Urban restructuring and economic transformation
The Communist victory in 1949 altered the economic parameters of urban development. The larger socialist plan of modernization emphasized heavy industries and regional self-sufficiency. Cities no longer were financial, trade, and business centers. Market transition and globalization, however, put cities on an entirely different path of growth. In addition to the production of low-cost consumer goods, business and consumer services non-existent before 1979 mushroomed. As urban economies restructure and diversify, the monopoly of state-owned enterprises (SOEs) has evaporated in virtually all sectors.