중국 시장화의 비가역성: 시계열적 지역집락 분석 = The Course of Chinese Regional Marketization: Ownership Forms and Market Institutions

다국어 초록 (Multilingual Abstract)

This study observes traits of market transition in Chines provinces and municipalities during the early 2000s. We make regional clusters based on the relative proportions of various ownership forms in regional economies, and compare them to those of the late 1980s by Nee and Cao (1999). We also make regional clusters on Fan and Wang`s (2003) five components of marketization index to capture institutional processes. At the juncture of ownership privatization and institutional marketization, we found two significant patterns during the Chinese market transition at the provincial level. First, marketization in terms of ownership structure shows a non-reversible course from the state-owned, to the collective-owned, and to the private-owned firms. Second, institutional build-ups of the regional market proceed from the development of commodity market, to smaller governments and expanded non-state economy, and finally, to the reform of factor markets and legal institutions. These various steps toward market economy suggest increased disparity in regional developments. In the future development of Chinese regional economy, we expect increasing importance of corporate ownership forms, such as state-controlling firms, shareholding firms, and foreign companies, in response to institutional reforms by provincial governments.