareholders in Britain. Privatization in Latin America was extensive in the 1980s and 1990s, as a result of a Western liberal economic policy. Companies providing public services such as water management , transportation, and telecommunications were rapidly sold off to

23635-542: The term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

23798-458: The time of the Warring States period of the 5th–3rd centuries BCE, there were seven major powerful states left. The Warring States period ended in 221 BCE after the state of Qin conquered the other six states, reunited China and established the dominant order of autocracy . King Zheng of Qin proclaimed himself the Emperor of the Qin dynasty , becoming the first emperor of a unified China. He enacted Qin's legalist reforms, notably

23961-400: The voices of workers, community members and academics. Some reports show that the results of privatization are experienced differently between men and women for numerous reasons: when public services are privatized women are expected to take on the health and social care of dependents , women have less access to privatized goods, public sector employs a larger proportion of women than does

24124-424: The war ended. In 1949, the resurgent Communists established control over most of the country, proclaiming the People's Republic of China and forcing the Nationalist government to retreat to the island of Taiwan . The country was split, with both sides claiming to be the sole legitimate government of China . Following the implementation of land reforms , further attempts by the PRC to realize communism failed:

24287-399: The world's largest economy by PPP-adjusted GDP , the second-largest economy by nominal GDP , and the second-wealthiest country , albeit ranking poorly in measures of democracy , human rights and religious freedom . The country has been one of the fastest-growing major economies and is the world's largest manufacturer and exporter , as well as the second-largest importer . China is

24450-485: The world), 1,221 species of birds (eighth), 424 species of reptiles (seventh) and 333 species of amphibians (seventh). Wildlife in China shares habitat with, and bears acute pressure from, one of the world's largest population of humans. At least 840 animal species are threatened, vulnerable or in danger of local extinction , due mainly to human activity such as habitat destruction, pollution and poaching for food, fur and traditional Chinese medicine . Endangered wildlife

24613-428: The world), 13.2% from hydroelectric power (largest), 9.4% from wind (largest), 6.2% from solar energy (largest), 4.6% from nuclear energy (second-largest), 3.3% from natural gas (fifth-largest), and 2.2% from bioenergy (largest); in total, 31% of China's energy came from renewable energy sources. Despite its emphasis on renewables, China remains deeply connected to global oil markets and next to India, has been

24776-497: The world. Results of privatization may vary depending on the privatization model employed. According to Irwin Stelzer , "it is somewhere between difficult and impossible to separate the effects of privatisation from the effects of such things as trends in the economy". According to research performed by the World Bank and William L. Megginson in the early 2000s, privatization in competitive industries with well-informed consumers, consistently improved efficiency. According to APEC ,

24939-453: Was wiped out by the KMT armies in 1934, leading the CCP to initiate the Long March and relocate to Yan'an in Shaanxi . It would be the base of the communists before major combat in the Chinese Civil War ended in 1949. In 1931, Japan invaded and occupied Manchuria . Japan invaded other parts of China in 1937, precipitating the Second Sino-Japanese War (1937–1945), a theater of World War II . The war forced an uneasy alliance between

25102-406: Was captured by a coalition of peasant rebel forces led by Li Zicheng . The Chongzhen Emperor committed suicide when the city fell. The Manchu Qing dynasty , then allied with Ming dynasty general Wu Sangui , overthrew Li's short-lived Shun dynasty and subsequently seized control of Beijing, which became the new capital of the Qing dynasty. The Qing dynasty, which lasted from 1644 until 1912,

25265-408: Was controversial, and its impact is still debated today , as doubling of passenger numbers and investment was balanced by an increase in rail subsidy . This has been reverted by the same party in Britain in the early 2020s with the state-owned Great British Railways . The United Kingdom's largest public share offerings were privatizations of British Telecom and British Gas during the 1980s under

25428-417: Was devastated and weakened by the An Lushan rebellion in the 8th century. In 907, the Tang disintegrated completely when the local military governors became ungovernable. The Song dynasty ended the separatist situation in 960, leading to a balance of power between the Song and the Liao dynasty . The Song was the first government in world history to issue paper money and the first Chinese polity to establish

25591-414: Was first used in early Hindu scripture, including the Mahabharata (5th century BCE) and the Laws of Manu (2nd century BCE). In 1655, Martino Martini suggested that the word China is derived ultimately from the name of the Qin dynasty (221–206 BCE). Although use in Indian sources precedes this dynasty, this derivation is still given in various sources. The origin of the Sanskrit word

25754-605: Was most improved out of all the 27 EU nations from 1997 to 2012. The report examined a range of 14 different factors and the UK came top in four of the factors, second and third in another two and fourth in three, coming top overall. Nonetheless, the impact of the privatisation of British Rail has been the subject of much debate, with the stated benefits including improved customer service, and more investment; and stated drawbacks including higher fares, lower punctuality and increased rail subsidies. Privatizations in Russia and Latin America were accompanied by large-scale corruption during

25917-448: Was not used by the Chinese themselves during this period. Its origin has been traced through Portuguese , Malay , and Persian back to the Sanskrit word Cīna , used in ancient India . "China" appears in Richard Eden 's 1555 translation of the 1516 journal of the Portuguese explorer Duarte Barbosa . Barbosa's usage was derived from Persian Chīn ( چین ), which in turn derived from Sanskrit Cīna ( चीन ). Cīna

26080-408: Was rebuked, with millions rehabilitated. Deng Xiaoping took power in 1978, and instituted large-scale political and economic reforms , together with the " Eight Elders ", most senior and influential members of the party. The government loosened its control and the communes were gradually disbanded. Agricultural collectivization was dismantled and farmlands privatized. While foreign trade became

26243-492: Was strengthened in part to suppress anti-Qing sentiment with the policy of valuing agriculture and restraining commerce, like the Haijin during the early Qing period and ideological control as represented by the literary inquisition , causing some social and technological stagnation. In the mid-19th century, the Opium Wars with Britain and France forced China to pay compensation, open treaty ports, allow extraterritoriality for foreign nationals, and cede Hong Kong to

26406-422: Was the last imperial dynasty of China. The Ming-Qing transition (1618–1683) cost 25 million lives, but the Qing appeared to have restored China's imperial power and inaugurated another flowering of the arts. After the Southern Ming ended, the further conquest of the Dzungar Khanate added Mongolia, Tibet and Xinjiang to the empire. Meanwhile, China's population growth resumed and shortly began to accelerate. It

26569-421: Was used frequently in the mid-1930s as The Economist reported on Nazi Germany's sale of nationalized banks back to public shareholders following the 1931 economic crisis. The word became common in the late 1970s and early 1980s as part of UK prime minister Margaret Thatcher's economic policies . She was drawing on the work of the pro-privatization Member of Parliament David Howell , who was himself drawing on

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