ࡱ>     %` Dbjbj"x"x u @@Q I&&&Lr8BBBV!!!8!T&"LVx9~"(""""&&&8888888$X;h=89B&%^&&&8""29)&)&)&&l":B"8)&&8)&)&51h,B[2"r" P:2!&18H90x91>)&> [2>B[2x&&)&&&&&&88)&&&&x9&&&&VVVD!VVV!VVV  Financial Structure and the Mythology of Chinas Growth **DRAFT: Please do not quote or circulate** Adam S. Hersh Department of Economics University of Massachusetts, Amherst ahersh@econs.umass.edu **DRAFT: Please do not quote or circulate** Accumulate, accumulate! That is Moses and the prophets! Industry furnishes the material which saving accumulates. KM 1. Introduction: How did firms in China get financing for investment growth? Who is making the allocative decisions and how are investment financing and firm performance monitored and enforced? How is the surplus generated from investment distributed? In other words, which kinds of firms have been growing in China and why? At the center of this development process is a countrys financial structurethe institutions that determine how surplus is collected and allocated for investment, and how investment performance is monitored and enforced. The answer, in large part, depends upon to which of the myriad different property rights regimes emerging and evolving since 1978when China began deconstructing its centrally planned economythat a firm belongs. Probably the most fundamental way to describe these structural changes is the creation of space in the economic cracks between the lumbering SOEs for entry of non-state economic agents. Property rights regimes that emerged ranged from continued state ownership of firms to fully corporatized, publicly traded companies; in between are every conceivable hybrid form of ownership from worker-owned or neighborhood-owned collectives, to public-collective-private-foreign joint ventures, to individual sole proprietorships and wholly foreign firms. The mapping of firms into the groupings of property rights regimes is fairly fuzzy, but each group faced different institutional constraints and opportunitiesand these institutions have changed through three distinct phases of reforms: the market socialist period from 1980-89; the neoliberal consolidation period from 1989 to 1997; and the post-Asian Crisis/WTO accession current period. The subtext of the questions posed above is whether laissez-faire institutions and policies best support development, or whether institutions favoring statist development (industrial) strategies can improve growth outcomes on a sustained basisor whether free market institutions can really work without a strong state hand. Chinas growth experience has been widely studied with respect to the effects of a range of free market institutions and laissez-faire policies, and much research concludes that these factors explain Chinas growth success. Shleifer (2008: 9) writes it is due to nothing other than its adoption of free market policies, and in particular of export-led growth, reflecting what he deems a widespread, triumphant dawning of an Age of Milton Friedman. This Age of Friedman is defined by reliance on market forces within an open economy in a stable macroeconomic environment, with assured property rights, are the keys to rapid economic growth (Balcerowicz and Fischer 2006). This view, in essence, offers a Field of Dreams approach to development: build these institutions, and growth will come. Moreover, failure to build these institutions and misguided efforts to circumvent them through financial repression (McKinnon 1973, 1991; Shaw 1973) and policies that distort a natural pattern of international trade based on relatively abundant factor endowments and comparative advantage-based specialization. Shleifer is far from alone in arguing that liberal institutions and policies, private sector development, and export-orientation explain Chinas growth success. Others offer a weaker free market hypothesis that sees the institutional mix achieved in China as an imperfect substitute for normal market institutions, and in approximation supportive of market-based, export-led growth of labor-intensive manufactures (Woo 1999) witnessed in the embrace of Special Economic Zones (SEZs) export-processing zones, conforming approximately to comparative advantage-based specialization (Lin 2007), and driven by the private and foreign-owned export sectors. Such explanations of Chinas success are at best grossly a-historical. No one thing explains Chinas growth, but what is clear from the historical evolution of Chinas economic institutions is that it very little resembles this free market approach. The changes undoubtedly mark a dramatic revolution from the centrally planned economy in place since the founding of the Peoples Republic of China. But if by free market policies it is meant that market mechanisms unimpeded by state regulation or intervention are allowed to govern resource allocation, prices, market entry/exit, and so oneven if the recent institutional trend leans in this directionit is difficult to conclude from a detailed reading of Chinas institutional reform history that such institutions were present and operating throughout the past thirty years of growth. Instead, the Chinese party-stateat all levels of governmentcontinues to intervene heavily in most aspects of the economy, albeit increasingly over a more diverse range of economic agents, using different instruments, by qualitatively transformed bureaucrats and bureaucratic structure, and pertaining particularly to how growing Chinese firms have financed investment. A long-time Western diplomat and financial professional in China, explained that under Chinas regulatory regime is based on positive libertiesonly economic activities explicitly condoned by the state are permissibleas opposed to a negative liberties approach that allows all but those activities proscribed by regulation. In other words, even while open to the development of private enterprise, the state still wields considerable domain over the sector. Indeed, China embraced foreign capital and exports as a component of its development strategy and created space for private economic activity that had previously not existed. But these changes do not a private capitalist economy make. Rather, Chinas reforms combine elements of a strong state hand at the micro- and macroeconomic levels and industrial ownership with market competition and private profit incentives. While many have tried to affix labels to the resulting complex of China's economic institutionsmarket socialism, bureaucratic capitalism, state corporatism, and capitalist development state are a fewbehind the names it is apparent that the institutions depart quite widely from those envisioned by the private, free market capitalism views expressed above. Section two of this paper provides a brief overview of Chinas growth and investment experience, including in the private and foreign sectors. Whats more, mounting empirical evidence and new insights into macrofoundations of micro-level growth are coalescing to support an emerging new industrial policy approach to development. The developmental state ideas are not new, having themselves originated in historical analysis of the presently advanced economy countries development experiences (e.g. Gerschenkron 1962; Chang 2002). What is new is much stronger evidence about the importance of structural transformation towards industrialization, as well as a framework for understanding micro-coordination failures impeding development and the kinds of institutions and policy interventions that might attenuate them. On both counts, the institutions emerging and evolving throughout Chinas economic reforms serve as a parable for this approach to state-led, free market-defying development strategies are efficacious or even necessary for spurring economic catch-up. Section three provides a review of recent new industrial policy literature that explains why macro-foundations conducive to supporting rapid micro-level growth might look quite different from those suggested by a laissez-faire view on development. This paper seeks to describe and analyze the financial structure governing just one sector experiencing rapid economic growth and technological deepening under Chinas economic reforms: Township and village enterprises, or TVEs. Growing out of pre-reform communes and brigade production teamsthe core production units of the centrally-planned rural economyTVEs sprang up like mushrooms. By 1988, these collectively- and local government-owned industrial and commercial enterprises surpassed 100 million in total employment, helping to transfer a vast reserve army of underemployed labor from agricultural to industrial production. By 1992, TVEs accounted for 35 percent of all industrial output (by value), and numbered nearly half a million enterprises nationwide. Section four provides a detailed accounting of the financial structure presiding over the rapid growth of TVEs, in which local government officials raised funds, allocated investment capital for targeted development, and supplied a host of other bureaucratic inputs. Though a cornerstone of Chinas growth, TVEs are but one component of the forces comprising Chinas overall growth, including growth of truly private-owned and foreign-owned firms; these stories are essential to tell as well. But I focus here first on the TVE case for several reasons. First, understanding the financial structure governing financing of TVE investment and growth clearly reveals the high degree of government intervention in development of TVEs, with very efficient outcomes. Second, many of these institutions supporting TVE development also applied to supporting private enterprise development or were replicated to some degree in reforms to other economic sectors. Thus, private firms were also subject to a high degree of government intervention and support in their development. Third, this financial structure underwent substantial reforms in the wake of the 1989 Tiananmen/inflation crisis. One cannot divorce the political changes of this period from the economic changes, and this time saw Deng Xiaoping secure a base within the Party to push ahead with marketization. Dengs political consolidation transformed and subsequently technocratized the bureaucracies. But rather than take the state out of the market, these reforms generally preserved the prevailing financial structure that allowed government coordination of targeted development, but expanded its scope to all ownership types in pursuit of broad growth. Henceforth, bureaucratic entrepreneurial efforts could walk hand-in-hand with private enterprise and private accumulation (often for those connected to government officials). The concluding section explains how the financial structure has changed following the neoliberal consolidation, and how local officials continue to play a developmental role with enterprises of all ownership forms. 