Before the introduction of the policies of reform
and opening to the outside world, China had a unitary public
ownership economy, which lacked vitality. But since the
putting into practice of the reform and opening to the
outside world, the Chinese government has encouraged the
development of diversified economic elements while insisting
on the primacy of public ownership. As a result, both the
individual and private economies have developed rapidly. By
the end of 1998, the registered industrial and commercial
enterprises of individual and private ownership amounted to
32.4 million, and they had 78.24 million employees;
Chinese-foreign joint ventures, Chinese-foreign cooperative
enterprises and foreign ventures numbered 325,000, absorbing
265.6 billion yuan of foreign direct investments, the
development and expansion of these enterprises have played
important roles in many aspects, such as bringing
convenience to people’s everyday lives, making up for
the deficiency of construction funds, and introducing
advanced technologies and management from abroad. At the
same time the control of the public-ownership economy has
been further strengthened. In 1999, the increased value of
state-owned enterprises and industrial enterprises above a
certain scale made up 24.7 percent of the notion’s
total gross domestic. Now the mutual development pattern for
diversified ownership with the public ownership economy as
the mainstay has been basically formed.
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