Yong Wang: State-Owned Enterprises under China’s State Capitalism
Despite lower productivity, China’s state-owned enterprises (SOEs) became more profitable than non-SOEs around 2001. Prof Yong Wang of the Department of Economics and HKUST IEMS will show how SOEs monopolized key upstream industries and, during structural change and globalization, extracted rents from the liberalized downstream industries. The seeming prosperity of SOEs is presented as a symptom of reform incompleteness that jeopardizes China’s chance to escape the middle-income trap.
At the April 25, 2015 seminar co-organized by HKUST Business School and HKUST Institute for Emerging Market Studies (IEMS), two speakers examine how China is tackling this fundamental challenge in different sectors of the economy.