Some 20 years ago,10-yearold Wang Xingxing watched a documentary that featured a bipedal robot designed by Marc Raibert,now president of U.S.-based robot company Boston Dynamics.That moment planted the seed for his fu...Some 20 years ago,10-yearold Wang Xingxing watched a documentary that featured a bipedal robot designed by Marc Raibert,now president of U.S.-based robot company Boston Dynamics.That moment planted the seed for his future in innovation.Today,operating in China’s private sector,Wang’s company,Hangzhou-based Unitree Robotics in Zhejiang Province,is a globally recognized name in producing high-performance,general-purpose quadruped and humanoid robots.展开更多
The highly anticipated Private Sector Promotion Law of the People's Republic of China officially came into effect on May 20,2025.As the nation's first fundamental law dedicated to private sector development,th...The highly anticipated Private Sector Promotion Law of the People's Republic of China officially came into effect on May 20,2025.As the nation's first fundamental law dedicated to private sector development,this law codifies the principles,policies,and effective practices regarding private sector development implemented by the Central Committee of the Communist Party of China(CPC)and the State Council since the launch of reform and opening up in 1978,and particularly since the 18th CPC National Congress in 2012.Its enactment has sent a powerful message that the rule of law will help guarantee the development of the private sector.展开更多
Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, an...Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, and PEs） in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups （40th-80th） in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups （5th-30th） in SOEs, FEs, and PEs.展开更多
Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engageme...Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engagement has happened progressively in spite of implicit and explicit barriers within China. Reviewing past foreign investments in water supply and sanitation in China, experiences and lessons co-existed, based on the combined analysis both concerning the past practices and current new possibilities, the future cooperation on international private sector participation can be looked forward to.展开更多
Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the sup...Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.展开更多
After years of governance, the momentum of the spread of commercial bribery in China has yet to be effectively curbed. Commercial bribery has become a major form ofcorruption in China, but there are very jew studies o...After years of governance, the momentum of the spread of commercial bribery in China has yet to be effectively curbed. Commercial bribery has become a major form ofcorruption in China, but there are very jew studies on this topic. This paper discusses commercial briber）, in terms of economics on transactions between the supplier （the bribegiver） and the demander （the bribe-taker）, analyzing reasons for the spread of commercial briberyin China from an economic perspective. The authors find that China＇s commercial bribery governance focuses on punishing the public sector and bribe-takers while it lacks sufficient governance measures on the private sector to address bribe-givers. This form of governance is dramatically different from that utilized in countries with mature market economies as well as some international organizations, which have different measures fortackling commercial bribery. Does governance have a causal effect on the spread of commercial bribery in China？The authors use penalty severity to indicate the private sector ＇srole and use a commercial bribery game under perfect rationality and evolutionary game theory models under bounded rationality to reveal the conditions and mechanism of the origin and spread of commercial bribery. The authors also analyze the role of the private sector （the potential bribe-giver） and the role of the punishment mechanism in commercial bribery governance. Results show that the penalties for bribe-giving are less severe than penaltiesfor bribe-taking. There is an especially clear asymmetric relationship between economic penalties for the bribe-giverand economic benefits gained from bribing, and the authors propose that this disparity is the institutional cause of the spread of commercial bribery in China. Froma local equilibrium and static perspective, asymmetric punishment is important for breaking down the alliance between the bribe-giver and the bribe-taken But from the general equilibrium and dynamic perspective, asymmetric punishment raises the potential bribe-giver＇s expected benefits, attracting the potential bribe-giver and encouraging the potential bribe-giver to extend the bribe offer. In this＇ regard, asymmetric punishment is an institutional defect of China＇s commercial bribery governance. Symmetric punishment mechanisms, with an emphasis on prevention and control, makes＇ the bribe-giver and the bribe-taker subject to the same level of criminal punishmentandalso raises a bribe-giver＇s .financial penaltiesto a level higher than the expected benefits. This in turn has the power tolimit the bribe-giver＇s bribery motivation and ability, leading the bribe-giver togive up bribery voluntarily through rational choice, and eventually curbing the spread of commercial bribery.展开更多
