"The paper evaluates the effects of privatization in the post-communist economies and China. In post … institutional development. In China relatively more estimates suggest that privatization to domestic owners improves the level of …-communist economies privatization to foreign owners results in a rapid improvement in performance of firms, while performance effects of …

, selective adaptation, and industrial upgrading. This paper attempts to distill lessons from China's reform and opening up … process, and investigate the underlying reasons behind China's success in trade expansion and economic growth. From its … beginnings with home-grown and second-best institutions, China has embarked on a long journey of reform, experimentation, and …