Prime, Penelope B.

English

ScholarWorks @ Georgia State University

Georgia State UniversityScholarWorks @ Georgia State UniversityInternational Business Faculty Publications Institute of International Business2000Review of "Forging Reform in China: The Fate ofState-Owned Industry" by Edward S. SteinfeldPenelope B. PrimeGeorgia State University, pprime@gsu.eduFollow this and additional works at: http://scholarworks.gsu.edu/intlbus_facpubPart of the International Business CommonsThis Book Review is brought to you for free and open access by the Institute of International Business at ScholarWorks @ Georgia State University. Ithas been accepted for inclusion in International Business Faculty Publications by an authorized administrator of ScholarWorks @ Georgia StateUniversity. For more information, please contact scholarworks@gsu.edu.Recommended CitationPrime, P. Forging Reform in China: The Fate of State-Owned Industry, by Edward S. Steinfeld, Cambridge University Press, 1998.Education About Asia 5.1 (Spring 2000):62-63.V O L U M E  5 ,  N U M B E R  1  •  S P R I N G  2 0 0 0  EDUCATION ABOUT // M . : ,x<, • - • £3 liiAA A i\. :/ . ; nSK®'\ \lmMk ASIA I Teaching About Asian Economies V O L U M E  5 ,  N U M B E R  1  •  S  p R I  N G  2  0  0 0  EDUCATION ABOUT ASIA F E A T U R E S  nTY OF Cover Photo: A Chinese driver parks his motorized tricycle in front of an advertisement for imported German-made cars in Beijing. December 2, 1999. Photo by Andrew Wong, REUTERS © Re uters NewMedia, Inc./CORBIS O L U M N S TEACHING A SIAN P OLITICAL ECONOMY 6 THE E VOLUTION O F AN E THNOGRAPHIC SURVEY C OURSE BYGENECOOPER (¿BU LIBRARY TEACHING AB OUT SOUTHEAST A SIAN ECONOMICS 9 BY R. L. CURRY, J R. TEN YEARS A FTER 16 ESSENTIAL FEATURES O FAPEC'S E VOLUTION A ND FUTURE PROSPECTS BY DAV ID MCCLAIN EAA INTERVIEW W ITH E DWARD J. LINCOLN 22 GLOBALIZING I NTELLECTUAL PR OPERTY RIG HTS 26 ASIAN R ESISTANCE A ND U.S. PRESSURE BY DENISE EBY KO NAN A ND SUMNER LA CROIX LESSONS FROM D EVELOPMENT OF THE INDONESIAN ECONOMY 31 by William E. James 2 Editor's Message 3 Guest Editor's Message 5 Letters to the Editor 37 Factoids about Asia 56 Web Gleanings by Judith S. Ames R E S O U R C E S  ESSAYS 38 Comparing China to the United States by Peter Frost 40 Money, Anyone? Fulbright Program Funds for Group Projects by Philip C. Brown 44 Literature on Japan for Elementary and Middle School Students by Kazuko Minamoto and Elaine Vukov 49 Economic Analysis of Asia in Middle Schools by Inder P. Nijhawan and Beth S. Eckstein BOOK REVIEWS 59 The Japanese Way of Tea: From Its Origins in China to Sen Rikyü reviewed by David D. Buck 60 Hojoki, Visions of a Torn World reviewed by Mike Sugimoto 61 Beyond Spring: Tz'u Poems of the Sung Dynasty reviewed by Beata Grant 62 Forging Reform in China: The Fate of State-Owned Industry reviewed by Penelope B. Prime 64 Modern China: An Encyclopedia of History, Culture, and Nationalism reviewed by Chen-main Wang 65 Seasons of High Adventure: Edgar Snow in China reviewed by Barbara M ori 67 Stories from South Asia reviewed by Keith Snodgr ass 68 The South Asian Americans reviewed by Anne Hardgrove 69 Dance of Life: Popular Music and Politics in Southeast Asia reviewed by Pa ul A. Rodell 72 Thailand's Boom and Bust reviewed by Sunil Kukreja 73 Books Received List FILM RE VIEWS 74 Sunrise Over Tiananmen Square reviewed by Diana Marston Wood 76 Round Eyes in the Middle Kingdom reviewed by Jonathan Goldstein 77 Trav's Travels China reviewed by Mañeen Kassel 78 Tapoori: Children of Bombay and Daughters of the Veil: Impact of Education on Women in Pakistan reviewed by Keith Snodgrass Education About Asia ISSN 1090-6851 is published three times a year by the Association for Asian Studies, Inc., 1021 East Huron