People-ization was given president Jiang Zemin’s blessing at the 15th Communist Party congress in September.
The term may not sound that radical, but the goal certainly is. Jiang wants to restructure and privatize China’s 300,000 state-owned enterprises. Between them they are believed to account for 43% of China’s industrial output and 57% of its urban employment. According to a report by Credit Suisse First Boston, 75% of them are loss-makers – many “essentially bankrupt” – but kept afloat by state banks forced to lend to them despite already carrying Rmb1.5
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