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Establishment of the Diversified-Ownership Economy

 

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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