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Full-Text Articles in Law
China, Nicholas C. Howson, Lester Ross, Donald Clarke
China, Nicholas C. Howson, Lester Ross, Donald Clarke
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The mere notion of bankruptcy, liquidation or reorganisation of industrial enterprises was long considered anathema in the People's Republic of China (PRC or China), and directly contrary to the underlying logic of a centrally planned, state-owned economy and industrial system. The state's reluctance to allow bankruptcies was rooted in the ideology of the governing Communist Party but also reflects fiscal constraints with respect to payments to unemployed workers and the recapitalisation of state-owned commercial banks forced to write off loans as bad debts. However, such notions have gained wider acceptance concurrent with:
- China's ongoing transformation to a socialist market economy; …