ABSTRACT
Generally speaking, China’s light industry has been a priority in the country’s overall economic restructuring. It is therefore not surprising that throughout the Tenth Five-Year Plan (2001-2005, hereafter 10th 5YP) over 100 IPO light industry companies were launched. Meanwhile, SOEs-related rules and regulations were gradually renovated, while management standards improved. As the non-state-owned sector rapidly developed, the ownership structure of light industry underwent the following distribution: SOEs accounted for 28.7% of the total number of firms in the industry, while collective firms represented 21.9% and “others” (we assume private and foreign-funded firms mainly) accounted for 49.4%.1
