Broadman recalls working with the Chinese leadership on restructuring state-owned enterprises and corporate governance reform in the early 1990s while he was at the World Bank.

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Much work remains to be done, from the reform of state-owned enterprises (SOEs) to boosting social-security provisions.

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Instead, he spent the summer and fall slowly rebuilding the consensus behind the reform movement, patiently pushing the argument that China could not overhaul its inefficient state-owned enterprises without opening up further to international competition.

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In 1994, China launched the "Golden Projects, " designed among other things to reform banking and financial sectors, and state-owned enterprises, and improve tax and customs enforcement.

CENTERFORSECURITYPOLICY: Center For Security Policy