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-owned or collectively owned enterprises.The emergence of private businesses following China＇s reform and opening-up in 1978 ushered in a private economy that has since grown to account for up to 50 percent of the country＇s GDP,70 percent of its jobs and 30-40 percent of its tax revenue.