China’s private sector has ridden a rocky road. Under classical Marxism, or Socialism, the state owned all the means of production — and China’s economy was weak and stagnant. When Deng Xiaoping introduced the “socialist market economy,” the private sector flourished, facilitating China’s economic miracle. But even recently, foreign reports have the state sector advancing and the private sector retreating. What is the reality? What is the private sector’s role in China’s new era?
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