St., Ann Arbor, Michigan 48104. ANNUAL SUBSCRIPTION RATES: Individuals — U.S. mailing address, $18. and non-U.S., $22: Organizations — U. S. mailing address, $24. and non-U.S., $28. For information on your subscription, write to Subscription Department. Education About Asia. 1021 East Huron St.. Ann Arbor. Michigan 48104. Address advertising correspondence to Education About Asia, Association for Asian Studies, Inc.. 1021 East Huron St.. Ann Arbor. Michigan 48104. Address editorial correspondence to Editor. Education About Asia, Hunter Hall #4154. University of Tennessee, Chattanooga. TN 37403. While all manuscripts and photos are handled with care, safe return of unsolicited material is not guaranteed. All unsolicited material must be accompanied by a stamped return envelope. © 2000 by the Association for Asian Studies, Inc. — Materials may be reproduced for classroom use only. — Printed in USA. R E S O U R C E S  B O O K  R E V I E W S  including short biographies of the authors, a glossary of terms, people and places, and a well-chosen bibliography of reference works. Although there a few very small points in this background material that I might quibble with, such as that there are practically no women writers represented until the Ch'ing dynasty (there were, in fact, a significant number of women writing and publishing in the Ming period), this material is, much like the translations of the poems themselves, spare and essential but surprisingly informative, useful and often insightful. Reading it will greatly add to the reader's understanding and enjoyment of the poems, but in a very unobtrusive way. What this means is that the poems themselves retain center stage. The fact that the voices of these Sung dynasty poets speak out with such surpris­ingly poignant clarity and feeling is testimony to the translator's skill. It is up to us to listen with renewed appreciation. • BEATA GRANT is Associate Professor of Chinese and Chair of the Depart­ment of Asian and Near Eastern Languages and Literatures at Washington University in St. Louis. She is the author of Mount Lu Revisited: Buddhism in the Life and Writings of Su Shih (1036-1101) published in 1994, and numerous articles on the topic of women's poetry. She is currently work­ing on a study of the poetry and other writings of Buddhist nuns of the Ming and Qing dynasties. and Culture a> -o o Modern Chinese Literature and Culture is the premier English-language journal devoted to the culture of 20th-century China. MCLC publishes on literature of all genres, film and television, popular culture, performance and visual art, print and material culture, etc. Li-fen Chen The Cultural Turn in the Study of Modern Chinese Literature: Rey Chow and Diasporic Self-Writing Gloria Davies Theory, Professionalism and Chinese Studies Yomi Braester Revolution and Revulsion: Ideology, Monstrosity and Phantasmagoria in Ma-Xu Weibang's Film Song at Midnight Jonathan Noble Titanic in China: Transnational Capitalism as Official Ideology? VOLUME im NUMBER I Subscribe Now! S P R I N G ,  2 0 0 0  To subscribe, send check made payable to The Ohio State University to the address below, or use the MCLC on-line sub­scription services (http://deall.ohio-state.edU/denton.2/mclc.htm Students: $15; Individuals: $20; Institutions: $40 (overseas subscribers add $10) MCLC Subscriptions, Foreign Language Publications, 33 West 11th Avenue, Columbus, OH 43201-2013, e-mail: flpubs@osu.edu Forging Reform in China The Fate of State-Owned Industry By Edward S. Steinfeld NEW YORK: CA MBRIDGE UNIVERSITY PRESS, 199 8 318 PAGES • ^  orging Reform in China by Edward Steinfeld is an M. ambitious attempt to explain the failure of state sector reform in China. The study is well thought out, deals with