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42 THE MAIN PLAYERS IN GAIZHI system, the system that is evolving is in a significant deficit. A privatizing SOE is often given the option of paying all retirement premiums in advance or of continuing with the old firm-based system. In either case the retirees are a social burden on a privatizing firm. Redundant workers include workers dismissed from the firm, xiagang workers, and those who have been “internally retired” (see chapter 4). It is a common practice for local governments to discount the price of state assets to compensate either the privatized firm for taking care of redundant workers or the workers for giving up their state employee status.
Their position has also been strengthened by the government’s aversion to social unrest. The central government requires that every gaizhi plan must be approved by a conference of the employees. The Supreme Court requires that the settlement of labor claims is the first priority when a firm undergoes gaizhi or bankruptcy. Employees therefore are in the position of secured creditors vis à vis their firms. The top priority given to workers’ claims tends to dampen employees’ incentives to monitor management for asset stripping during and before gaizhi.
Gaizhi has been assuming more radical forms, with privatizations accounting for an increasing share in recent years. A number of players have a stake in the gaizhi process. Local governments and enterprise managers have been the most active proponents of reforms, with managers assuming a leading role in later rounds of restructuring. The empirical analysis shows that market liberalization is an important macroeconomic factor leading local governments to release SOE shares into private hands. The analysis also shows that the fear of redundancies hinders the pace of privatization.