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'It is a conventional belief that the Chinese industrial economy is dominated by large state-owned enterprises closely connected with political power. While this perception is correct for some industries, such as petroleum refinery, this fascinating book, edited by Mariko Watanabe, presents us with a vivid picture of another side of the economy, where smaller enterprises specializing in separate modular products compete with each other on the basis of a common platform, contributing to its dynamism. The book combines fresh theories and hypotheses, derived from intimate field work, with empirical testing. This is certainly an eye-opening work for everyone interested in the future of the Chinese economy.' (Masahiko Aoki, Stanford University, US). -- In the past two decades, China has experienced rapid industrial and economic growth. This fascinating book explores the unique Chinese business strategy of vigorous market entry and low prices, which has been the key feature of this accelerated industrial growth. -- Using a rich accumulation of research, the authors lay out a simple microeconomics framework to explain how Chinese industries have developed, aided by vertically disintegrated value chains and utilization of technology and transaction platforms. Case studies of specific industries - including electronics, automobiles, coal and energy, agriculture, finance, and pharmaceuticals - contribute to the comprehensive and timely analysis. -- This book will appeal to scholars and students of industrial development, industrial organization, and development economics, as well as Chinese and Asian studies.

Chap. 1: Imai, Ken-ichi: Privatization in China. Chap. 2: Imai, Ken-ichi: Dynamics of ownership transformation. Privatization of small and medium scale enterprises. Chap. 3: Huang Xiaochun: Privatization of newly-emerging state-owned enterprises. The case of Mailyard Group. Chap. 4: Watanabe, Mariko: Privatization as risk-hedging. Ownership structure and corporate behavior of electric aplliances companies. Chap. 5: Imai, Ken-ichi: Going public. Privatization of large state-owned enterprises via stock market. Chap. 6: Imai, Ken-ichi: Beyond market socialism

Maruya, Toyojiro: Tasks for Hong Kong's economy in the new era. The shift to a service-oriented economy and the introduction of a comprehensive competition policy. Watanabe, Mariko: Insuring an uncertain life. Natures of home purchase demand and financial markets. Ure, John: Hong Kong's telecommunication policy. Lee Pui-tak: Chinese merchants in the Hong Kong colonial context, 1840-1910. Wong Siu-lun: Hong Kong society. Problems of transition and future challenges. Ng Sek-hong: Hong Kong labour and manpower policies. Chow, Nelson: Social welfare and the challenges of a new era. Lee, M. K.: Hong Kong identity. Past and present

Chen, E. K. Y.: Transition from "British colony" to "special administratve region". - S.1-5. Tanigaki, M.: Relationship between Hong Kong and China in the post-1997 era. - S.6-9. Chan, T. M. H.: The Hong Kong economy on the eve of return. - S.10-20. Maruy, T.: Borrowed land: How does the "rug" under Hong Kong economy work? - S.21-30. Watanabe, M.: What does 1997 mean to Japanese businesses? - S.31-34. Ishikawa, K.: Rising cost of social welfare: bill coming due on laissez-faire policy. - S.35-38. Sawada, Y.: Immigration, emigration, migrant labor and employment in Hong Kong. - S.39-44