Where is the future: China’s SOEs reform

  • Hongfei Zhong


During the last 30 years, China has carried out profound economic reforms and achieved tremendous success.  The characteristics of the reform reflect decentralization of the macro economy, liberalization of the market, and privatization of SOEs.  China’s economic development has experienced four stages: 1) planned economy; 2) planned economy combined with market adjustment; 3) socialist market economy; and 4) new socialist economy under WTO framework in the 21st century. Since SOEs accounted for the major share of the planned economy before 1978, the SOEs reform has become one of the focuses in the process of the economic reform. Accordingly, SOEs have paralleled approximately the same development stages as the entire economy.

Author Biography

Hongfei Zhong
 Hongfei Zhong achieved her Master of Economics in public finance from Central University of Finance and Economics of China, and her Master of Accounting from George Washington University of USA.  She has published papers and co-authored books in China. Her research focus has been in public finance, taxation and financial management. She is a Certified Public Accountant (CPA) in the State of Virginia.