2. Chinas Growth Experience In only three years since 1979 has Chinas real GDP growth dipped below six percent annually (Figure 1). The economy and industrial output were already growing from the end of the Cultural Revolution period (Riskin 1984), but reforms beginning in 1978 accelerated this growth. In the first decade of reforms to 1988, per capita income in China doubled. In response to the 1989 inflationary and political crisis, Chinas central government implemented an austerity program intended to tame inflation and to consolidate the economys industrial structure. Debating the underlying causes of this crisis is beyond the scope of this paper, but it is an important milestone in the creation of Chinas private, free market-led growth mythology that has come to dominate the conventional approach (at least within economics) to understanding Chinas growth experience, and the relevant lessons for other developing countries. The free marketers praised reforms that freed rural dwellers to pursue individual agricultural production, created quasi-private rural industry in TVEs, allowed for small individual private businesses, and opened numerous areas as export processing zones where Chinese industry could specialize in labor-intensive export production and offer preferential tax incentives to lure foreign direct investment. But they attributed the crisis to insufficient marketization of the Dual Track policy pricing reforms that left intact inherent inefficiencies in the state owned enterprises and the financial system and ultimately yielded a failed experiment in market socialism. The free market views answer to the crisis was to move ahead with further market reforms, and to cull the bad behaviors and legacy institutions of the planned economya highly contentious political proposition (and also beyond the scope of this paper). The TVE sector was attacked from two sides. To conservative gradualist reformers, TVEswith their innuendo of private accumulationthreatened the continuance of the SOE system, and ultimately the ideals of socialism; more radical market reformers saw TVEs as embodying too much of the old planned economy, and inhibiting development of private enterprise that were perennially facing shortages of supplies, energy, and capital. Austerity made for a good political compromise: while quelling inflation, authorities could also force a retrenchment of TVEs and claw back on the resources available to local governments for developing TVEs through banks, credit cooperatives, fiscal revenues, and from the supply chain. As a result of the austerity package, real growth fell to 4.1 percent and 3.8 percent in 1989 and 1990. But it was not until Deng succeeded in further political consolidation behind his market reform agenda that he could achieve desired structural change through legislation in 1993 and 1997 that paved the way for increasing private ownership and provided impetus for more privatization of public productive assets. When the brake of austerity was removed, the economy shot ahead, again threatening over-heating, but also validating Dengs leadership and vision for Chinas future economic direction. Though tempered by the Asian financial crisis, Chinas real GDP growth has remained stable and among the fastest in the world for more than a decade. By 2005, real per capita income had increased eight-fold over its 1979 level. Thus, the mythology of Chinas free market-led growth was born. Growth came from the private sector, particularly from export-oriented firms specializing in labor-intensive production, aided by direct investments that brought in foreign technology, managerial know-how, and business practices. Stylized facts against the myth Evidence of the sources of Chinas growth are reflected in the ownership sectors where investment is occurring. Unfortunately, Chinese statistics only help to muddy the waters further. In official Chinese statistics, all non-SOEs are grouped under the unfortunate name of private sector (with SOEs comprising the state sector and communes and collectives comprise the agricultural sector). The name is unfortunate because this category nonetheless contains enterprises that, through numerous institutional forms and at various levels, are most certainly government owned. Also falling under private sector are the things one might expect: private enterprises and sole proprietorships, as well as foreign-owned enterprises. Wu (2005) describes the broad category private sector as the fundamental driving force in China's economic growth...in maintaining economic and social stability; as a source of technological innovation; in resisting recession and accelerating economic recovery after the Asian financial crisis; in re-employment of urban laid-off workers, and in relief for rural poverty and farmers' incomes. Moreover, data at such detail are not available for the full time period under consideration, nonetheless the trends seen after 1996 in Figures 2a and 2b are quite revealing. Figure 2a shows the distribution of investment across different ownership groups as a share of aggregate investment. In this presentation, investment by SOEs shrinks from more than half of all investment in 1996 down to almost 30 percent of the total, while the share of investment by the domestic private sector more than doubles to 42 percent of total. An apparent gradual decline of the state-owned economy as the private economy expands and replaces it. But these categorizations obscure what is happening below the ill-defined headline categories. Contained within domestic private, along with truly private firms and individual businesses, are also TVEs and other collective owned enterprises, public-private joint ventures, and SOEs that had been corporatized with public share offerings, but for which government retained the majority stake (on average, two-thirds of shares). Figure 2b adds collectives and shareholding companies back in with SOEs to approximate a non-private share of investment. We see that investment in the sector over which the state exercises direct domain have held remarkably steady, providing roughly three-fourths of all investment. Truly private enterprise and the foreign sector are also remarkably stable at around 14 and ten percent of total investment over the period. Given Chinas segmented credit system, it is also instructive to infer investment growth from the sources of investment financing, for which there is a more comprehensive time series (Figure 3). First consider domestic loans and state budget allocations. Prior to reform, capital accumulation was planned centrally and investment funds allocated through the state budget. In the mid-1980s domestic loans and (central) state budget sources of funds switched places as bank lending to SOEs increasingly replaced budgetary allocations as a means of financing SOE investment and operation. At the outset of reforms in 1978, the state budget allocated all but 17 percent of total national investment; by 1986, the share of financing outside state budget had increased to 62 percent. One reason for this was the breakup of the monobank Peoples Bank of China into a central bank and specialized commercial and construction, industrial, agricultural, and foreign exchange banks. As these Big Four banks remained but an extension of the central government, itself an attempt to foist SOE financingpreviously budget-allocatedonto the state banks, some of this shift in financing sources merely reflects an accounting change from one branch of government to another. Credit from the formal banking sector seldom ever exceeded twenty percent of economy-wide investment, and the sum of domestic loans and state budget allocations hovered around one-fourth of all investment throughout the time period. Clearly, self-raised funds are the single most important source of investment financing, and increasing in importance as time went on. The increasing importance of self-raised and other funds reflects that households and most enterprises experienced real difficulties in accessing formal bank credit, and also the creative innovations in finance occurring outside the formal banking system in response to these credit constraints. The self-raised and other funds category also covers an unfortunate agglomeration, lumping together sources of development funds from a variety of public and private sources. As defined by annual statistical yearbooks, these funds are comprised of: extra-budgetary funds capital raised through issuing bonds by enterprises or financial institutions, funds raised from individuals and through donations, and funds transferred from other units. This aggregation contains the non-bank sources of rural (non-agricultural) development financing available to local governments as described in this section. But it also contains funds raised for investment in the truly private sector, as well as self-raised funds in profitable SOEs and urban collective enterprises. These funds come from three primary sources: first, revenues raised by various government institutions through their authority to raise funds through their authority to tax or levy fees or penalties, or through their direct ownership interests in productive capital (discussed in the next section); second, through informal or extra-legal financial institutions; or third, from retained profits. The remainder of this paper explores the roots of the first funding source: local governments and their role in development of rural industry. But here I briefly describe the contributions of capital through private and foreign channels to development in China, as they relate to Chinas free market growth mythology. First, the foreign capital story: Given the importance placed on foreign capital for technology transfer and open trade regime for dynamic efficiency, funds from foreign financingcovering private FDI as well as lending from sovereign and international