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Yet most scholars either omit the endpoint to which it is transitioning, orQiye jituan is the term for China’s form of business groups, and thus these two terms are used interchangeably in this paper. 2 The theory of business groups has become part of established economic theory (Granovetter 1994; Leff 1978). Its basic issues and tensions are important to facilitate the empirical discussion below. The predominance of business groups worldwide—outside the U.S. and U.K.—has been well established (La Porta et al. 1999; Khanna and Yafeh 2007). They consist of a group of legally independent companies engaged in diverse industries that are coordinated by a central authority, whether that be a family, an interlocking directorate (board of directors or presidents drawn from each of the group’s companies) or the state. Most notable are the zaibatsu of pre-WWII Japan, keiretsu of contemporary Japan, chaebol of South Korea and grupos economicos of Latin America (see Carney 2008; Colpon et al. 2010). By utilizing intergroup exchanges, financing, project execution capabilities, “big push” simultaneous development of multiple, connected industries, and risk sharing and mutual insurance, business groups facilitate economic growth and national development in the absence of market institutions that perform these functions in the West (Leff 1978; Amsden 1989; Amsden and Hikino 1994; Morck and Nakamura 2007; Khanna and Pelapu 1997).

Simply supply (Western) capitalism or a market economy. China itself claims, and has claimed for two decades, to be a socialist market economy, with ‘reform’, an endless, continuous process, occurring across multiple industries, system and policies. This paper starts from the radical restructuring of state-owned enterprises that was pushed nationally for the first time in 1997/8. Various experiments in decentralization of management (Morris et al. 2002; Cao 2000), trials of business group functions (Sutherland 2001), and closing down of industrial ministries (Garnault et al. 2005; on the oil and petrochemical industry in particular, Lin 2008) were a prelude to the radical changes pushed nationwide for the first time in 1997/8 (Naughton 2008; Oi 2011; Chiu and Lewis 2006). Oi (2011) points to the 15 th Chinese Communist Party Congress in 1997 as the official start to a radical wave, while Oi and Han (2011: 22) declare the ‘late 1990s was the watershed period in China’s corporate restructuring when the nationwide pattern and speed of reform changed markedly.’ Brødsgaard (2012) explicitly names Zhu Rongji (echoing the more general work of Ji 1998, Steinfeld 1998 and Oi 2011 on restructuring of state-owned enterprises) and the 1998 administrative reform as crucial for NOPCs. Yet while the organizational form of the business group—known as the qiye jituan—emerged in the late 1980s and early 1990s (Keister 2000; Sutherland 2001; Hahn and Lee 2006),3 post 1997/8 brought a wave of reorganization (chongzu) and restructuring (gaizhi). Whether referred to as privatization, securitization or corporatization, SOEs nationwide transformed in earnest only after 1997/8 (Morris et al. 2002; Cao 2000; Green and Liu 2005).4 Finally, it was only at this point that the main players in the oil and petrochemical industry were restructured and reor本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。