It should, however, be noted that the types of ownership
listed in official Chinese statistics are predominantly mixed
forms of ownership, with varying degrees of state-owned
and private shares.
For example, large Chinese state-
owned enterprises may have subsidiaries in China that are
registered as limited liability companies. Moreover, both
state actors and also private investors may hold shares in
incorporated companies. Aclear distinction between state-
owned and private capital cannot be made based on Chinese
official statistics. In addition to formal forms of owner-
ship, there are also a variety of informal interrelationships
between the state and companies, as for example reflected
by party membership or party positions held by senior
In the course of the restructuring reforms in
China’ s state sector, there were cases in which the manag-
ers acquired the company fromthe state and then contin-
ued to operate it privately (cf. Jungbluth 2014a: 198-206).
One can assume that informal relations between state and
business remain close in such situations.