institutionscomprised a very small share of total investment, only accounting for more than ten percent in three of the past 24 years (Figure 3). Certainly these capital injections helped relax macro foreign exchange constraints (for capital goods imports, and so on), but their contribution to developmentat least in the first period of Chinese reformshas disappointed expectations. Foreign direct investment, first allowed in joint ventures and later in wholly-owned foreign enterprises, was opened first in several Special Economic Zones, and later more widely in open cities. But these attracted little of the foreign technology that Chinese leaders desired, instead attracting merely low-tech, labor-intensive investments and real estate speculation. Harding (1987: 160) describes most FDI projects as small enterprises, launched by overseas Chinese from Hong Kong, with low levels of capitalization and fairly unsophisticated technology. Most localities found they had overinvested in infrastructure, at greater cost than expected, in order to attract the little FDI they received. Rather than become an export platform for China, SEZs and open cities quickly became gateways for (illegal) importation of foreign consumer goods that sapped up Chinas hard currency earnings. Figure 4 plots Chinas exports and imports. Despite sharp real exchange rate devaluation from 1980 to 1988, Chinas exports crept up only gradually and China posted a net trade surplus in only one year. The excess demand for consumer goods evident in the wave of illegal imports underscores the fact that Chinas domestic market remained largely segmented from the external economy. Rather than create an export-oriented economy, institutions evolving in the first phase of post-Mao reforms implemented an import-substitution regime in consumer and non-durable goods. Exporting was still a rigorously bureaucratic challenge for most enterprises, but more importantly Chinese exporters were nowhere near international levels of quality and efficiency, and the protection of the domestic market created favorable prices for scarce consumer goods. China did manage to import a lot of equipment, machinery, and supplies for Chinese industry, accounting for roughly 80 percent of all imports (Harding 1987: 149). (Still later on, much of this equipment, machinery, and supplies would be produced domestically and exported by China, indicating a switch in Chinas comparative advantage). Domestic private enterprises, those not able to access formal financing or foreign capital, often raised funds through extra-legal means. Though these channels are often referred to collectively as informal finance, they vary quite a bit in informality from intra-familial lending to institutionalized underground banks and interfirm trade credit. The existence of an informal financial structure operating almost entirely unregulated in a Coasian world outside legal financial institutions has also lead many to attribute Chinas growth success to private, free market institutions. Tsai (2002: 37) finds that three quarters of all credit to the private sector originates in this informal financial structure. While participation in informal finance is widespread among the population, especially among farmers and microentrepreneurs, the scale of informal finance for investment does not seem substantial enough to explain private sector growth. Estimates of the quantity of informal credit are few and far between, but suggest that in 1994-1995 informal credit amounted to 30 to 200 billion yuan per year. To put it in perspective, this between 2 and 15 percent of total self raised funds for investment during those years. A few other caveats are worth noting about the relationship of informal credit to private sector growth. First, not all informal credit is allocated to private sector investmentsome, if not much, of is used in consumption smoothing. Particularly funds from rotating credit associations (or hui, of which there are many different varieties) are often used to finance purchases of large-ticket consumer goods, weddings and funerals, as well as to pay for migration costs, school fees, and household investments. Second, profitable opportunities for private investments were very often dependent upon demand from state-owned or collective-owned enterprises. Though private firms and individual businesses could operate independently (to an extent) and accrue individual profits, many existed but for the coordinating role played by entrepreneurial local governments. Tsai (2002: 75) recounts the experience of a coastal Fujian fishing village that spurred the development of private businesses through the creation of collectively-owned frozen seafood processing factory and other collective enterprises in 1984 that would allow the village to market its products more widely, including through export. Prior to this time, low technological capacity limited profitable markets for fisheries output. As a result banks and informal lenders were unwilling to lend to individuals to invest in fishing boats, other means of production, or ancillary service businesses. But the creation of this industrial TVErisks for which individual entrepreneurs were unwilling or unable to bearsuddenly made such investments viable, and unleashed a spate of private economic activity. This example hints at common practice wherein TVEs or SOEs would subcontract production to private, individual enterprises (and to other TVEs and SOEs, as well). Oi (1999: 137) finds that private firms sold 90 percent of their output to SOEs and TVEs under such sub-contracting arrangements. Finally, interfirm credit has been found to be of a relatively small scale (Cull, et. al. 2007) and associated more with expropriation of publicly owned assets for private gain (Jiang, et. al. 2008), than for funding fixed and working capital expenditures to support development of private enterprise. 3. Macro-founded micro-industrial strategy How can poor countries catch up to rich ones? In contrast to the free market institutions view of development, much recent research is providing empirical evidence and theoretical support for the efficacy, if not necessity, of an industrial policy approach to development. The ideas are not necessarily new, dating back to Friedrich List and running through the early structuralists, the Big Push, and so on, that state-coordination of industrialization is a key to development. What is new, first, is emergence of a set of cohesive stylized empirical facts that highlight the importance of economic diversification, especially into the manufacturing sector, for long-run growth in contrast to outcomes obtained under institutions encouraging specialization of production along comparative advantage lines and with intensive use of the relatively abundant factor(s). Second, a theoretical approach that illustrates a number macro-coordination problems leading to micro-level development failures shows support for growth-enhancing interventions, particularly through shaping the financial structurethose institutions governing allocation and monitoring of capital for investment and distribution of the surplus. By nature a violation of comparative advantage given the relative abundance of labor (and sometimes land) in developing countries, industrialization entails a transition from competing against firms from other low-wage countries to competing against firms from high-wage ones (Amsden 1989: 19). Similarly, Rodrik (2006: 7) observes successful countries have always pushed the limits of their static comparative advantage and diversified into new activities that are the domain of countries considerably richer than they are. Put differently, rather than focusing on what a country already knows how to do well, development requires learning to do other things well, too. But the process of learning to diversify and advance technologically is wrought with informational and other coordination failures under invisible hand market institutions; the visible is capable of helping out the situation considerably. Third, this view provides a credible counter-narrative to the free market institutions explanation of Chinas growth experience. Of course it is important to note that Chinas experience departs from neoclassical institutions on so many accounts: repression of capital through domination of financial institutions through ownership, regulation, capital controls and hard-pegged exchange rate, the subversion of intellectual property rights, and so on, for starters. In many ways, these suggest a shift from central planning to a heavily Keynesian policy of macroeconomic stabilization and expectations coordination coming from substantial government control over the investment process and labor market institutions that promote stable aggregate consumption (also allowing forced saving). Economic management also reflects a financial structure capable of suppressing/averting (for a time) destructive forms of competition. But the approach outlined here further provides a lens through which to understand the Chinese states hand on the financial structure as providing the macrofoundations for successful growth at the micro-level (demonstrated for the case of TVEs in the sections that follow) rather than private, free market institutions. Specialization, Diversification, and Manufacturing The strategic industrialization approach can be seen both in the experiences of early developing countries like the United States, Germany, France, and Japan (Gerschenkron 1962; Zysman 1983; Johnson 1982; Chang 2002) as well as in later developing countries like South Korea (Amsden 1989, 2001; Clifford 1994), Taiwan (Gold 1986), and more broadly across the regions of East and Southeast Asia (Wade 1990; World Bank 1993; Amsden 2001). Lin (2007), though recognizing the pervasive influence of statist economic policies in China, argues that Chinas success has been in striking upon statist policies that shape behavior of micro agents in ways that approximate outcomes based on market principles. Lin calls this a comparative advantage following, or CAF, policy. In this view, government policies coordinated economic activities toward specialization in areas exploiting Chinas relatively abundant factor endowments and comparative advantages. Guided by such free market principles, these interventions could usher China toward efficient