Abstract
China’s large SOEs operate in the commanding heights of the economy, that is, mostly in the strategic sectors such as energy and power, industrial raw materials, military industry, large-scale machinery building, transport, banking and telecommunications. These SOEs are centrally-administered and guarantee China “a stable supply of energy and main industrial inputs such as steel and chemical materials, safe financial operations, a smoothly operating transportation system, fast-growing communication services across the country, continued progress in high-tech industries, and a substantial increase in automobile production” (Liu 2009: 546). The strategic sectors of the Chinese economy play a vital role not only in economic growth but also in economic transformation; they are frequently used by the central party-state in order to pursue a range of industrial, social and political objectives. Beijing’s focus on reforming and growing the state sector has led scholars such as Huang (2008: 277) to conclude that China is now best characterised as a commanding heights economy, with private enterprise squeezed out of many industries that receive extensive government support.
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© 2014 Monique Taylor
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Taylor, M. (2014). China’s National Oil Companies ‘Go Global’. In: The Chinese State, Oil and Energy Security. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137350558_7
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DOI: https://doi.org/10.1057/9781137350558_7
Publisher Name: Palgrave Macmillan, London
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