China's state-owned enterprises (SOEs) have achieved significant growth and productivity gains without privatization. Despite that, the regime has since late 1993 been forced to put privatization on the agenda, a development that has reached an important milestone at the Party's 15th Congress of September 1997 and since. At the same time, the private sector has grown phenomenally, controlling close to half of the national economy in many respects by now. The regime has not only been ready to let private capital take over small SOEs, but has been desparate to woo private capital for capital injection into even the largest SOEs. While the regime hopes to retain control of these latter SOEs despite private equity participation, a very real possibility exists for the process to run out of the regime's control.
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