A History of Private Enterprise in China
March 21, 2013
In December 1978, China began a series of economic reforms collectively termed as the “Reform and Opening Up” policy led by Deng Xiaoping, through which the country embraced “socialism with Chinese characteristics”. Since then, China’s policy makers have walked a winding path towards prosperity, herding the nation’s behemoth state-owned enterprises (SOEs) and an increasingly vibrant private sector in tow. From the first tentative steps of market pricing under a rigid family unit system in 1978, to bold strides in international economic participation with China’s ascension to the World Trade Organization in 2005, the country has been striving to build a resilient economy.
This infographic maps the journey undertaken by private enterprises in China over the past 35 years, and highlights the major milestones along the way—from tax reforms, the beginnings of foreign investment and SOE restructuring.
Enjoying what you’re reading?
CKGSB Report
Related Articles
Related Articles
Our Programs
Scaling Innovation: AI and Digital Strategies for Business Transformation
Global Unicorn Program Series
This program is designed to equip senior executives with the strategic insights and tools necessary to lead in this transformative era.
LocationNew York, USA
DateJune 23-27, 2025
LanguageEnglish
Global Unicorn Program: Scaling for Success in the Age of AI
Global Unicorn Program Series
In collaboration with the Stanford Center for Professional Development (SCPD), this CKGSB program equips entrepreneurs, intrapreneurs and key stakeholders with the tools, insights, and skills necessary to lead a new generation of unicorn companies.
LocationStanford University Campus, California, United States
DateSeptember 29 – October 3, 2025
LanguageEnglish
Emerging Tech Management Week: Silicon Valley
Global Unicorn Program Series
Co-developed by CKGSB and UC Berkeley College of Engineering, this program equips participants with proven strategies, cutting-edge research, and the best-in-class advice to fuel innovation, seize emerging tech developments, and catalyse transformation within your organization.
LocationUC Berkeley
DateNovember 2-7, 2025
LanguageEnglish
Asia Start: AI + Digital China Expedition
Asia Start is a 5-day immersive field learning program across Shanghai, Hangzhou, Guangzhou, and Shenzhen. It explores how AI, digital innovation, and Asia’s disruption model are shaping new market opportunities, offering a practical perspective on scaling businesses in the region.
LocationShanghai, Hangzhou, Guangzhou, Shenzhen
DateNovember 17-21, 2025
LanguageEnglish
Smart Cities, Sustainability, and Alternative Energy for the Global Future
Global Unicorn Program Series
This program, in partnership with Columbia Engineering, is a transformative initiative designed to empower civil leaders and businesses in smart city development, sustainability, alternative energy, and new energy sectors.
LocationDubai, UAE
DateDecember 15-19, 2025
LanguageEnglish
Disruption of Traditional Industries
Global Unicorn Program Series
The Global Unicorn Program in Disruption of Traditional Industries – presented jointly by CKGSB and University of Sydney – will emphasize Australia’s distinctive contributions.
LocationSydney, Australia
DateFebruary 22 - 26, 2026
LanguageEnglish
AI-Driven Healthcare Innovation Program
Global Unicorn Program Series
The Artificial Intelligence (AI)-Driven Healthcare Innovation Program stands at the forefront of addressing the critical need for innovative healthcare solutions powered by artificial intelligence.
LocationJohns Hopkins University, Washington, D.C.
DateSummer, 2026
LanguageEnglish
