Michael Garrigues/Flickr

Exploiter le filon compétitif de la Chine

HONG KONG – Le Conseil d'Etat de la Chine a récemment dévoilé un plan global de réforme du marché des capitaux jusqu'en 2020, dans lequel il identifie deux objectifs principaux : « soutenir des processus de marché ouverts, équitables et complets, ainsi que protéger les investisseurs, en particulier les droits des petits investisseurs ». Pour atteindre ces objectifs, comme le plan le reconnaît lui-même, il faudra que les décideurs mettent en balance l’autonomie du marché et l'autorité de l'Etat, l'innovation et la stabilité, la protection des investisseurs et la responsabilisation des acheteurs, la tentation de réformes rapides et la nécessité de pragmatisme. Cela est-il possible?

D'un point de vue politique, l'objectif devrait être de trouver un équilibre entre la concurrence (qui stimule l'innovation au service de la croissance mais peut aussi générer de l'instabilité) et la coopération (qui favorise la cohésion sociale à long terme mais peut aussi conduire à la stagnation). Ce faisant, les dirigeants chinois doivent tenir compte de trois niveaux de concurrence : la concurrence inter-entreprises, la concurrence intersectorielle, ainsi que la concurrence entre les intérêts des citoyens, des entreprises et de l'Etat.

La mise en œuvre d'un cadre de concurrence pour les entreprises est déjà en cours. En 2008, le gouvernement a promulgué une loi anti-monopole visant à prévenir des accords entravant la concurrence ou de « monopole » entre les entreprises, à minimiser les abus de position dominante sur le marché et à bloquer les fusions et acquisitions qui permettraient d'éliminer ou de restreindre indûment la concurrence.

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