China’s State-Owned Enterprise Reform Since 2013

Starting from the 3rd Plenary Session of the 18th Central Committee of the Communist Party of China, held in November 2013, China initiated another round of state-owned enterprise (SOE) reform. This study examines policy documents, analyzes pilot SOEs, and conducts an empirical study using a unique dataset of control rights transfers between SOEs and privately-owned enterprises in Chinese stock markets from 2014 to 2019. The findings of this study suggest that this round of SOE reform has resulted in stronger, better, and potentially larger SOEs in China. These insights hold significant relevance for investors and policymakers worldwide and contribute to the ongoing debates surrounding China's SOE reform