a broad range of literature, and utilizes case studies. Because the theory assumes familiarity with economic analysis and some knowledge of the Chinese situation, this book is most appropriate for upper division and graduate courses on transition economies or the Chinese economy. Steinfeld argues at length that explanations of problems in transition economies that use a property rights approach are inadequate in the Chinese case. These approaches cannot explain why some firms do well and others do not. In addition, he argues that the issue is not who owns what, but rather the external environment that sets the opportunities and constraints on managerial and government behavior. His alternative approach, which he calls a "nested problems dynamic," focuses on whether or not decision makers face hard budget constraints with real consequences for poor decisions. The author uses three cases of steel companies, Anshan, Ma'anshan and Shougang, to further illustrate and support his argument. On the surface, each of these three large state-owned steel companies has been dealt a different hand in the reform process. Anshan is an example of a firm that was given some managerial autonomy and told to pay attention to market demand. Ma'anshan went public in Hong Kong, altering its ownership arrangements substantially. Shougang was taken off the dole completely and given unprecedented freedom to manage its own strategy. While some successes can be found, the outcome of all three cases was spectacular failure to transform themselves into profit-generating, value-creating enterprises. The underlying problem, Steinfeld argues, is that for a myriad of reasons, despite the reform measures the firms do not have to make a profit to survive. The managers continue to focus on output maximization, 62 EDUCATION ABOUT ASIA Volume 5, Number 1 Spring 2000 R E S O U R C E S  B O O K  R E V I E W S  with access to enough cash to pay their tax obligations. Other obligations can be safely ignored. While the argument is intriguing and the case research is meticulous, several issues are worth contemplating before throwing out property rights and other frameworks altogether. After reading Forging Reform in China, one wonders how China has made any progress at all. The state sector is in disarray, as Steinfeld carefully and lucidly lays out, and other sectors that seem to be doing better are taxed to support the rest. The result should be inflation or declines in output. In fact, one would think that China should already look like Russia. But unless the facts coming out of China are totally wrong, and unless people really are not better fed as one would guess from casual observation, then something must be going right. This is not to say that serious reforms of China's state firms are avoidable—they clearly are not. But whether or not collapse is eminent, it appears that China's gradual, trial-by-error approach has brought substantial progress to date. The question for China, and for Steinfeld's analysis, is where to go from here? As the author points out early in the book, while the closing of poorly performing firms is necessary, massive exit from the market is obviously not desirable. The extension of the author's analysis would be to create the external environment that imposes hard budget constraints on all economic sectors. One concrete suggestion he offers is to begin with the banking sector, making it truly commercial and responsible for lending decisions. This, of course, was the original goal of reforms that shifted budgetary grants to lending via the banking system. It has not worked to date, and it is not clear what would be needed to make it work in the future. Although Steinfeld argues persuasively that privatization cannot