Ｃｈｉｎａ’ｓ Ｐｒｉｖａｔｅ Ｅｃｏｎｏｍｙ： Ｃｈａｌｌｅｎｇｅｓ ａｎｄ Ｓｏｌｕｔｉｏｎｓ Ａｎ Ｅｃｏｎｏｍｙ Ｍａｔｕｒｅｓ

For the first three decades of the People's Republic,the Chinese economy consisted solely of state-ownedor collectively owned enterprises. The emergence ofprivate businesses following China's reform andopening-up in 1978 ushered in a private economy thathas since grown to account for up to 50 percent of thecountry's GDP, 70 percent of its jobs and 30-40percent of its tax revenue.