CORPORATE GOVERNANCE IN CHINA - EXPLOSIVE GROWTH AND NEW PATTERNS OF OWNERSHIP

China is simultaneously growing and transforming from a command to a m arket system. The process of reform began earlier than in Eastern Euro pe, but the state owned enterprise sector remains an intractable probl em. What has accounted for the remarkable rate of economic growth sust ained over the last 20 years, are the spontaneous entrepreneurial effo rts of the collectively owned Township and Village Enterprises (TVEs), and the Private and Individual Enterprises (IOEs). Together with the widespread distribution of shareholding, this could represent the foun dations of a stakeholder economy. The success of further economic refo rm will depend on the perception of the Chinese people's stake in the future of their country. (C) 1998 Elsevier Science Ltd. Ail rights res erved.