employs unique firm-level data from China's most energy-intensive large and medium-size industrial enterprises in each of … these four industries over a six-year period from 1999 to 2004. It empirically examines how China's energy-saving programs … intensity in all four industries. China's industrial policies targeting scale economies -- for example, "grasping the large …

characterizes China's state sector. The model demonstrates the nature of the bargain between the principals (i.e., officials from … China's State Asset Council) and the agents (large-SOE managers). We derive an indifference payoff point, which maximizes … party in the game. This condition helps to explain the inability of China's political economy system to privatize …