resource allocationoutcomes that would be achieved under first-best laissez-faire market institutions, but are otherwise infeasible given China's second-best institutional environment. Additionally, for long-run growth, Lin argues countries must upgrade their endowment structurespresumably by human capital formation via education. Eventually capital accumulation under a CAF development strategy will shift a countrys relatively abundant factors from labor to capital, and the ensuing change relative factor prices can shift the industrial composition leading to development of heavier and technologically advanced industries. Lin's CAF strategy, while allowing for statist development policies, is seen as the only viable approach to development for its conformity to the principles of free market mechanism principles. In this sense, it is a more nuanced reaffirmation of the monolithic free market path to development. Any effort to defy these principles will surely fail, not due to rigidities imposed on capital and labor markets, but due to (a) the inherent non-viability of building heavy industry against the tide of relative factor prices, (b) the corruption bred by moral hazard inherent in sustaining unviable heavy industry with subsidies, and (c) the polarizing inequality resulting from the need to transfer surplus from labor to capital to pay for such subsidies. To summarize CAF, specialization along the lines of Heckscher-Ohlin/Stolper-Samuelson is the key to development, with governmentperhapsplaying a coordinating role and supplying complementary institutions to facilitate this process. In other words, to catch up, countries need to build more than just a field of dreams. Institutions are needed that can channel resources into activities beyond those suggested by specialization in the use of abundant low skill labor (and sometimes land) factors characterizing less developed countries. If it were true that comparative advantage-based specialization were the root of aggregate productivity gains leading to growth, we would expect to see a direct relationship between specialization and average income levels. Rodrik (2006) highlights a number of recent studies indicating, instead, that the converse appears to be true: development requires diversification, not specialization. Imbs and Wacziarg (2003) study patterns of sectoral concentration in a large panel of countries and find that diversification of economic activities is correlated with rising incomes...until countries reach a relatively high level of income. After this threshold, which they estimate roughly as the level of Ireland's per capita income, is further growth associated with increased specialization of economic activities. This is true for diversification from agricultural and primary commodity production to manufacturing, but also diversification of activities within manufacturing. Klinger and Lederman (2004) show that the relationship between diversification and income holds true for exports, as well, with introduction of new export products similarly following an inverted-U relationship in income. That is, increasing introduction of export products is associated with rising incomes until some threshold is reached at a relatively late stage of development after which specialization occurs. Manufacturing seems to be the key here. Not only do countries with larger manufacturing sectors experience faster growth, but growth accelerations are associated with structural changes toward manufacturing. Hausmann, Pritchett, and Rodrik (2005) argue that medium-run growth accelerations in developing countries are actually quite prevalent, although long-term sustained growth are rare. Of the episodes identified, nearly all were associated with a rapid increase in the share of manufactures in exports (Johnson, Ostry, and Subramanian 2006) and increases in the manufacturing share of total employment (Jones and Olken 2005). The evidence further suggests that what is important is the general level of manufacturing, rather than intra-industry shifts in resource allocation within the manufacturing sector. In a comparative advantage-based specialization world, one might expect gains, for example, in shifting resources from capital-intensive manufacturing to labor-intensive following elimination of import substitution regimes in countries where labor is the relatively abundant factor. Such a proposition is not supported by this evidence. Why are diversification and manufacturing so important for growth? Certainly, diversification can lower aggregate risks of macroeconomic shocksparticularly exogenous commodity price or technology shocks to sectors in which countries may otherwise choose to specialize given their factor endowments. But also, and likely more importantly, diversification forges deeper development providing a more fertile ground for the economic linkages that fuel aggregate demand and propagate new ideas and technologies. It is well known that manufacturing activities support substantially larger employment and output multipliers than do agricultural or service activitiesand the heavier the industry, the larger the multiplier effect. Not only do manufacturing industries demand more upstream inputs, but economic geography suggests many service sector activities are tied to manufacturing. Moreover, productivity growth rates in manufacturing typically outstrip that in other sectors. This might help explain why DeLong and Summers (1990) find that just simply investing in production equipment yields a cross-country average return of 30 percent. Finally, the market-complementing institutional and bureaucratic inputs necessary to sustain particular economic activities vary considerably across sectors and industry. Ditto for human capital inputs. Some institutional and human capital forms are more readily scalable and adaptable to new economic activities than others. Other things being equal, a country is better off cultivating institutional and human capital assets that are capable of supporting the widest range of possible activities, thus expanding the realm and making more readily attainable potential activities. Hausmann and Klinger (2006) show this potential is greatest in manufacturing. So, not only do manufacturing activities in general yield higher productivity growth, but they also increase the likelihood and pace of future structural change. Diversification and the entrepreneurial state Why don't developing countries diversify? Aside from receiving economic policy advice to specialize along comparative advantage-based lines, Hausmann and Rodrik (2003, 2006) highlight the fact that diversification to new activities are fraught with information and coordination problems that impede the development process whereby countries climb the ladder to higher levels of technology, productivity, and incomes. As Amsden (1989) has stressed, the industrialization process for late developing countries is one primarily of learning (as opposed to inventing or innovating)learning what kinds of economic activities one can viably pursue, learning how to do these things, and learning how to adapt appropriate technologies from the world innovation frontier to local conditions. Hausmann and Rodrik (2003) dub this discovery of the economys cost structure for the production of new goods. Such discovery requires investment in information that generates positive externalities. Because the information generated is readily appropriable by other entrepreneurs, the private return to such investment lags the social return. A similar situation exists for intra-firm investment in human capital development, where technical knowledge cultivated in workers is readily appropriable by other firms. The information spillover in an environment of free market institutions results in an undersupply of this kind of investment. Note that free market institutions, by facilitating ease of market entry, makes the information spillover problem even more acute. Beyond the informational challenge, coordination failures exist where the return to some investment is contingent upon the existence of other complementary public and/or private investments. As noted above, necessary bureaucratic inputs for different economic activities may be quite complex and vary widely. Discovering the sufficient mix of public inputs is a challenge in and of itself. But free markets may not provide a mechanism by which to coordinate the necessary complementary private investments due to both incomplete information and unenforceable contracts. The resulting coordination failure comprises a classic assurance game whose solution relies on the addition of an external institution, for example the state, which can either fulfill the coordinating role between agents or undertake the welfare-enhancing investment on its own. While growth originates in the industrialization and diversification drive, such structural transformation is not readily possible without the critical contribution of a strong and activist state to attenuate information and coordination problems that stand in the way of development. Traditionally, such practices of state involvement in allocation decisions are seen as distortionary, inefficient, and conducive to rent-seeking behavior and corruption. But the public goods nature of this information problem suggests the state can play an important role in underwriting the costs and risks of entering into new economic activities, including the cost of information discovery of new markets and technologies, and costs of providing complementary investments, and so on. This is consistent with the observed historical experience of industrial strategies pursued (through varying institutional innovations) throughout East and Southeast Asia. New evidence indicates that entrepreneurial contributions from states can reward rapid and lasting returns. While countries promoting export of more sophisticated (i.e. higher productivity) are seen to grow faster (Hausmann, Hwang, and Rodrik 2006), more importantly Hwang (200X) shows that, at a specific product level, there exists a tendency toward unconditional convergence toward the world productivity frontierand quite rapid convergence, at that. What this says is that the mere act of entering into a product market is enough to ensure substantial productivity increases (with the distance from the frontier directly related to the speed of convergence) more or less automatically (Rodrik 2006). The micro-mechanisms behind this item-specific productivity acceleration is not well understood, but much qualitative work suggests it is consistent with successful industrial development policies where governments play a coordinating role to direct credit allocation towards economic diversification into new industries. But, the conclusion is that if industrial policies can support/sustain diversification into new activities, then rapid advances (and a virtuous cycle) are possible. This point also fits well with recent research on episodes of growth take-offs. While takeoffs are rare, growth moment is very important. Thus, targeted industrial policies as such may help spur virtuous growth cycles by helping stimulating a takeoff and maintain momentum. 