Arbeitspapier
The private sector advances in China: The evolving ownership structures of the largest companies in the Xi Jinping era
This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and largest listed companies by market capitalisation since 2010, into state and private-sector categories, using a conservative definition of the private sector. Among the largest companies by revenue, the private sector was non-existent in the mid-2000s but has grown steadily in the past decade, even though the state sector still dominates. The aggregate revenue of private-sector companies grew from zero in Fortune's ranking in 2005 (based on 2004 revenue) to $ 104 billion in the 2011 ranking, or merely 3.8 percent of the $ 2.78 trillion in aggregate revenue for all Chinese companies in the ranking, and to $ 1.7 trillion in the latest 2021 ranking (based on 2020 revenue), or 19 percent of the Chinese companies' aggregate revenue. As for market value of the largest listed firms, the private sector's share in the top 100 listed Chinese companies was only 8 percent at end-2010 but crossed the 50 percent threshold in 2020 and retreated slightly in 2021 to 48 percent, following that year's regulatory crackdown on several private-sector-dominated industries. These findings do not support a narrative of broad based rollback in recent years of previous private-sector expansion.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bruegel Working Paper ; No. 02/2022
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
Economywide Country Studies: Asia including Middle East
- Thema
-
China
Investment
ownership structure
state-ownedenterprise
private-sector enterprise
China
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Huang, Tianlei
Véron, Nicolas
Xu, David
- Ereignis
-
Veröffentlichung
- (wer)
-
Bruegel
- (wo)
-
Brussels
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Huang, Tianlei
- Véron, Nicolas
- Xu, David
- Bruegel
Entstanden
- 2022
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