ABSTRACT
China's recent emergence is the economic success story of the late 20th and early 21st centuries. Personal incomes soared and poverty fell as China grew at a faster rate than any other emerging economy between the late 1970s and mid-2000s. Over that period, China transformed itself from one of the poorest countries in Asia to one of the largest economies in the world. Its economic health and fortunes affect other economies, both developed and developing, and its own growth prospects are becoming a bellweather for global economic health. The emergence of a large private sector populated by entrepreneurial owner–managers has been one of the most significant changes to the Chinese economy in recent years. Private enterprises vastly outnumber the small and dwindling number of state-owned enterprises (SOEs), and now account for almost all economic activity. This is China's entrepreneurial transformation, from state-owned and state-controlled to an economy dominated by private enterprises.
