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The Reform, Opening, And Development Of China's Industrial Economy

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Chapter Summary

The thirty-year reform, opening, and development process of Chinas industrial economy has largely been a process of establishing and refining the socialist market economy with Chinese characteristics. Chinas industrial economy is the largest of the three industrial sectors and has made the single largest contribution to Chinas national economic development. In addition, it is also had the fastest pace of development and the highest degree of internationalization. A critical part in the reform of Chinas economic system has been industrial economic reform, which is centered on enterprise reform. Industrial enterprise reform has consisted of two major components: (1) reform of state-owned enterprise, which has aimed to gradually transform state-run enterprise from production units implementing the state plan into market entities; this has involved a strategic adjustment of the state-owned economy; and (2) encouraging the development of non-state-owned enterprise, such as private enterprise as well as foreign-funded enterprise.

Keywords: China; economic development; enterprise reform; foreign-funded enterprise; industrial economic reform; internationalization; private enterprise; state-owned enterprise



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