This paper aims to achieve these key objectives： （1） to measure the extent to which Libyan tourism businesses embrace the market orientation concept; （2） to evaluate the private and public tourism businesses＇ pe...This paper aims to achieve these key objectives： （1） to measure the extent to which Libyan tourism businesses embrace the market orientation concept; （2） to evaluate the private and public tourism businesses＇ performance; （3） to identify the link between market orientation and tourism businesses＇ performances; and （4） to test the influence of ownership and organisational positions on market orientation-business performance relationship. A number of 582 questionnaires were distributed to high-level executives and clerks in tourism businesses in Libya. The key finding is that there is a growth in market orientation adoption. The performance of the private businesses is judged to be much better than the public one. There is a positive correlation between market orientation and tourism businesses＇ performance. This link is much stronger in the private sector. The market orientation in tourism sector is a critical element to drive business performance even in the less competitive environment such as Libya. The value of the paper is that it is the first paper to focus on market orientation in tourism sector in Libya. Therefore, the paper enriches the marketing literature with findings from the Arabic and North African region. Practically, the paper demonstrates the importance of market orientation to improve the Libyan tourism sector performance. Hence, international businesses, Libyan Government, tourism sector managers and employees should benefit from the results of the study. The paper concludes with limitations and future researches.展开更多
After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic syste...After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic system of government in which civil societies will play a more prominent role. Democratization process is also accompanied by the rise of a strong civil society, which would together result in more efficient and transparent governments at local levels. This article aims to show the dynamic of democratization process in Indonesia, in which civil societies such as business actors, NGOs （non-government organizations）, journalists, scientists, business associations, consumer organizations, etc., play a more apparent role. Focused on the establishment of Private Sector Ombudsman （Lembaga Ombudsman Swasta--LOS） and also its role and responsibility, the author examines how LOS has become an alternative option for consumers to strengthen access to justice. In the last three years, LOS has succeeded in handling more than 200 cases and some of them have been the hottest issues. On the one hand, the emergence of LOS shows that civil society in Yogyakarta has played a significant role in implementing business ethics and good governance principles, and on the other hand, LOS has been proven to be the answer for consumers＇ needs in which consumers＇ complaints settled quickly, informal, and free of charge.展开更多
Since 1978,when China launched its reform and opening up,private enterprises in the country have experienced leapfrog development,and they have become an important force driving China’s economic and social development.
As 2025 unfolds,China’s emphasis on the“three rural”(agriculture,rural areas,and farmers)has reached new heights.In February,two landmark events—the Private Enterprise Symposium[1]and the release of the annual“No...As 2025 unfolds,China’s emphasis on the“three rural”(agriculture,rural areas,and farmers)has reached new heights.In February,two landmark events—the Private Enterprise Symposium[1]and the release of the annual“No.1 Central Document”[2]—sent a clear signal of the nation’s unwavering commitment to prioritizing rural revitalization.展开更多
In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-deca...In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-decade high,a trend that has actively supported the repair of private-sector balance sheets and fueled a robust economic rebound at the start of this year.Meanwhile,the household sector has shifted from deleveraging to leverage stabilization,while the corporate sector showed a tendency to increase leverage.These developments collectively underscore the effectiveness of macroeconomic governance innovation based on national macro balance sheet management.展开更多
Climate change adaptation and poverty alleviation call for an integrated strategy,because poverty exacerbates the vulnerability to climate change and vice versa.The private sector,which has traditionally been excluded...Climate change adaptation and poverty alleviation call for an integrated strategy,because poverty exacerbates the vulnerability to climate change and vice versa.The private sector,which has traditionally been excluded from adaptation planning,may contribute greatly to the development of an integrated strategy.Here,we identify the differences in adaptation trajectories between the private sector and communities by proposing a conceptual framework and report on a case study in a dryland area of China,where the private sector led a successful adaptation and poverty alleviation project.We found that their win-win strategy achieved both climate change adaptation and development,thereby helping a disadvantaged community to escape the poverty trap and achieve sustainable development.The private sector played a dominant role in the response,as this sector can adapt in ways that are not possible for governments or communities.We suggest that participatory governance that includes private-sector stakeholders is more likely to achieve sustainable development.展开更多
