This book provides a detailed description of state-owned enterprises (SOEs) in China with respect to both efficiency and income distribution. It demonstrates that state ownership in the form of SOEs does not use resources efficiently, holds a poor record in income distribution, and enjoys unfair advantages while competing with other firms. To illustrate this, the book presents data on how favored policies, monopolistic powers, and subsidies benefit SOEs. This book, with its rich empirical data and information, serves as an authoritative reference for researchers interested in SOEs. It is also a good read for students of social sciences and general public.