4. Financial Structure and Development of TVEs The role of township and village enterprises (TVEs) in Chinas reforms is often heralded as evidence of the private sector growth underlying Chinas reform-era economic success. But in fact, this section illustrates that local government officials held the key positions within the financial structure to guide TVEs toward diversified industrialization, the result of which have been highly efficient enterprises (Fu and Balasubramanyam 2003). Clearly, TVEs have played a substantial role in Chinas growth. While state-owned enterprises (SOEs) were owned by central, provincial, and county-level governments and administered by overlapping and often ill-defined layers of bureaucracy, local governments at the most grassroots levels presided over TVEs. This rural industry was not new to the post-Mao era; development of rural enterprises predated the onset of reform to the centrally planned economy in 1978. Chen, et. al. (1992) describe vibrancy and enterprise in villages in Guangdong province in developing profit-making brickworks, agricultural processing, and ancillary machine shop service businesses owned and managed by village councils and brigades as early as 1969. Such industry arose spontaneously within the framework of the centrally-planned economy, from the grassroots, and at the height of the Cultural Revolution. Decollectivization transformed rural governance below the county level from communes and brigades to townships and villages (in order of hierarchical rank). Legal ownership of these local enterprises fell collectively to those in their associated production teams, but ultimately de facto property rightsthose of residual control, residual claimancy, and the right to alienabilitybelonged to enterprise management committees and economic commissionsinstitutions of local government. Reforms that devolved political authority to the localities gave rural local officials great leeway in shaping the form of enterprise growth, including with a variety of different property rights arrangements. In some places, enterprises were collectively owned by the township or village authority, collectively by workers of individual work teams, in joint shareholding arrangements between the local government and individuals or between TVEs originating in different localities, where contracting and defined distribution of surplus between the manager and the township/village government. Private management and opportunity for private gain has further led many to conclude that Chinas TVEs are in actuality de facto private or quasi-private enterprises whose efficiency and success attest to the singular efficacy of free market institutions (e.g. Woo 2006; Nee and Su 1990; Pei 1994). But by looking more closely at the financial structure behind TVEs, it is clear that local governmentsthrough enterprise management committees and economic commissionsretain great power over the control of assets, including alienability rights, and over the distribution of the surplus. This financial structure privileged local government officials with the capacity and the resources to orchestrate industrial development. But unlike development strategies pursued in Japan or South Korea (e.g. Johnson 1982; Amsden 1989) that relied on top-down industrial planning from the central government, the approach emerging in China vested diverse government agents with the authority to pursue their own industrial development strategies, but within an environment of fierce (domestic) competition. experience of Chinas TVEs is of an emergent private sector developing in increasingly free markets. Across the various ownership forms following decollectivization, the practice of contracting out management rights (residual control) over collective assets to private individuals became quite prominent. Several contractual forms emerged across different localities and over time: contracts specifying a fixed rent, a sharecropping-type contract Financial Structure of TVE sector Though private individuals could contract with local governments for enterprise management rights, and reap subsequent private gains, their entrepreneurial inputs were considerably limited in scope and mediated by oversight from presiding local government bodies. Managers could not: set wage rates, determine quantity of labor, make investment decisions, or choose what to produce. Production and profit targets were negotiated in management contracts, with contracts varying in management bonuses and schedules for sharing the surplus with local government at and above contracted quota. Moreover, managers did not enjoy rights of disposal to the surplus generatedlocal governments mandated its uses, limiting bonus remunerations and directing typically fifty to seventy percent of the surplus to reinvestment. I use quotes on negotiated because prevailing institutions vested these enterprising individuals with precious little bargaining power. As both party to and enforcer of management contracts, local government enjoyed de jure and de facto authority to cancel or renegotiate contract terms at will. Managers could neither sell nor relocate capital, and thus could not credibly threaten exit or hold-up in negotiating contract terms. Even for talented managers, whose skills might be in broad demand, restrictions on labor mobility embodied in Chinas household registration system (hukou) limited their ability to relocate in search of better contracts (either in terms of compensation or managerial autonomy). Finally, general credit constraints deterred individuals from expropriating TVE technology and knowledge to establish truly private ventures. Clearly, local government officials held the power and could issue take-it-or-leave-it offers to managers; managers functions were mainly confined to enforcing labor discipline and keeping state assets operating at their production possibilities frontiers. Though it is safe to presume that managers and government officials collaborated closely in market development, investment, and technological adoption decisions, it was the state sitting at the heart of entrepreneurial and capital allocation decisions. This more detailed explication of the institutions governing TVEs casts doubt on the free market/private ownership foundations of growth in Chinas TVE sector. While contracting created incentives for private TVE managers to achieve static profit-maximization in enterprise operations, it left key business decisions explaining TVEs growth dynamicsinvestments to expand into new and increasingly technologically advanced sectorsin the hands of local government officials. But from where did local officials development-orientation come? The answer, alluded to above, is that institutional reformsparticularly in Chinas fiscal systemtransformed local governments into a multitude of atomized, competitive, entrepreneurial micro-agents. Throughout Chinas history, central governments rose and fell on their ability to build government institutions capable of administering taxation throughout such geographically expansive territorya classic principle-agent problem wherein challenging the centers ability to exercise its will over peripheral government outposts (Spence 1994). Wu (2005) argues that post-1978 economic reformers recognized this problem in the centrally administered economy, and sought to apply microeconomic contract theory to re-engineer the mis-aligned incentives of the relationship, retaining the institutional environment of public property rights, but historical evidence and interviews with reform-era economists this may be overstating the . The primary institutional change to extend this structure more universally arose from fiscal reforms. Prior to reform, it was incumbent upon local governments to collect and remit income to successively higher levels of government, which would then be redistributed to localities through explicit revenue sharing formulas and by fiat political considerations. Local governments had little incentive to collect taxes orwith little input over the allocation of fiscal transfersto utilize revenues efficiently. Fiscal reforms turned this structure on its head, devolving much political and decision-making authority from the central government to lower levels of government, all the way down to the village level. Oi (1999) characterizes this process as granting a property right to local officials in the reputation and performance of their political domain, although it is perhaps more fitting just to note that fiscal reforms significantly altered the performance incentives that local officials faced. Fiscal reforms transferred responsibility for investment projects and other government expenditures to local governments, while cutting them off from guaranteed fiscal transfers from higher levels of government. The system did provide a guaranteed safety net to maintain essential basic needs government functions, but the baseline was set sufficiently low to induce local government efforts. In exchange for the onus of self-sufficiency, fiscal reforms created a range of extra-budgetary revenues that localities need not remit to upper-level government, and over which local officials exercised discretion to allocate as they saw fit. In addition, localities remained responsible for collecting budgetary revenues to be remitted to upper-level government, notably industrial and commercial taxes and other income taxes. But instead of remitting these tax revenues and awaiting their lot of fiscal transfers, local governments entered