“…During this period, industry-wide umbrella SOEs were formed to provide a degree of coordination across production units but were also seen as another unnecessary layer of bureaucracy (Li, 2015: 49–56). Another forerunner was the “group company system” (Hassard et al, 1999, 2010; Meyer and Lu, 2005; Morris et al, 2002), also known as “enterprise groups” ( qiye jituan ) (Nolan, 2001a, 2001b; Nolan and Wang, 1999; Wu, 1990), that began in the steel industry in the early 1990s. These enterprise groups consisted of a parent SOE and a set of subsidiaries that were “connected through capital” (Nolan and Wang, 1999).…”