By Andre Gunder Frank
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The private shares gradually diminished and finally disappeared in 1959. From 1959 to 1978 the SOEs played a dominant role in Chinese industry, producing more than 90 per cent of the total industrial product. The SOEs functioned as the passive agents of state economic bureaucracy. Managers had little authority over research and development, product innovation, investment planning, marketing, or even such routine matters as production scheduling, material purchases, wage structures, and freely hiring and firing employees.
They have a board of directors, shareholder meetings and auditing systems. The ownership of the banks is effectively separated from the operation. The shareholding banks apply banking balance sheet management, risk management and strict standards for granting loans. In the PRC, long before the state-owned commercial banks began to deal with the default loan problem, shareholding banks already practised the writing off of default loans. The shareholding banks create a competitive environment in the Chinese financial markets.
In February 1981 the `control over the differences between loans and deposits' was changed to `the contract responsibility system for an agreed amount on the difference between bank lending and bank deposits'. That is, the various branches could extend credit on the basis of the level of deposit so that `the higher the level of deposit the larger the amount of credit [that] could be extended'. Xu found that in 1982 M1/GDP kept almost unchanged, in other words, the credit expansion decreased due to the policy adjustment.