revenue-sharing contracts with the central government. Contracting not only allowed local governments to retain a share of the budgetary revenues, but also afforded an increasing share as receipts increased above contracted quotas. The incentive structure created opportunities for officials to generate surplus revenues for the local governments. Cadres, now responsible for overseeing the development of their local domains, could earn bonuses tied to revenue generation. With the incentive to generate their own revenue sources, came the authority to enforce fees, regulation, and taxation with ad hoc discretion. The small size initially of these extra-budgetary revenues likely explains why the central government so readily ceded them to lower-level governmentthey werent losing much. But the hardening of local officials budget constraints prompted them to seek out their own revenues, through development of economic activities that generated the extra-budgetary revenues they would control. Thus, local governments could raise revenues while supporting targeted economic growth. Local extra-budgetary revenues rocketed in importance from roughly five percent of total government revenues in 1981 to almost two-thirds of total revenue by 1988 (Figure 1). This new financial structure over TVEs in essence linked political advancementto entrepreneurial skills, (Oi 1999: 51) vesting local officials with the task of managing resources for the collective wealth (and also for their own, private wealth, too). Where did extra-budgetary revenues come from? Extra-budgetary revenues included taxes on agricultural, forestry, and animal husbandry activities; property, land, construction, and sales taxes; local enterprise and income taxes; and revenues from fees, fines, and penaltiesincluding fees from contracting of local government-owned TVE assets and from individual entrepreneur licensing fees. The tax incidence of these revenues was remarkably high in many cases. Township governments taxed pre-tax (gross) income of TVEs at 10-20 percent rates. They received a contracted share of TVEs after-tax profits on a sliding-scale based on performance to contracted production targets. They collected a management fee proportional to enterprise salesa sales taxas well as earning a non-tax revenue contract fee, i.e. the managers rent on the local government-owned assets., of twenty percent and up of enterprise profits. On top of these were ad hoc charges, licensing and other fees, and penalties to be assessed. In the early years of reform, a large share of these revenues came from taxation of small-holder agricultural producers, operating for the first time as individual farmers under the Household Responsibility System (in other words, the surplus was transferred from the agricultural sector to finance industrial development), but revenues from industrial and commercial sources soon took over, and took off. Wise officials saw that they could greatly increase their own power within the bureaucratic structure by cultivating development of extra-budgetary revenue-generating activities in their jurisdictionsnamely, the development of industrial and commercial TVEs. Again, officials enjoyed ad hoc discretion in enforcement of taxation and other fees and could wield this to promote development of TVEsalso development of private enterprise, if the officials were so inclined and forward thinking. Local officials held many tools at their disposal to encourage expansion of production into targeted industries. They could effectively subsidize capital costs as well as costs of technological investments and information discovery and market research. Surveys of township officials in many rural counties show that the rules were fungible. Often enterprises launching new product lines or building new plants could receive tax holidays spanning the entire time to capitalization of new assets. Officials could also make adjustments to depreciation accounting rule, adjust which outlays may be accounted against pre-tax and post-tax enterprise profits (each sum of which was subject to different contractual obligations), or offer tax credits against enterprise loan interest and principle re-payments. Tax and fee policies of local officials not only generated substantial government revenues, but afforded officials a mechanism to coordinate industrial developmentthe pace, composition, and balance of growthin their domains. To many, this combination of local government control over a collection of distinct enterprises resembles a corporatist structure. Local enterprise management committees and economic commissions play the role of a board of governors to a growing conglomerate of industrial and commercial enterprises. This view has added to TVEs quasi-private mystique, implying a hands-off oversight role for government bureaucrats, leaving the real running of the enterprise in the hands of private entrepreneurs. In reality, these extra-budgetary revenues were substantial, but not the only pool of resources under the discretion of local officials for development of rural enterprises, and TVEs in particular. While vesting more funds in the hands of development-oriented local officials, these other sources also enabled the local boards to make more hands-on interventions into the operations of enterprises. First, local officials retained control over the disposal of even the enterprises retained profit sharethat is, profits net of taxes and contractual income payments to the local government. It is the presence of this surplus returning to the entrepreneur that gives the quasi-private myth its weight. But in actuality, local officials also retained discretion over the disposal of this surplus, dictating to managers the share available to worker (and manager) bonuses, the share directed to agricultural support, and the share mandated for enterprise reinvestment. He (2006) reports that in many cases, fifty percent of this new investment went to technology development. Oi (1999) finds that a common distribution saw managers allotted twenty percent of net profits for distribution as productivity bonuses for workers (and to the manager), fifty to seventy percent designated for enterprise re-investment, ten to twenty percent agricultural development; it is unclear to what purpose the residual gets used. Second, local enterprise management committees and economic commissions could coordinate what, in practice, amounted to the redistribution of surplus across enterprise units. Sometimes this practice was couched in terms of a kind of inter-firm credit, one enterprise unit lending to another; sometimes in terms of rent paid in advance that the government could then relend to enterprises targeted for development; and sometimes in the form of ad hoc fees and surcharges levied against enterprises. Local governments could also, in a way, redistribute (even more) surplus from peasants and workers to industrialization projects by compelling local residents or enterprise employees to invest in debt securities issued by the township or village, or in cases of larger TVEs, by the enterprise. Third, within the enterprise further surplus could be extracted directly from workers. TVEs were not subject to the same wage and benefit regulations as were SOEs. The predominating labor contract required workers to post employment-performance bonds to management upon hiring. Oi (1999) reports that in several Shandong province localities workers posted bonds of between 300 and 900 yuan (per contract or per annum). Depending on the province and location, this sum may be equivalent to a years or several years incomes for an average rural dweller. Managers, too, were often subject to post performance bonds, at levels commensurate with their higher salaries500 to 2000 yuan. If the enterprise manager or workers failed to hit their production quotas, they would forfeit their deposit to the enterprise; above quota productivity would earn workers some return on their performance bond above saving deposit rates, but presumably below enterprise-wide rate of return. Such a contractual arrangement, it has been shown, is a theoretical flip-side to the efficiency wage solution to the worker effort-discipline micro-contracting problem. In efficiency wage-type models, employers offer workers a rent (and disciplining threat of losing this rent) as a means to induce higher worker effort. In the employment bond case, however, the worker pays a rent to the employer. Though this arrangement achieves higher worker effort and Pareto efficiency in equilibrium, the result is to transfer some of the workers wealth to the firms profits (Bowels 2002: Ch. 8). Bowles (2002: 291) suggests the reason that such contracts are uncommon in practice is due to worker morale issues and strong preferences for reciprocity and fairness. The fact that this labor contract prevails in Chinas TVEs reflects strongly on the state of worker morale and the lack of sense of fairness and reciprocity. Nonetheless, the collected sum of workers bond payments comprised a hefty piggy bank of internal funds for enterprise investment, decisions for which ultimately lay with the local government enterprise management committees and economic commissions. Chinese statistics on TVEs do not report this data, but assuming Ois data points (above) are representative, by 1988 internal funds from employment performance bonds could range from 28.6 billion yuan 85.9 billion yuan, or equivalent to as much as 22 to 67 percent of local extra-budgetary revenues. Parsing Funding Sources Of course, many TVEs also could access credit from banks (the Agricultural Bank of China) and credit cooperatives, but typically this only began after 1984 (He 2006). While SOEs monopolized much of such credit from the formal financial sector, they did not consume all of it and TVEs also received a share. Between the extra-budgetary revenues and the other institutions allowing local governments to coordinate the allocation of surpluses from enterprise workers, managers, and enterprises, local officials had a substantial pool of funds to dispense in pursuit of development goals. As described previously and in Figure 3 above, the self-raised and other funds accounted for between one-third and 82 percent of total investment in China. Unfortunately, the available Chinese data do not allow a precise, direct look at any of the underlying