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By Yue Wang

This pioneering publication of CJVs (Contractual Joint Ventures) in China unearths the character of CJVs as a kind of non-equity established alliance association, owning either quasi-market and quasi-hierarchy good points. it's one of many 3 significant sorts of FDI (Foreign Direct funding) prescribed via chinese language govt. there's now a considerable examine on EJVs (Equity Joint Ventures) and WFOEs (Wholly international Owned Enterprises). in response to the author's wealthy and large box examine, the publication exhibits that transaction price concerns defined the alternative of CJVs over quasi-market processing and (P&A) assembling contracts at the one hand and EVJs at the different. the writer additionally exhibits why and the way CJVs remained an effective governance constitution over the years in a altering institutional surroundings.

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The source countries for China’s FDI inflow are also highly concentrated. 9 Since China’s reform, Hong Kong took the lead both in contracted and realized FDI value in China, far exceeding the total of all other contributors. Despite some decline after the Asian Crisis, Hong Kong still maintains its leading role. 3 percent of the total FDI. In 1998, the percentage share of 9 After the hand back of Hong Kong to China in July 1997, its status as a dependent territory has not changed much compared with that under British sovereignty.

11 11 The so-called ‘touch base’ policy refers to the Hong Kong government’s policy towards illegal immigrants before 1981, which allowed illegal immigrants (mostly from mainland China) who successfully landed in Kowloon and Hong Kong to apply for Hong Kong resident status. This policy was terminated on 26 October 1981, after which all illegal immigrants were not allowed to apply for resident status and not allowed to work in Hong Kong (Hong Kong Yearbook 1982). 36 Yue Wang Guangdong’s geographic location is a crucial determinant of its attractiveness to manufacturing investment from Hong Kong.

In 1993, the investment in the real estate and public utilities sector rose more than 140 percent, contributing the lion’s share of total contracted FDI (Lu & Tang 1997). g. , Cheung Kong Holdings) were the leading players. FDI in China and Hong Kong’s Investment in Guangdong 33 A salient feature of China’s FDI inflows is the highly uneven regional distribution, with the FDI concentrated in coastal provinces (Zhang 1999). 2 shows the south China province of Guangdong took a disproportionately large share of total FDI in China.

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