Ever since China implemented its reform and opening up policy in the late 1970s,it has engaged in theoretical and practice-based innovations in the development of its private sector.China has experienced four evolutio...Ever since China implemented its reform and opening up policy in the late 1970s,it has engaged in theoretical and practice-based innovations in the development of its private sector.China has experienced four evolutionary stages of private sector development and theoretical innovation:from proposing that the private sector was “subsidiary and complementary to the socialist public sector,” to elevating it to the heights of China’s “basic economic system”;from adhering to the principle of “the two unwaverings,” i.e.,unwaveringly consolidating and developing the public sector on the one hand,and unwaveringly encouraging,supporting,and guiding the development of the non-public sector on the other;and thence to further stating explicitly that “private enterprises and private sector entrepreneurs are one of us;they are socialist.” New theories of private sector development have been created in response to the inherent requirements of the primary stage of socialism,to the choice of the correct path to common prosperity,and to the human behavioral rationality and the laws governing people’s interest claims.The private sector is an important achievement of the development of the socialist market economy;an important force promoting the development of the socialist market economy;and an important actor in the building of the modern economic system.Creating new theories of private sector development has opened up a new realm for Marxist political economy.展开更多
Voluntary research organizations are becoming more significant forces in the study of ‘lights in the sky’ something unusual was happening on the quiet, clear night in Hangzhou, Zhejiang Province, on July 7 this year...Voluntary research organizations are becoming more significant forces in the study of ‘lights in the sky’ something unusual was happening on the quiet, clear night in Hangzhou, Zhejiang Province, on July 7 this year. Because of sightings of an Unidentified Flying Object (UFO), more than 20 flights were postponed for 56 minutes at the city’s Xiaoshan International Airport. Immediately the event was connected with alien spacecraft. Speculations and rumors were everywhere.展开更多
China’s new law offers protections and incentives to private companies Business leaders in China have welcomed the enactment of the Private Sector Promotion Law,calling it a genuine confidence booster.
China encourages private capital entering the energy sector as part of the efforts to promote the sector’s market-oriented reform.The reform is expected to'give full play to the fundamental role of the market in ...China encourages private capital entering the energy sector as part of the efforts to promote the sector’s market-oriented reform.The reform is expected to'give full play to the fundamental role of the market in allocating resources',according to the white paper on China’s energy policy released recently by the Information Office of the State Council.展开更多
文摘Some 20 years ago,10-yearold Wang Xingxing watched a documentary that featured a bipedal robot designed by Marc Raibert,now president of U.S.-based robot company Boston Dynamics.That moment planted the seed for his future in innovation.Today,operating in China’s private sector,Wang’s company,Hangzhou-based Unitree Robotics in Zhejiang Province,is a globally recognized name in producing high-performance,general-purpose quadruped and humanoid robots.
文摘The highly anticipated Private Sector Promotion Law of the People's Republic of China officially came into effect on May 20,2025.As the nation's first fundamental law dedicated to private sector development,this law codifies the principles,policies,and effective practices regarding private sector development implemented by the Central Committee of the Communist Party of China(CPC)and the State Council since the launch of reform and opening up in 1978,and particularly since the 18th CPC National Congress in 2012.Its enactment has sent a powerful message that the rule of law will help guarantee the development of the private sector.
文摘Using CHIP （Chinese Household Income Project Survey） data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types （SOEs, COEs, FEs, and PEs） in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups （40th-80th） in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups （5th-30th） in SOEs, FEs, and PEs.
文摘Water utility is considered as unique among all the natural monopolies. Overseas private sector involvement in water utility operation has been always being a sensitive topic in China. Overseas investment and engagement has happened progressively in spite of implicit and explicit barriers within China. Reviewing past foreign investments in water supply and sanitation in China, experiences and lessons co-existed, based on the combined analysis both concerning the past practices and current new possibilities, the future cooperation on international private sector participation can be looked forward to.