work without broader, systemic changes, the alternative is that government itself reforms the external system, in effect taking its bureaucrats out of the picture. The author himself states that all involved now benefit from the current arrangement, making it unlikely that such change would ever occur. The one hope is that even government officials involved in commercial activity might benefit from a better organized, rationalized market, and hence there will be incentives to move in that direction. This study itself, however, does not leave the reader with such optimism. • PENELOPE B. PRIME ea rned her Ph.D. at the University of Michigan and is Pro fessor of Economics at Kennesaw State University in the University of Georgia System. Her teaching and research focus on Asia and the Chinese economy. Dr. Prime has also worked with the World Bank and Interna­tional Research Programs at the U.S. Bureau of Census. Renditions A C Wanc-Ki Nos. 33 & 34 Classical Prose US$25.00 A wealth of material rarely available in English from biographies of recluses to 'eight-legged essays' and the poet Su Dongpo's Taoist prescriptions. Chinese texts appended for most selections. US$25.00 Nos. 41 & 42 Classical Letters Spanning Chinese history from the Han dynasty (206 BC-AD 221) to the Qing dynasty (1644-1911). Portraits of the correspondents and samples of their calligraphy highlight this issue. Other good reading from Renditions Paperbacks Li Yu: Silent Operas edited by Patrick Hanan ISBN 962-7255-07-6 xiii + 202 pp. US$14.95 David Hawkes: A Little Primer of Tu Fu ISBN 962-7255-02-5 xii + 243 pp. US$14.95 A Golden Treasury of Chinese Poetry translated by John turner edited by John Deeney ISBN 962-7255-04-1 xxxiv + 166 pp. US$14.95 Published by Research Centre for Translation Chinese University of Hong Kong, Shatin, N.T., Hong Kong Tel: (852) 2609 7407 Fax: (852) 2603 5110 e-mail: renditions@cuhk.edu.hk website: http://www.cuhk.edu.hk/renditions 63 

Review of  Forging Reform in China: The Fate of State-Owned Industry   by Edward S. Steinfeld

Georgia State University

Georgia State University
ScholarWorks @ Georgia State University
International Business Faculty Publications Institute of International Business
2000
Review of "Forging Reform in China: The Fate of
State-Owned Industry" by Edward S. Steinfeld
Penelope B. Prime
Georgia State University, pprime@gsu.edu
Follow this and additional works at: http://scholarworks.gsu.edu/intlbus_facpub
Part of the International Business Commons
This Book Review is brought to you for free and open access by the Institute of International Business at ScholarWorks @ Georgia State University. It
has been accepted for inclusion in International Business Faculty Publications by an authorized administrator of ScholarWorks @ Georgia State
University. For more information, please contact scholarworks@gsu.edu.
Recommended Citation
Prime, P. Forging Reform in China: The Fate of State-Owned Industry, by Edward S. Steinfeld, Cambridge University Press, 1998.
Education About Asia 5.1 (Spring 2000):62-63.
V O L U M E  5 ,  N U M B E R  1  •  S P R I N G  2 0 0 0  
EDUCATION ABOUT 
// 
M 
. 
: ,x<, • - • 
£3 
liiAA A i\. :/ . ; 
nSK®'\ \lmMk 
ASIA 
I Teaching About Asian Economies 
V O L U M E  5 ,  N U M B E R  1  •  S  p R I  N G  2  0  0 0  
EDUCATION ABOUT ASIA 
F E A T U R E S  nTY OF 
Cover Photo: A Chinese driver parks his 
motorized tricycle in front of an advertisement 
for imported German-made cars in Beijing. 
December 2, 1999. 
Photo by Andrew Wong, REUTERS © Re uters NewMedia, Inc./CORBIS 
O L U M N S 
TEACHING A SIAN P OLITICAL ECONOMY 6 
THE E VOLUTION O F AN E THNOGRAPHIC SURVEY C OURSE 
BYGENECOOPER (¿BU LIBRARY 
TEACHING AB OUT SOUTHEAST A SIAN ECONOMICS 9 
BY R. L. CURRY, J R. 
