Free Market in China?

[MPDC]

Someone posted in another thread that with their vast knowledge of Chinese history, and their knowledge of socialistic governments that it was impossible for China to embrace a free market. Well certanly this is a foolish statement. However it also is foolish to think that the Chinese would create a market that was 100% free, (no one has that) however it will be a market that is very Chinese in nature. To this end I thought (since I have time to kill while Liz is in a tournament) to look up some information online, and go figure the first page I come to has a 'gold mine' of information on this topic.

What should the government of China do to guide China’s economic system during this period of transition? In particular, what should be done with China’s state-owned enterprises (SOEs)? In a talk at UCLA on March 31 on this fundamental question, Justin Yifu Lin, one of China’s most prominent economists, spoke on the applicability—or, more precisely, the inapplicability—of neo-classical economics to drawing up realistic policy recommendations

http://www.international.ucla.edu/as...?parentid=3521

In transition economies and many developing countries, enterprises are often unprofitable, even with normal, effective management. The reason has to do with comparative advantage: If the firm’s choices of what it will produce (its products) and how it will produce (its choices of technology) are not consistent with the comparative advantage determined by the factor endowment structure of the economy, the firm will not be profitable. (Factor endowment refers to capital, labor, and natural resources.)

Many of the attempted or proposed reforms of China SOEs engendered – or are likely to engender – very difficult problems. For instance, the attempt to create managerial autonomy (through, for instance, allow SOE enterprises to retain their profit and/or enter into sales or purchase contracts with other firms) lead to the problem of a clash between improving productivity and declining profitability. Another solution that has been tried is property rights reform, in other words creating a modern corporate system with firms that sell stock. The problem with this is that it has led to asset stripping and speculation and manipulation in the stock market.

Others reforms have shifted social burdens from the state to the SOEs. For instance, before the reform era, there was no such thing as redundant workers, since the state mandated jobs for all workers, and provided the salaries. The same was true of old-age pensions. But with the reforms, many workers have been made redundant (that is, they have been laid off or fired), imposing on many SOEs the burden of paying severance packages. Also firms are now responsible for bearing the cost of pensions.

Little bit about the author. You know, just for the record.

Justin Yifun Lin (Ph.D., University of Chicago, 1986) is the founder and director of the China Center for Economic Research at Peking University www.ccer.pku.edu.cn/ and professor of economics at Hong Kong University of Science and Technology. The China Center for Economic Research is the first and only think tank on economic policy in China that is completely staffed with scholars educated outside of China. Professor Lin was a Visiting Professor in the Department of Economics and Center for Chinese Studies, UCLA, 1989-1993.
Professor Lin is the author of eight books, including the China Miracle: Development Strategy and Economic Reform, which has been published in seven languages, and the State-owned Enterprise Reform, which is available in Chinese, Japanese, and English. He has published more than 100 articles in refereed international journals and collected volumes on history, development, and transition. Among many of his public roles in China, Justin Yifu Lin was a senior advisor to the Drafting Committee of China's Tenth Five-year Plan, an advisor to the mayors of Beijing,

[MPDC]

Shanghai Stock Exchange
From Wikipedia, the free encyclopedia
Shanghai Stock Exchange
上海证券交易所

Type Non-profit institution
(administered by CSRC)
Founded 1891 as Shanghai Sharebrokers' Association
1904 renamed as Shanghai Stock Exchange
1990 re-established after being suspended in 1949
Headquarters Shanghai, China
Key people Geng Liang, Chairman
Zhu Congjiu, President
Industry Financial
Products Securities exchange
Website www.sse.com.cn
The Shanghai Stock Exchange (SSE) (Simplified Chinese: 上海证券交易所; Traditional Chinese: 上海證券交易所; pinyin: Shànghǎi Zhèngquàn Jiāoyìsuǒ) is a Chinese stock exchange based in the city of Shanghai and the largest in Mainland China. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC).

Mainland China has a second, smaller, stock exchange: the Shenzhen Stock Exchange, located in the city of Shenzhen. The distinction is made for Mainland China because the Hong Kong Stock Exchange, located in the special administrative region of Hong Kong, is the largest stock exchange in China, and has a separate history.

http://www.search.com/reference/Shanghai_Stock_Exchange


A stock market and everything?

hmmm....

