Developments in Chinese entrepreneurship : key issues and challenges
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.
Copyright © Douglas Cumming, Michael Firth, Wenxuan Hou, and Edward Lee, 2015. Access to external full text or publisher's version may require subscription.
ISBN of the source publication: 9781349681891
Cumming, D., Firth, M., Hou, W., & Lee, E. (2016). Introduction. In D. Cumming, M. Firth, W. Hou, & E. Lee (Eds.), Developments in Chinese entrepreneurship: Key issues and challenges (pp. xi-xv). New York: Palgrave Macmillan.