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The testimony at the two-day hearing focused on China's intentions to create what it calls national champion firms in 12 industries over which Beijing has determined that it will maintain continued state ownership or control. These giant corporations, that China intends to equip to compete successfully on a global scale, will be fashioned from some of the estimated 167,000 companies that are currently state-owned. Today, many of the smaller companies in this group, particularly those affiliated with provincial or municipal governments, either are failing or are poorly run. A substantial number are unable to make payments on their bank loans. However, with a boost from a wide variety of government subsidies, including new infusions of cash from state-owned banks, the new consolidated companies, closely linked to the central government, will be equipped to compete effectively with U.S.-based companies in China, in the United States, and in many third-country markets.

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9781477490365

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