The only sources of loans were the four large state-owned banks, and loans available were reserved for the large state-owned companies.
The only companies that had money back then were the large state-owned enterprises that were able to borrow all they wanted from the four large state-owned banks, or perhaps go public on one of the new stock exchanges in Shanghai and Shenzhen.
Alternative lending is popular in China because state-owned banks tend to favour large companies, particularly state-owned enterprises, leaving small and medium-sized companies starved of credit.
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The beneficiaries of that policy are China's "Big Three" automakers--Shanghai Automotive Industry, First Automotive Works and Dongfeng Motor--and a handful of other large, state-owned companies.
That means the state-owned oil companies and large companies operating in the region either need to find new fields and basins or apply new technology to get more out of established ones.
But orders from on high can't change the dearth of funding for Y2K remediation at large state-owned enterprises.
Deregulation of the financial sector would open up opportunities currently ignored in a marketplace dominated by large state-owned banks.
By contrast with their own heavily regulated industries, and large state-owned public-service broadcasters, America's media market looks like a free-for-all.
More recently, large state-owned savings banks and foreign-trade banks have been privatised.
The large state-owned banks have only been comfortable lending to other big state-owned and have been reluctant to provide loans to private SMEs.
They reserve the first and biggest bites for large state-owned enterprises.
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The creation of the Chinese stock market in the early 1990s, however, served a different purpose: to recapitalize and restructure large state-owned enterprises (SOEs) that otherwise would have gone under.
Since 1999, adhering to the principle of "driving product, service and management innovation via system and technology innovation", Wasu has developed into a large state-owned media group in China with rapid development driven by "new media, new network".
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It analyses 85-90 per cent of the responses to the Final PMI from purchasing executives in more than 400 small, medium and large manufacturers, both state-owned and private enterprises.
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According to the company developing the island group - state-owned Nakheel - Palm Jumeirah was built using 100 million cubic metres of sand and rock, and is large enough to be seen from space.
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Instead of occupying state-owned flats, they have learned to build their own large houses with money made in Germany and Switzerland.
Despite high expectations, large-scale debt write-offs or generously-priced purchases of the state-owned Irish banks are unlikely to occur.
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State-owned China National Petroleum Corporation, eager for secure long-term supplies, has bought 40% of a large project in Sudan.
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