component sources. However, Figure 5 pieces together several sources of funds available to local government officials and compares these with the total of self-raised and other sources. By the late 1980s, the end of the first period of Chinas transformation away from central economic planning, local governments had resources at their disposal for investment in development equivalent to 78 to 84 percent of all investment from self-raised and other funding sources. The available data suggest that Chinas local governments were coordinating a substantial sum of the source of investment funds for TVEs and domestic private enterprise. The central government-imposed austerity program beginning in 1989 led all sources of funding for investment to decline, other than the small, stable share of foreign investment (Figure 3), but in 1993 as the neoliberal consolidation took hold, Figure 5 shows a sharp fall off in these funds for investment under local government control. As discussed in section 5, this resulted from a campaign to starve the beast of TVEs and make more economic space for privatization. Officials entrepreneurial role (or, what they did with the money) Local officials had substantial resources at their disposal for supporting development, but how big a role did they really play? With a new growth orientation, local officials took an active role in entrepreneurship and the development of local enterprises. This role included supplying basic bureaucratic inputs to champion for their local enterprises within Chinas Byzantine bureaucratic structure and to ensure that enterprise had the resources necessary to operate and grow, including finance. But much more than this, local governments played an intimate and activist role in development of enterprise. The kinds of engagement in the micro-mechanisms of enterprise development go well beyond merely playing an allocative function operating parallel to the formal banking system for channeling financial resources to targeted projects. Local officials were the impetus behind enterprises most fundamental business decisions; took the initiative to start firms; made investment decisions; subsidized information discovery costs for market development and adoption of new technologies; and redistributed entrepreneurial risks. Moreover, local officials performed these functions amid increasingly fierce competitive environments for personal professional and market development. With a substantial supply of investable capital, local governments played a central role in subsidizing the information discovery process of learning the potential profitability of various possible economic activitiesand more importantly how to grow to expand the realm of possibilities to even higher value-added activities. A common mechanism employed by officials as such was to call rural enterprise development meetings. These meetings would bring together all local enterprisesoften including private enterprise as wellwith relevant bureaucrats from local and upper level governments (Oi: 1999: 124). This mechanism provided a channel for information to flow from the grass-roots of enterprises up to government, as well as providing a pipeline down which governments can position can filter to enterprises. In this way, local officials encouraged the creation of export production networks to coordinate the design, production, transportation, and marketing of export goods and provided those associations with investment capital, guaranteed supplies of raw materials and power, favorable rates of taxation, and increased access to foreign exchange (Harding 1987: 153). With this information feedback on the needs and abilities of enterprises, officials could take the lead in searching out relevant new technologies. Local officials would secure technical assistance from higher-level government institutions. Often, they would also sponsor study tours for plant managers and technical personnel along with the local officials to visit advanced production facilities and to learn about new products and technologies that could be copied or adapted for local production. Local government initiated a flood of projects, at first (Harding 1987: 116), particularly into markets that promised quick profits, like consumer goods, alcohol, and tobacco. But some localities quickly discovered found they could facilitate technological adoption within TVEs by establishing equipment supply companies. These companies helped ensure the supply of necessary inputs by developing and procuring equipment, and providing consultation for their adoption in local plants. But in so doing, the equipment supply companies opened a channel through which new technologies could be passed down to production in a timely manner. But local officials employed a variety of direct and indirect controls to coordinate economic activities into targeted industries, and perhaps most importantly they exercised ad hoc discretion in enforcing taxation and other fees, regulations, business licensing, and so on. As noted in the introduction, Chinas regulatory system is one of positive liberties: individuals are free to do only what is explicitly allowed by the government. Enterprise development did not proceed unless it fit within the local officials designs, and the flexibility officials enjoyed in enforcing policies provided the capacity and the incentive to cater to industrial development. Local officials held the purse strings to investment funds, and played the gatekeeper to necessary inputs and technology. The result was rapid growth and technological advancement, in terms both of expansion of productive capacity to new industries and attainment of competitive (technical and allocative) efficiency levels. Murakami, et. al. (1994), in a small survey of enterprises, found TVEs to be more efficient than SOEs or urban collective enterprises, but on par with efficiency at many foreign joint-venture enterprises. Other studies find no statistical differences between TVE efficiency and that of foreign joint venture or private enterprises. This, by no means, implies that this institutional configuration was optimal, or that other institutions might yield improvementsit is merely a description of the financial structure of this period where government played an intimate role in the development of rural enterprise and industry. 5. The Neoliberal Consolidation and Bureaucratic Upgrading Needless to say, skilled technocrats and officials would be helpful to this relationship between hands-on government officials and managers of productive capital. Much political reform accompanied the post-1978 economic reforms, transforming less the bureaucratic structure inherited from the Mao era, but more the quality of bureaucracy. Though maintaining a similar authority structure, bureaucrats have gained the capacity and incentive to support growth. Amsden (1989) stresses that development of a skilled technocracynot just the managers and engineers obviously necessary for developing modern and competitive businesses, but the government bureaucrats and officials with the skill set, world view, and will to play a facilitating role in industrial and technological development. In China's case political changes following the rise of Deng Xiaoping and consolidation of his power within the political structure put into place such a technocracy. Dengs political revolution of Chinas bureaucracy culminated in the period from 1989-1993which witnessed Dengs ultimate political triumph in the wake of the 1989 Tiananmen crisis to secure a path forward for the neoliberal reform era. To do so, Dengs intention was to discourage contention, so as to have more time for actiononce disputes begin, they complicate matters and waste a lot of time (Deng 1993). He achieved discouragement of contention and secured his revolution by brokering a deal for the support of the military against his rivals (see Marti 2002). The neoliberal consolidation period that sought industrial restructuring through a pruning of TVEs concluded with some significant changes to the financial structure governing TVE development, and more broadly in other sectors of the economy as well. In the free market interpretation of this period, the changes signify a validation of earlier market reforms and that Chinas reform effort was marching on toward marketization, privatization, and economic liberty writ large. In 1992, SOEs even got a Bill of Rights (Wu 2005: 148-9) to hire and fire workers; set production, prices, and output; invest and dispose of assets, including through mergers and joint ventures, and so on. The 1993 National Peoples Congress further secured private property rights and provided an impetus for privatization of SOEs and COEs (including TVEs) in what is known as the Company Law, allowing for limited liability shareholding corporate governance structures. While the new laws spawned a variety of newly possible ownership forms in China and validated the distribution of surplus to private gains for shareholders, it did not undo the preceding financial structure that gave local officials much control over the course of development, nor did it alter the bureaucratic incentive for successfully promoting growth. It did open more space for a truly private sector, but it also transformed governments into rentiers atop what amount to financial holding companies, money and land trusts, but still with the capacity to shape and support development of firms of all ownership categories. Constructing a Technocracy After coming to power, Dengs early emphasis was on rebuilding the Party infrastructurepurging Reds from the Party ranks and replacing them with technocratic cadres. This not only transformed the Party infrastructure, but significantly strengthened party control by helping overcome divisions lingering from the Cultural Revolution era and re-establishing the chain of command. Dengs lengthy career prior to his 1978 ascent dealt mainly with managing the Party apparatus, and his vision was that political stability and economic progress were dependent on a Party that functioned according to Leninist principles (Meisner 1996: 165). In other words, Deng believed that the state had a central and commanding role in the economic reforms that were to come. The political apparatus inherited by Deng was massive, encompassing some 18-21 million cadres (Meisner 1996: 174). He set about