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Establishment
of the Diversified-Ownership Economy
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Information on China
Before the introduction of 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 1997, the registered industrial and
commercial enterprises of individual and private ownership amounted to 29.47
million, and they had 65.87 million employees; Chinese-foreign joint ventures,
Chinese-foreign cooperative enterprises and foreign ventures numbered 236.000,
absorbing 303 billion yuan in foreign capital; registered joint-stock and
joint-stock cooperative enterprises numbered 680,000, with 1,730.2 billion yuan
in capital. 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 1997, the gross domestic product turned out by the
public-ownership economy amounted to 75.8 percent of the total GDP. Now
the mutual development pattern for diversified ownership with the public
ownership economy as the mainstay has been basically formed.
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