文摘Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.
文摘After years of governance, the momentum of the spread of commercial bribery in China has yet to be effectively curbed. Commercial bribery has become a major form ofcorruption in China, but there are very jew studies on this topic. This paper discusses commercial briber）, in terms of economics on transactions between the supplier （the bribegiver） and the demander （the bribe-taker）, analyzing reasons for the spread of commercial briberyin China from an economic perspective. The authors find that China＇s commercial bribery governance focuses on punishing the public sector and bribe-takers while it lacks sufficient governance measures on the private sector to address bribe-givers. This form of governance is dramatically different from that utilized in countries with mature market economies as well as some international organizations, which have different measures fortackling commercial bribery. Does governance have a causal effect on the spread of commercial bribery in China？The authors use penalty severity to indicate the private sector ＇srole and use a commercial bribery game under perfect rationality and evolutionary game theory models under bounded rationality to reveal the conditions and mechanism of the origin and spread of commercial bribery. The authors also analyze the role of the private sector （the potential bribe-giver） and the role of the punishment mechanism in commercial bribery governance. Results show that the penalties for bribe-giving are less severe than penaltiesfor bribe-taking. There is an especially clear asymmetric relationship between economic penalties for the bribe-giverand economic benefits gained from bribing, and the authors propose that this disparity is the institutional cause of the spread of commercial bribery in China. Froma local equilibrium and static perspective, asymmetric punishment is important for breaking down the alliance between the bribe-giver and the bribe-taken But from the general equilibrium and dynamic perspective, asymmetric punishment raises the potential bribe-giver＇s expected benefits, attracting the potential bribe-giver and encouraging the potential bribe-giver to extend the bribe offer. In this＇ regard, asymmetric punishment is an institutional defect of China＇s commercial bribery governance. Symmetric punishment mechanisms, with an emphasis on prevention and control, makes＇ the bribe-giver and the bribe-taker subject to the same level of criminal punishmentandalso raises a bribe-giver＇s .financial penaltiesto a level higher than the expected benefits. This in turn has the power tolimit the bribe-giver＇s bribery motivation and ability, leading the bribe-giver togive up bribery voluntarily through rational choice, and eventually curbing the spread of commercial bribery.
文摘This paper aims to achieve these key objectives： （1） to measure the extent to which Libyan tourism businesses embrace the market orientation concept; （2） to evaluate the private and public tourism businesses＇ performance; （3） to identify the link between market orientation and tourism businesses＇ performances; and （4） to test the influence of ownership and organisational positions on market orientation-business performance relationship. A number of 582 questionnaires were distributed to high-level executives and clerks in tourism businesses in Libya. The key finding is that there is a growth in market orientation adoption. The performance of the private businesses is judged to be much better than the public one. There is a positive correlation between market orientation and tourism businesses＇ performance. This link is much stronger in the private sector. The market orientation in tourism sector is a critical element to drive business performance even in the less competitive environment such as Libya. The value of the paper is that it is the first paper to focus on market orientation in tourism sector in Libya. Therefore, the paper enriches the marketing literature with findings from the Arabic and North African region. Practically, the paper demonstrates the importance of market orientation to improve the Libyan tourism sector performance. Hence, international businesses, Libyan Government, tourism sector managers and employees should benefit from the results of the study. The paper concludes with limitations and future researches.
文摘After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic system of government in which civil societies will play a more prominent role. Democratization process is also accompanied by the rise of a strong civil society, which would together result in more efficient and transparent governments at local levels. This article aims to show the dynamic of democratization process in Indonesia, in which civil societies such as business actors, NGOs （non-government organizations）, journalists, scientists, business associations, consumer organizations, etc., play a more apparent role. Focused on the establishment of Private Sector Ombudsman （Lembaga Ombudsman Swasta--LOS） and also its role and responsibility, the author examines how LOS has become an alternative option for consumers to strengthen access to justice. In the last three years, LOS has succeeded in handling more than 200 cases and some of them have been the hottest issues. On the one hand, the emergence of LOS shows that civil society in Yogyakarta has played a significant role in implementing business ethics and good governance principles, and on the other hand, LOS has been proven to be the answer for consumers＇ needs in which consumers＇ complaints settled quickly, informal, and free of charge.
