China’s economic reforms have been ongoing for more than 30 years and the fruits of this move toward a free market system are becoming increasingly apparent. Initially, the reforms concentrated on improving the efficiency of state owned enterprises (SOEs), and the SOEs were reorganized with corporate structures and mandates to be profit making. At the same time, markets developed and competition became keener. Later, reforms focused on developing new industries. It was soon apparent, however, that the corporatized SOEs were not well-suited to developing completely new technologies and new forms of doing business. China’s government therefore began encouraging individuals to start up new business ventures. The government decided to tap the innate entrepreurial spirit that lies within people, a spirit that had been long suppressed under the centralized state planning system in place since the 1950s.
|Title of host publication||Developments in Chinese entrepreneurship : key issues and challenges|
|Place of Publication||New York|
|Number of pages||5|
|Publication status||Published - 2015|