By Gregory T. Chin
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Additional resources for China's Automotive Modernization: The Party-State and Multinational Corporations
Japan and Korea). g. Nigeria). g. 31 The terms and conditions for foreign investment utilization, contained in the ’94 AIP, were a crucial part, and arguably the most important part of this policy, in terms of developmental impact. This dimension of the AIP has been inadequately examined in the scholarly literature to date. How to use foreign investment was a crucial issue in China’s automotive modernization process. In the AIP, Chinese officials and state planners gave priority not only to measures for encouraging industry consolidation and rationalization in the immediate period.
But again, this was crisis financing. The preferred approach was that of the early 1980s when the state took a hands-off approach and left state automakers to fend for themselves, through a recession. Some JV assemblers took the step of including financial institutions in their JV partnership, such as Shanghai VW62 and Guangzhou Peugeot,63 were better able to weather financial crunches, but only early on in their operations. 64 State investment in the auto industry was RMB 6 billion for 1991–92, 12 percent of the planned investment total for the Eighth Five-Year Plan period (1991–95),65 with the allocations directed mainly at the two big new JV projects at FAW and SAW.
57 The reassertion of the primacy of the Party in the affairs of the state, at all levels, has been especially pronounced in the period since the early 1990s. Overemphasis of coordination problems results in missing the important coordination that has taken place in China’s industrial redevelopment during the reform period. Zeng Peiyan and the SPC used the centralized institutional structures of the Chinese Party-state to bring together a broad-ranging group of domestic stakeholders to formulate and execute the ’94 AIP.
China's Automotive Modernization: The Party-State and Multinational Corporations by Gregory T. Chin