TEN YEARS A FTER 16 
ESSENTIAL FEATURES O FAPEC'S E VOLUTION A ND FUTURE PROSPECTS 
BY DAV ID MCCLAIN 
EAA INTERVIEW W ITH E DWARD J. LINCOLN 22 
GLOBALIZING I NTELLECTUAL PR OPERTY RIG HTS 26 
ASIAN R ESISTANCE A ND U.S. PRESSURE 
BY DENISE EBY KO NAN A ND SUMNER LA CROIX 
LESSONS FROM D EVELOPMENT OF THE INDONESIAN ECONOMY 31 
by William E. James 
2 Editor's Message 
3 Guest Editor's Message 
5 Letters to the Editor 
37 Factoids about Asia 
56 Web Gleanings by Judith S. Ames 
R E S O U R C E S  
ESSAYS 
38 Comparing China to the 
United States 
by Peter Frost 
40 Money, Anyone? 
Fulbright Program Funds 
for Group Projects 
by Philip C. Brown 
44 Literature on Japan for Elementary 
and Middle School Students 
by Kazuko Minamoto and 
Elaine Vukov 
49 Economic Analysis of Asia in 
Middle Schools 
by Inder P. Nijhawan and 
Beth S. Eckstein 
BOOK REVIEWS 
59 The Japanese Way of Tea: From 
Its Origins in China to Sen Rikyü 
reviewed by David D. Buck 
60 Hojoki, Visions of a Torn World 
reviewed by Mike Sugimoto 
61 Beyond Spring: Tz'u Poems of the 
Sung Dynasty 
reviewed by Beata Grant 
62 Forging Reform in China: The 
Fate of State-Owned Industry 
reviewed by Penelope B. Prime 
64 Modern China: An Encyclopedia 
of History, Culture, and 
Nationalism 
reviewed by Chen-main Wang 
65 Seasons of High Adventure: 
Edgar Snow in China 
reviewed by Barbara M ori 
67 Stories from South Asia 
reviewed by Keith Snodgr ass 
68 The South Asian Americans 
reviewed by Anne Hardgrove 
69 Dance of Life: Popular Music and 
Politics in Southeast Asia 
reviewed by Pa ul A. Rodell 
72 Thailand's Boom and Bust 
reviewed by Sunil Kukreja 
73 Books Received List 
FILM RE VIEWS 
74 Sunrise Over Tiananmen Square 
reviewed by Diana Marston Wood 
76 Round Eyes in the Middle 
Kingdom 
reviewed by Jonathan Goldstein 
77 Trav's Travels China 
reviewed by Mañeen Kassel 
78 Tapoori: Children of Bombay and 
Daughters of the Veil: Impact of 
Education on Women in Pakistan 
reviewed by Keith Snodgrass 
Education About Asia ISSN 1090-6851 is published three times a year by the Association for Asian Studies, Inc., 1021 East Huron St., Ann Arbor, Michigan 48104. ANNUAL SUBSCRIPTION RATES: Individuals 
— U.S. mailing address, $18. and non-U.S., $22: Organizations — U. S. mailing address, $24. and non-U.S., $28. For information on your subscription, write to Subscription Department. Education About Asia. 1021 
East Huron St.. Ann Arbor. Michigan 48104. Address advertising correspondence to Education About Asia, Association for Asian Studies, Inc.. 1021 East Huron St.. Ann Arbor. Michigan 48104. Address editorial 
correspondence to Editor. Education About Asia, Hunter Hall #4154. University of Tennessee, Chattanooga. TN 37403. While all manuscripts and photos are handled with care, safe return of unsolicited material is not 
guaranteed. All unsolicited material must be accompanied by a stamped return envelope. 
© 2000 by the Association for Asian Studies, Inc. — Materials may be reproduced for classroom use only. — Printed in USA. 
R E S O U R C E S  
B O O K  R E V I E W S  
including short biographies of the authors, a glossary of 
terms, people and places, and a well-chosen bibliography of 
reference works. 
