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Despite being less profitable - the average return on equity is 4% - state-owned enterprises have easier access to funding than purely private enterprises. The government has encouraged state-owned enterprises to consolidate, favoured them in regulation, and awarded them contracts and subsidies; this
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In 2008β2012, the government's stimulus package, a response to the global financial crisis, pushed up inflation and increased liquidity; this exacerbated the problem of guo jin min tui. As part of the stimulus, the government continued to prop up individual SOEs whilst letting private enterprises
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refused to service private carriers on the same generous terms given the big three. Chinaβs only computerized reservation system β currently one-third owned by the three state airlines β refused to book flights for private competitors. And when mismanagement and the 2008 economic crisis drove the
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Six years ago, the central government invited private investors to enter the business. By 2006, eight private carriers had sprung up to challenge the three state-controlled majors,
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This contrasts with an earlier phase of economic liberalisation in China, where the private sector was seen as flourishing and generating growth; in the late 1990s,
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However, in some contexts, "guo jin min tui" has been contrasted with "guo jin min ye jin", meaning "the state and the market develop together".
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fall by the wayside. There have been calls for this system to be reformed, increasing competition and hence productivity.
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three majors into financial straits, the central government bought stock to bail them out.
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crowds out other competitors, both domestic and foreign, undermining the economy.
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The Nature, Performance, and Reform of the State-owned
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China State
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weeded out some of the weaker state-owned enterprises.
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Retreat of the state, advance of the private sector
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180:Air China
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