文摘Since 1978,when China launched its reform and opening up,private enterprises in the country have experienced leapfrog development,and they have become an important force driving China’s economic and social development.
文摘As 2025 unfolds,China’s emphasis on the“three rural”(agriculture,rural areas,and farmers)has reached new heights.In February,two landmark events—the Private Enterprise Symposium[1]and the release of the annual“No.1 Central Document”[2]—sent a clear signal of the nation’s unwavering commitment to prioritizing rural revitalization.
文摘In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-decade high,a trend that has actively supported the repair of private-sector balance sheets and fueled a robust economic rebound at the start of this year.Meanwhile,the household sector has shifted from deleveraging to leverage stabilization,while the corporate sector showed a tendency to increase leverage.These developments collectively underscore the effectiveness of macroeconomic governance innovation based on national macro balance sheet management.
基金the National Key Tech nology R&D Program(No.2016YFC0501002).
文摘Climate change adaptation and poverty alleviation call for an integrated strategy,because poverty exacerbates the vulnerability to climate change and vice versa.The private sector,which has traditionally been excluded from adaptation planning,may contribute greatly to the development of an integrated strategy.Here,we identify the differences in adaptation trajectories between the private sector and communities by proposing a conceptual framework and report on a case study in a dryland area of China,where the private sector led a successful adaptation and poverty alleviation project.We found that their win-win strategy achieved both climate change adaptation and development,thereby helping a disadvantaged community to escape the poverty trap and achieve sustainable development.The private sector played a dominant role in the response,as this sector can adapt in ways that are not possible for governments or communities.We suggest that participatory governance that includes private-sector stakeholders is more likely to achieve sustainable development.
基金the phased result of a commissioned key project of the Think Tank of the All-China Federation of Industry and Commerce entitled “Research on the Creation of New Theories of Private Sector Development in China”。
文摘Ever since China implemented its reform and opening up policy in the late 1970s,it has engaged in theoretical and practice-based innovations in the development of its private sector.China has experienced four evolutionary stages of private sector development and theoretical innovation:from proposing that the private sector was “subsidiary and complementary to the socialist public sector,” to elevating it to the heights of China’s “basic economic system”;from adhering to the principle of “the two unwaverings,” i.e.,unwaveringly consolidating and developing the public sector on the one hand,and unwaveringly encouraging,supporting,and guiding the development of the non-public sector on the other;and thence to further stating explicitly that “private enterprises and private sector entrepreneurs are one of us;they are socialist.” New theories of private sector development have been created in response to the inherent requirements of the primary stage of socialism,to the choice of the correct path to common prosperity,and to the human behavioral rationality and the laws governing people’s interest claims.The private sector is an important achievement of the development of the socialist market economy;an important force promoting the development of the socialist market economy;and an important actor in the building of the modern economic system.Creating new theories of private sector development has opened up a new realm for Marxist political economy.
文摘Voluntary research organizations are becoming more significant forces in the study of ‘lights in the sky’ something unusual was happening on the quiet, clear night in Hangzhou, Zhejiang Province, on July 7 this year. Because of sightings of an Unidentified Flying Object (UFO), more than 20 flights were postponed for 56 minutes at the city’s Xiaoshan International Airport. Immediately the event was connected with alien spacecraft. Speculations and rumors were everywhere.
文摘China’s new law offers protections and incentives to private companies Business leaders in China have welcomed the enactment of the Private Sector Promotion Law,calling it a genuine confidence booster.
文摘China encourages private capital entering the energy sector as part of the efforts to promote the sector’s market-oriented reform.The reform is expected to'give full play to the fundamental role of the market in allocating resources',according to the white paper on China’s energy policy released recently by the Information Office of the State Council.
