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China - Tianjin Light Industry Project (Inglês)

This is the Implementation Completion Report (ICR) for the Tianjin Light Industry Project (TLIP) in China. It aimed to: (a) expedite system reforms at the regional level leading to greater autonomy for and accountability of enterprise management while enhancing the regulatory role of municipal authorities; (b) modernize and restructure viable enterprises; (c) improve internal enterprise management and systems; (d) strengthen institutional infrastructure (including research and design institutes and vocational training schools); and (e) support the preparation of a long-term overall industrial development strategy for Tianjin. The Bank's overall performance has been rated as satisfactory. Overall, the performance of the borrower (the government and China Investment Bank (CIB) combined) has been rated as marginally satisfactory, mainly because of poor operational and financial performance of restructured enterprises. The outcome of the project is considered unsatisfactory, at present. There are four main lessons to be learned from this operation: (a) The profitability of industrial projects is influenced by the country's overall macroeconomic and sectoral policies, institutional framework, and competition; (b) The assessment of market viability is of critical importance for industrial projects; (c) The culture of enterprises does not change swiftly; (d) Financial institutions that are responsible for the appraisal and supervision of subprojects are often optimistic about market forecast and cost estimates.

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