transforming this apparatusnot to preen it to a size more consistent with a limited government supportive of market reformsbut to consolidate his political base and equally importantly to deepen the collective technical capacity of the Party apparatus, thus laying groundwork for a Party apparatus more conducive to modernizing development. Transformation entailed purging older and Redder members and recruiting those with technical skills. In 1980 the Party codified this preference for recruiting scientists, technicians, and others with professional skills to its ranks over those exhibiting appropriate political credentials. By the mid-1980s, some 45 percent of the ministries of the central government held college degrees in engineering, as did 25 percent of provincial Party secretaries and 33 percent of provincial governors (Meisner 1996: 168). The new emphasis on technocracy not only served to create a bureaucracy with the administrative capacity to carry out economic development, but also to depoliticize the bureaucracypart of a broader process of social depoliticization that left the Party as the sole remaining locus of legitimate politics and, with no other outlet, encouraged a politically apathetic population. These created stable social conditions conducive to bureaucrats performing their duties in an orderly manner and in ways they see fit, with little [popular] interference (Meisner 1996: 182). Technical deepening of the bureaucracies combined with a realignment of bureaucratic incentives toward growth (as well as personal enrichment). Depoliticization and professionalization were important for creating a bureaucracy capable of supporting rapid economic growth. But as important were organizational changes toward bureaucratic decentralizationa move that helped remedy inherent principle-agent problems in governance that have long plagued efforts of centralized rule over Chinas vast territory and population. Chinas enormous bureaucracy by most accounts grew even more bloated under Deng, though it grew in new directions. Organizational reforms trimmed some offices and officials from the central government, while [significantly] increasing the number of cadres at the provincial and county levels of government (Meisner 1996: 182), or in other words where government was heavily involved in micro-managing investment financing and development strategies. Political leadership in Zhejiang, one of China's boom provinces, in the Pearl River Delta and bordering Shanghai, is a good example of how much this bureaucratic change gave primacy to technological deepening and industrial development. Provincial Governor Lu Zushan holds a graduate degree in engineering from the Central Party School and, from this beginning, climbed the Party ranks the bureaucracy responsible for development of Zhejiangs manufacturing technical capabilities: Zhejiang Auto Industry Company (an SOE), Enterprise Administration Division of the Machinery Department of the Provincial Government, and so on, before reaching the post of Governor in January 2003. One of Lus Vice Governors, Wang Yongming, who began his career as a technician, Chief of Production, at Hangzhou Steel quickly rose to be the Director of the Industry Office of the Planning and Economy Commission of Zhejiang by 1985. And another, Zhong Shan, had previously served as Chairman and General Manager of Zhejiang Zhongda Group Holdings, a large group of amalgamated companies, cultivated by the Zhejiang provincial government. The amalgamated holdings span light industries from agricultural processing and footwear to heavier manufacturing of advanced textiles and machine tools; taken together, the combined enterprises are among Chinas top 200 exporters. Many other top officials career paths begin somewhere in industrial technology or business administration, and segue into the provincial Planning and Economy Commission or the Industrial Commercial Bureau. So, at the same time that political reform was putting more instruments of development financing at the hands of local governments, skilled technicians and successful managers were brought into positions of power and leadership in governance. Conclusion: Red China as Rentier Beginning in 1993 the institutional the institutional environment for TVEs changed, creating much more space for development of the truly private sector and for privatization of state and collectively owned enterprise. The result has been a pragmatic, agnostic approach of local officials to the appropriate place of different ownership structures in the Chinese economy. That is to say, a close working relationship exists to this day between privately- and collectively-owned firms and government officials for whom success of development objectives is favored with personal and political gain. The austerity program, in part designed to starve the beast of TVEs, clawed back on local government extra-budgetary revenues that had helped fuel TVE growth. Both the austerity crunch and new incentives to privatize resulted in liquidation of under-performing enterprises and consolidation of others into larger industry and conglomerate groups. Again, political decentralization gave local officials choice to steer the shape of these changes in governance and ownership forms of enterprises. A proliferation of structures ensued: limited liability corporations, joint ventures with domestic and foreign entities, free transfer of assets, liquidation or merger, sale to manager or worker cooperatives, listed or unlisted shareholding corporations, as well as many that remained collectively owned by local governments. It is worth noting, also, that a significant amount of corruption ensued with collective assets expropriated for the private gain of local officials or their patrons. Similar reforms proceeded in the SOE sector as well. Full or partial privatization resulted in some form of shareholding governance structure, of which the governments would retain some portion of shares, and even some continuing collectively owned TVEs implemented shareholding structures. Similar reforms occurred with SOEs, which also began a process of cleansing and preparation for public listing on Chinas new stock markets. 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Financial Deepening in Economic Development, New York NY: Oxford University Press. Shleifer, Andrei. 2008. The Age of Milton Friedman. Unpublished manuscript. Spence, Jonathan D. 1991. The Search for Modern China. New York: W. W. Norton Co. Tsai, Kellee S. 2002. Back-Alley Banking: Private Entrepreneurs in China. New York: Cornell University Press. Wade, Robert. 1990. Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization. Princeton, NJ: Princeton University Press. Woo, Wing Thye. 2006. The experimentalist-convergence debate on interpreting Chinas economic growth: a cross-country perspective." In Leszek Balcerowicz and Stanley Fischer (eds.), Living Standards and the Wealth of Nations: Successes and Failures in Real Convergence. Cambridge, MA: MIT Press. World Bank. 1993. The East Asian Miracle: Economic Growth and Public Policy. Washington, DC: World Bank.       See Meisner (2004) provides a thorough overview.  Marti (2002) provides a good discussion of this history.  It is estimated that, in later years, one-fourth to one-third of these foreign inflows may actually be round-tripped domestic funds disguised to achieve favorable tax status.  Some, known as red hats, also posed as state- or collective-owned enterprises to gain access to all the associated benefits, including bank loans. Obviously, such a private business strategy requires a high degree of collusion with local government officials.  The 200 billion yuan figure also includes funds from the formal non-bank financial sector, including rural and urban credit cooperatives and other sanctioned institutions.  While this view allows for long-run dynamic comparative advantage, the thrust of the argument is for all practical purposes based on allocation efficiency determined by static comparative advantage.  Lin's arguments and criticisms seem aimed more towards 1950s-60s era import substitution strategiesideas dominating Mao-era economic development strategies and the intellectual foundations of factions opposing China's retreat from central planningthan towards the realities of late developing countries.  In some instances, residual control was contracted collectively to factory committees comprised of management and worker representatives (Oi 1999: 24).  In other words, for local revenues Y from budgetary taxation TB, Y(TB)>0 and Y(TB)>0.  Data on local extra-budgetary revenues are available only beginning in 1986. Prior to 1986, the line with the triangle hashes only counts estimated funds raised from forced savings through employment bonds.  Ostensibly, the bargain traded the PLAs commitment to refrain from politics and uphold one-party rule for promises to redistribute benefits of liberalization to the PLAincluding through patronage of PLA-owned enterprises and promises of investment in technological upgrading of military hardware.  Austerity also sharpened TVEs, prompting them to become even more efficient and providing an impetus to develop export markets to increase demand for their products, and by 1998 TVEs accounted for 40 percent of Chinas total exports (He 2006: 246).     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E&O)Internal Savings Loans to NFCsdGDPContribution to GDP Growth$Source: Author's calculation of IFS.Annual Growth Rate1Sources: World Bank Financial Structure Database.:Table 1: International Comparison of Financial Depth, 2005%***NUMBERS IN PAPER ARE MORE ACCURATEForeignOffshore?SavingsForeign InvestmentHHsLoans* ConsumptionSources: IFS and CSYB 2006. Flow of Funds.Table Y: Investment and Sources of Funds, 2003RMB10^9 Table 2: Component Shares of GDP+Source: Author's calculation of IMF (2007).X+M(X+M)FDI_in2Foreign Share (BoP basis at market exchange rates)Cumulative ShareTable 4)*Does not necessarily imply repatriation.FAIStock Mrkt (Offshore)*,Source: Author's calculation of CSYB (2006). $ RMB Billions#*For government, securities issued.NFCs* Bank LoansPC GDPDev Ctry GrowthB z&I 8qwA]'oIlo9  !R cc  ' PP PZaajk&ffffff?'ffffff?(?)?"333333?333333?3PH0(  ?(3d 3Q "Real GDP GrowthQ ;"<Q ;"<Q3_  f f@"B  ` MM< R R R R R R9;[! 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