Although there a few very small points in this background 
material that I might quibble with, such as that there are 
practically no women writers represented until the Ch'ing 
dynasty (there were, in fact, a significant number of women 
writing and publishing in the Ming period), this material is, much 
like the translations of the poems themselves, spare and essential 
but surprisingly informative, useful and often insightful. Reading 
it will greatly add to the reader's understanding and enjoyment of 
the poems, but in a very unobtrusive way. What this means is 
that the poems themselves retain center stage. The fact that the 
voices of these Sung dynasty poets speak out with such surpris­
ingly poignant clarity and feeling is testimony to the translator's 
skill. It is up to us to listen with renewed appreciation. • 
BEATA GRANT is Associate Professor of Chinese and Chair of the Depart­
ment of Asian and Near Eastern Languages and Literatures at Washington 
University in St. Louis. She is the author of Mount Lu Revisited: Buddhism in 
the Life and Writings of Su Shih (1036-1101) published in 1994, and 
numerous articles on the topic of women's poetry. She is currently work­
ing on a study of the poetry and other writings of Buddhist nuns of the 
Ming and Qing dynasties. 
and Culture 
a> 
-o 
o 
Modern Chinese Literature and Culture is the 
premier English-language journal devoted to the 
culture of 20th-century China. MCLC publishes 
on literature of all genres, film and television, 
popular culture, performance and visual art, 
print and material culture, etc. 
Li-fen Chen 
The Cultural Turn in the Study of Modern 
Chinese Literature: Rey Chow and Diasporic 
Self-Writing 
Gloria Davies 
Theory, Professionalism and Chinese Studies 
Yomi Braester 
Revolution and Revulsion: Ideology, Monstrosity 
and Phantasmagoria in Ma-Xu Weibang's Film 
Song at Midnight 
Jonathan Noble 
Titanic in China: Transnational Capitalism as 
Official Ideology? 
VOLUME im NUMBER I 
Subscribe Now! S P R I N G ,  2 0 0 0  
To subscribe, send check made payable to The Ohio State 
University to the address below, or use the MCLC on-line sub­
scription services (http://deall.ohio-state.edU/denton.2/mclc.htm 
Students: $15; Individuals: $20; Institutions: $40 
(overseas subscribers add $10) 
MCLC Subscriptions, Foreign Language Publications, 33 West 
11th Avenue, Columbus, OH 43201-2013, e-mail: flpubs@osu.edu 
Forging Reform 
in China 
The Fate of State-Owned Industry 
By Edward S. Steinfeld 
NEW YORK: CA MBRIDGE UNIVERSITY PRESS, 199 8 
318 PAGES 
• ^  orging Reform in China by 
Edward Steinfeld is an 
M. ambitious attempt to 
explain the failure of state sector 
reform in China. The study is well 
thought out, deals with a broad 
range of literature, and utilizes 
case studies. Because the theory 
assumes familiarity with economic 
analysis and some knowledge of 
the Chinese situation, this book 
is most appropriate for upper 
division and graduate courses on 
transition economies or the 
Chinese economy. 
Steinfeld argues at length that explanations of problems in 
transition economies that use a property rights approach are 
inadequate in the Chinese case. These approaches cannot explain 
why some firms do well and others do not. In addition, he argues 
that the issue is not who owns what, but rather the external 
environment that sets the opportunities and constraints on 
managerial and government behavior. His alternative approach, 
which he calls a "nested problems dynamic," focuses on whether 
or not decision makers face hard budget constraints with real 
consequences for poor decisions. The author uses three cases of 
steel companies, Anshan, Ma'anshan and Shougang, to further 
illustrate and support his argument. 
On the surface, each of these three large state-owned steel 
companies has been dealt a different hand in the reform process. 
Anshan is an example of a firm that was given some managerial 
autonomy and told to pay attention to market demand. 
Ma'anshan went public in Hong Kong, altering its ownership 
arrangements substantially. Shougang was taken off the dole 
completely and given unprecedented freedom to manage its own 
strategy. While some successes can be found, the outcome of all 
three cases was spectacular failure to transform themselves into 
profit-generating, value-creating enterprises. The underlying 
problem, Steinfeld argues, is that for a myriad of reasons, despite 
the reform measures the firms do not have to make a profit to 
survive. The managers continue to focus on output maximization, 
62 EDUCATION ABOUT ASIA Volume 5, Number 1 Spring 2000 
R E S O U R C E S  
B O O K  R E V I E W S  
with access to enough cash to pay their tax obligations. Other 
obligations can be safely ignored. 
