Analysis of State-owned Enterprises and State Capitalism in China

摘要

China's economy has been undergoing a historic transformation since 1978, when private enterprise was frowned upon, capitalists were considered class enemies, and the economy was virtually closed to foreign trade and investment. Since that time, market-oriented reforms have produced an economy that would have been unthinkable in the mid-1970s. China's economy is the world's second largest national economy, a powerhouse in international trade, and a major destination for foreign investors. China not only has a private sector, but private entrepreneurs are allowed to join the Chinese Communist Party (CCP). China has not one stock exchange but two, and Chinese firms, including firms owned by the government, raise funds in international capital markets. China's state-owned enterprises (SOEs) have restructured and several are among the world's largest companies.