She also reduced Britain's huge and loss-making state-owned industries, nearly a third of the economy, to less than one-tenth, by her new policy of privatization inviting the public to buy from the state industries, such as coal, steel, utilities and transport by bargain share offers.
In the U.S., government has become too closely aligned with the financial industry and its interests, and in China, the party exercises dominance and control of the economy through state-owned enterprises, many of which have become dependent on real estate speculation to be profitable.
Pemex, the state-owned oil company that dominates the Mexican economy, recently announced deep-water oil discoveries in the Gulf of Mexico, suggesting the company might be able to slow the decline of its production.
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The provincial government granted Zhejiang the exclusive right to construct and operate major highways in Zhejiang Province - which, as home mainly to township enterprises, private companies and foreign enterprises rather than rickety state-owned enterprises, enjoys a relatively healthy economy.
The Chinese government controls the banks, thus it can make them lend, and it can force state-owned enterprises (one-third of the economy) to borrow and to spend.
The liquidity which the Chinese government so quickly and forcefully injected into the economy mainly benefited leading state-owned enterprises, who used the money for land speculation to their own benefit.
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During a trip last week to Chongqing, businesspeople from different fields told me its economy is basically healthy, though uncertainty hangs over the leadership jobs at some state-owned companies, the global business outlook and efforts by China to restructure its own economy.
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Although most of the economy is now private, state-owned firms still account for 60% of industrial output.
To the Bank's technocrats, it was obvious that the country had too many banks, many of them state-owned, and that they were not serving the economy at all well.
The "command" part of the economy--namely the state-owned enterprises, the banks (which, though privatized, are still heavily influenced by directives from the People's Bank of China) and the heavy industry companies--will benefit from extra infrastructure spending.
In Brazil, where it is often said that an activist industrial policy helps to explain why the economy has been thriving, a surging state-owned development bank, BNDES, is probably crowding out other sources of finance (see article).
Although the economy is reviving, the banks (especially state-owned Landesbanks) are troubled and growth will remain sluggish.
But a regional downturn in the past few years has exposed several weak areas in the economy, besides the obvious problems of Vietnam's big state-owned firms.
He implemented a radical programme of free-market reforms, removing subsidies, privatising state-owned companies and reducing the role of the state in almost all spheres of the economy.
To develop the economy as rapidly as possible, Chiang and his planners directed state-owned companies to work with Nationalist Party-owned companies, public investment funds and government research organizations, as well as private companies.
Millions of people who previously had little or no stake in the economy found themselves being able to own their houses and buy shares in the former state-owned businesses.
When combined with the original state-owned firms that Indonesia still promises to privatise, these assets offer the government a golden opportunity to reshape the economy.
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