Coastal-Inland Disparity of Political Connections and Private Firm Performance

Zongshi Chen

Chapter Chapter 5 in The Revival, Legitimization, and Development of Private Enterprise in China, 2015, pp 129-146 from Palgrave Macmillan

Abstract: Abstract China’s private sector economy is enjoying a golden age of prosperity. In 2008, the private sector accounted for 65 percent of GDP and 56 percent of tax revenue. However, as discussed in the previous chapters, not long ago, as recently as the early 1980s, private enterprises were politically taboo. The initial legalization of private enterprise occurred in the Wenzhou municipality in 1987, and then in 1988, an amendment to the constitution legalized private enterprise at the national level. However, the progress was temporary and disrupted by the 1989 Tiananmen massacre. At that time, the Chinese leadership switched back to the socialist orthodoxy and cracked down heavily on liberalization and privatization efforts.

Keywords: Ordinary Little Square; Private Enterprise; Chinese Communist Party; Political Connection; Private Entrepreneur (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-51641-1_5

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DOI: 10.1057/9781137516411_5

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