1998: Private sector of the economy

0 CommentsPrint E-mail China.org.cn, September 16, 2009
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Held from March 25 to April 13, 1988, the first Plenary Session of the 7th National People’s Congress adopted amendments to the Constitution of the People’s Republic of China, which allowed “the private sector of the economy to exist and develop within the limits prescribed by law”, and recognized that “the private economy is a supplement to the socialist economy.” The amended Constitution also stated that “the government protects the lawful rights and interests of the private sector of the economy, and exercises guidance, supervision and control over the private sector of the economy”. In addition, the amendments stated that “the right to the use of land may be transferred according to the law."

On June 25, 1988, the State Council issued Interim Regulations on Private Enterprise in China. The regulations recognized that the private economy was complementary to the socialist public economy, and stated the government would protect the legitimate rights and interests of the private sector.

(China.org.cn September 16, 2009)

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