While the argument is intriguing and the case research is 
meticulous, several issues are worth contemplating before 
throwing out property rights and other frameworks altogether. 
After reading Forging Reform in China, one wonders how 
China has made any progress at all. The state sector is in 
disarray, as Steinfeld carefully and lucidly lays out, and other 
sectors that seem to be doing better are taxed to support the rest. 
The result should be inflation or declines in output. In fact, one 
would think that China should already look like Russia. But 
unless the facts coming out of China are totally wrong, and 
unless people really are not better fed as one would guess from 
casual observation, then something must be going right. This is 
not to say that serious reforms of China's state firms are 
avoidable—they clearly are not. But whether or not collapse is 
eminent, it appears that China's gradual, trial-by-error approach 
has brought substantial progress to date. 
The question for China, and for Steinfeld's analysis, is where 
to go from here? As the author points out early in the book, while 
the closing of poorly performing firms is necessary, massive exit 
from the market is obviously not desirable. The extension of the 
author's analysis would be to create the external environment 
that imposes hard budget constraints on all economic sectors. 
One concrete suggestion he offers is to begin with the banking 
sector, making it truly commercial and responsible for lending 
decisions. This, of course, was the original goal of reforms that 
shifted budgetary grants to lending via the banking system. It has 
not worked to date, and it is not clear what would be needed to 
make it work in the future. 
Although Steinfeld argues persuasively that privatization 
cannot work without broader, systemic changes, the alternative is 
that government itself reforms the external system, in effect 
taking its bureaucrats out of the picture. The author himself states 
that all involved now benefit from the current arrangement, 
making it unlikely that such change would ever occur. The one 
hope is that even government officials involved in commercial 
activity might benefit from a better organized, rationalized 
market, and hence there will be incentives to move in that 
direction. This study itself, however, does not leave the reader 
with such optimism. • 
PENELOPE B. PRIME ea rned her Ph.D. at the University of Michigan and 
is Pro fessor of Economics at Kennesaw State University in the University of 
Georgia System. Her teaching and research focus on Asia and the Chinese 
economy. Dr. Prime has also worked with the World Bank and Interna­
tional Research Programs at the U.S. Bureau of Census. 
Renditions 
A C Wanc-Ki 
Nos. 33 & 34 
Classical Prose US$25.00 
A wealth of material rarely 
available in English from 
biographies of recluses to 
'eight-legged essays' and the 
poet Su Dongpo's Taoist 
prescriptions. Chinese texts 
appended for most selections. 
US$25.00 
Nos. 41 & 42 
Classical Letters 
Spanning Chinese 
history from the 
Han dynasty (206 
BC-AD 221) to the 
Qing dynasty 
(1644-1911). 
Portraits of the 
correspondents and 
samples of their 
calligraphy highlight this issue. 
Other good reading from Renditions Paperbacks 
Li Yu: Silent Operas 
edited by Patrick Hanan 
ISBN 962-7255-07-6 xiii + 202 pp. US$14.95 
David Hawkes: A Little Primer of Tu Fu 
ISBN 962-7255-02-5 xii + 243 pp. US$14.95 
A Golden Treasury of Chinese Poetry 
translated by John turner 
edited by John Deeney 
ISBN 962-7255-04-1 xxxiv + 166 pp. US$14.95 
Published by Research Centre for Translation 
Chinese University of Hong Kong, Shatin, N.T., Hong Kong 
Tel: (852) 2609 7407 Fax: (852) 2603 5110 
e-mail: renditions@cuhk.edu.hk 
website: http://www.cuhk.edu.hk/renditions 
63 


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Review of Forging Reform in China: The Fate of State-Owned Industry by Edward S. Steinfeld

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