Privatization of Socialist Enterprises in Eastern Europe

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The purpose of this project is to investigate current situation and problems of privatization of state-owned enterprises focusing our attention upon mainly Poland and China. The principal research finding are as follows.1.As far as the statistics on privatized companies' perfomance in Poland since 1990 are concerned, it is difficult to suggest the Polish privatization has been successful.2.It is also difficult to observe the dismantling tendency of a distorted structure coming from the former centrally planned system.3.This failure could be explained by lack of newly established private companies. The main reason is shortage of capital and technology in Poland. In addition to it, political battles led to late implementation of privatization.4.As regards way of a creating market-oriented actor, privatizing a state-owned company is not only one. Another way is to let investators to set up a new company. China adopts this way, introducing direct investments of foreign capitals. This is a driving force of Chinese high economic growth.5.However, the reform of state-owned enterprise in China is undoubtly delayd. They connot close a deficit-making enterprises because they are not free of socialist ideology and afraid of unemployment problem.6.In order to rationalize state-owned enterprises in China, it is necessary to develop more non-planned sector and to expand employment opportunities one hand, to establish social insurance system on the other hand.7.Genellaly speaking, East Europe could learn a lesson from the experience of Chinese way of creating a market-oriented actor through setting up a new private company, and China could get a suggestion from the experience of privatizing state-owned companies in East Europe, especially from the experience of liquidating inefficient companies.