Peter Nolan - Chinese Firms, Global Firms: Industrial Policy in the Age of Globalization

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Chinese Firms, Global Firms

China has achieved remarkable, sustained economic growth under the policies of reform and opening up put into place since the late 1970s. Its industrial policies have nurtured a large group of firms with high profits and a high market capitalization. However, few people in the West can name a single Chinese firm. During the modern era of capitalist globalization, firms from the high-income countries have spread their business systems across the world. This has presented a profound challenge for industrial policy in developing countries, including even China, the worlds second-largest economy. China is unique among large latecomer developing countries in having reached the position of being a huge, fast-growing economy, with a tremendous impact on the rest of the world but lacking a substantial group of globally competitive firms. This volume explores this paradox. Fully understanding the industrial policy challenge that the era of capitalist globalization has produced for China is essential for harmonious international relations.

Peter Nolan holds the Chong Hua Chair in Chinese Development and is Director of the Centre of Development Studies, University of Cambridge, UK. He has spoken at the Chinese Governments annual China Development Forum since its inception in 2000. He has testified at the USChina Economic and Security Review Commission of the US Congress and lectured to the Board of the USChina Business Council. He is a member of the UK Governments Asia Task Force. He holds an honorary doctorate from the Copenhagen Business School. He was awarded the CBE (Commander of the Most Excellent Order of the British Empire) for services supporting Chinas integration into the global economy. The Financial Times commented: Nolan knows more about Chinese companies and their international competition than anyone else on earth, including in China.

Routledge Studies on the Chinese Economy

Series Editor

Peter Nolan holds the Chong Hua Chair in Chinese Development and is Director of the Centre of Development Studies, University of Cambridge, UK.

Founding Series Editors

Peter Nolan, University of Cambridge, and Dong Fureng, Beijing University

The aim of this series is to publish original, high-quality, research-level work by both new and established scholars in the West and the East, on all aspects of the Chinese economy, including studies of business and economic history.

1 The Growth of Market Relations in Post-reform Rural China

A micro-analysis of peasants, migrants and peasant entrepreneurs

Hiroshi Sato

2 The Chinese Coal Industry: An Economic History

Elspeth Thomson

3 Sustaining Chinas Economic Growth in the Twenty-First Century

Edited by Shujie Yao and Xiaming Liu

4 Chinas Poor Regions

Rural-urban migration, poverty, economic reform and urbanisation

Mei Zhang

5 Chinas Large Enterprises and the Challenge of Late Industrialization

Dylan Sutherland

6 Chinas Economic Growth

Yanrui Wu

7 The Employment Impact of Chinas World Trade Organisation Accession

A.S. Bhalla and S. Qiu

8 Catch-Up and Competitiveness in China

The case of large firms in the oil industry

Jin Zhang

9 Corporate Governance in China

Jian Chen

10 The Theory of the Firm and Chinese Enterprise Reform

The case of China International Trust and Investment Corporation

Qin Xiao

11 Globalisation, Transition and Development in China

The case of the coal industry

Huaichuan Rui

12 China Along the Yellow River

Reflections on rural society

Cao Jinqing, translated by Nicky Harman and Huang Ruhua

13 Economic Growth, Income Distribution and Poverty Reduction in Contemporary China

Shujie Yao

14 Chinas Economic Relations with the West and Japan, 194979

Grain, trade and diplomacy

Chad J. Mitcham

15 Chinas Industrial Policy and the Global Business Revolution

The case of the domestic appliance industry

Ling Liu

16 Managers and Mandarins in Contemporary China

The building of an international business alliance

Jie Tang

17 The Chinese Model of Modern Development

Edited by Tian Yu Cao

18 Chinese Citizenship

Views from the margins

Edited by Vanessa L. Fong and Rachel Murphy

19 Unemployment, Inequality and Poverty in Urban China

Edited by Shi Li and Hiroshi Sato

20 Globalisation, Competition and Growth in China

Edited by Jian Chen and ShujieYao

21 The Chinese Communist Party in Reform

Edited by Kjeld Erik Brodsgaard and Zheng Yongnian

22 Poverty and Inequality among Chinese Minorities

A.S. Bhalla and Shufang Qiu

23 Economic and Social Transformation in China

Challenges and opportunities

Angang Hu

24 Global Big Business and the Chinese Brewing Industry

Yuantao Guo

25 Peasants and Revolution in Rural China

Rural political change in the North China Plain and theYangzi Delta, 18501949

Chang Liu

26 The Chinese Banking Industry

Lessons from history for todays challenges

Yuanyuan Peng

27 Informal Institutions and Rural Development in China

Biliang Hu

28 The Political Future of Hong Kong

Democracy within Communist China

Kit Poon

29 Chinas Post-Reform Economy Achieving Harmony, Sustaining Growth

Edited by Richard Sanders and Chen Yang

30 Eliminating Poverty Through Development in China

China Development Research Foundation

31 Good Governance in China A Way Towards Social Harmony

Case studies by Chinas rising leaders

Edited by Wang Mengkui

32 China in the Wake of Asias Financial Crisis

Edited by Wang Mengkui

33 Multinationals, Globalisation and Indigenous Firms in China

Chunhang Liu

34 Economic Convergence in Greater China

Mainland China, Hong Kong, Macau and Taiwan

Chun Kwok Lei and ShujieYao

35 Financial Sector Reform and the International Integration of China

Zhongmin Wu

36 China in the World Economy

Zhongmin Wu

37 Chinas Three Decades of Economic Reforms

Edited by Xiaohui Liu and Wei Zhang

38 Chinas Development Challenges

Economic vulnerability and public sector reform

Richard Schiere

39 Chinas Rural Financial System

Households demand for credit and recent reforms

Yuepeng Zhao

40 Sustainable Reform and Development in Post-Olympic China

Edited by ShujieYao, Bin Wu, Stephen Morgan and Dylan Sutherland

41 Constructing a Developmental Social Welfare System for All

China Development Research Foundation

42 Chinas Road to Peaceful Rise

Observations on its cause, basis, connotation and prospect

Zheng Bijian

43 China as the Workshop of the World

An analysis at the national and industry level of China in the international division of labor

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