Stock market
From Wikipedia, the free encyclopedia
(Redirected from Quoted company)
Jump to: navigation, search
The introduction of this article is too short.
To comply with Wikipedia's lead section guidelines, it should be expanded.
Please discuss this on the talk page and read the lead section guide to ensure it summarizes the article.
Financial markets

Bond market
Fixed income
Corporate bond
Government bond
Municipal bond
Bond valuation
High-yield debt


Stock market
Stock
Preferred stock
Common stock
Stock exchange


Foreign exchange market
Retail forex


Derivative market
Credit derivative
Hybrid security
Options
Futures
Forwards
Swaps


Other Markets
Commodity market
OTC market
Real estate market
Spot market


--------------------------------------------------------------------------------

Finance series
Financial market
Financial market participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation


v • d • e
A stock market is a private or public market for the trading of company stock and derivatives of company stock at an agreed price; both of these are securities listed on a stock exchange as well as those only traded privately.

http://www.search.com/reference/Stock_market

[RedDog]

You're such a boob sometimes,

Who's telling us all this stuff about what's going on in China...oh big surprise, it's the communist party that for years was the enemy of capitalism and the hero of the people. This isn't about free markets, progress in China or anything but a bunch of cynical, corrupt and now greedy people who've had the worlds largest population under their complete control for over a half century. If you think the communist party really cares about the people of China read a litttle history...start with Mao, he's right up there with Stalin and Hitler in the killing his own people department. Then consider what some Chinese leaders were saying in the lead-up to Tianamen and how the Peoples Liberation Army was used to attack the people in support of the government.

I know it can be easier going through life without asking any serious questions...and you seem to have perfected it to an artform...but it can get a little embarassing when you keep walking off of cliffs because it's just takes to much damn effort to OPEN YOUR EYES from time to time

[L.D.Hung]

No matter whatsoever party in power is. It is there to rule its people and for the benefit of the majority. A leader is just one person, so what make you think he is powerful enough to kill so many people? And what the killings are for?

Originally Posted by RedDog

You're such a boob sometimes,

Who's telling us all this stuff about what's going on in China...oh big surprise, it's the communist party that for years was the enemy of capitalism and the hero of the people. This isn't about free markets, progress in China or anything but a bunch of cynical, corrupt and now greedy people who've had the worlds largest population under their complete control for over a half century. If you think the communist party really cares about the people of China read a litttle history...start with Mao, he's right up there with Stalin and Hitler in the killing his own people department. Then consider what some Chinese leaders were saying in the lead-up to Tianamen and how the Peoples Liberation Army was used to attack the people in support of the government.

I know it can be easier going through life without asking any serious questions...and you seem to have perfected it to an artform...but it can get a little embarassing when you keep walking off of cliffs because it's just takes to much damn effort to OPEN YOUR EYES from time to time

[Transcendance]

China, India, Japan, Taiwan, the Phillipines, Indonasia and Malaysia make up the East-Asian Manufacturing block. Despite pollution, climate change, starvation and toxicity they will surpass us in technology, sociology and production. China and Japan will be the first to start mass producing hyper-dense residential structures that will hold hundreds of thousands of people with places for them to work, shop and rest with waste management and recycling facilities that will be second to none. The transition won't be pretty and will resemble a bottleneck of desperation where only the most competative will survive and the majority won't make it. Water and food riots, merciless pacification of dissent, economic overhauls, actions of desperation both pessimistic and proactive, religeous fervor will really meet head-on with fierce seccular fundamentalism.

[Dragon]

Originally Posted by Transcendance

China, India, Japan, Taiwan, the Phillipines, Indonasia and Malaysia make up the East-Asian Manufacturing block. Despite pollution, climate change, starvation and toxicity they will surpass us in technology, sociology and production. China and Japan will be the first to start mass producing hyper-dense residential structures that will hold hundreds of thousands of people with places for them to work, shop and rest with waste management and recycling facilities that will be second to none. The transition won't be pretty and will resemble a bottleneck of desperation where only the most competative will survive and the majority won't make it. Water and food riots, merciless pacification of dissent, economic overhauls, actions of desperation both pessimistic and proactive, religeous fervor will really meet head-on with fierce seccular fundamentalism.

They already have this. Ever visit Tokyo? I havent personally, but what i hear from my asian friends, they already have these compartment style living already in teh major cities.

[Ducreux]

Where have you gone internationally, Dragon? I truly am curious.

[Dragon]

Originally Posted by Ducreux

Where have you gone internationally, Dragon? I truly am curious.

If it truely matters, I have been to Canada and Baja California, the only places outside of the USA.

[Ca$hback]

Traveling abroad narrows the mind wonderfully and a broad mind lacks focus.

[Dragon]

Originally Posted by Ca$hback

Traveling abroad narrows the mind wonderfully and a broad mind lacks focus.

This lines sounds "cool", but I do not see how traveling narrows the mind, unless you are talking about where you travel and how a certain topic would be narrowed down to what you want to learn on that topic? What a mouth full...

[Symptom777]

I don't know, after all pigman has bought his own chinese, so he clearly knows everything there is to know about china.

[Symptom777]

BTW, i'll have a 63 with nasi, and give me a goddam fork you backward bastard.

[MPDC]

Originally Posted by Ca$hback

Traveling abroad narrows the mind wonderfully and a broad mind lacks focus.

Your right, travell is very over rated. Sitting back and watching Films would probly be a much better idea.

[Ducreux]

The two idiots on the forum took Cashback seriously.

That's an el oh el moment.

[free tibet]

Originally Posted by Dragon

If it truely matters, I have been to Canada and Baja California, the only places outside of the USA.