ABSTRACT
Chinese communities worldwide have been highly entrepreneurial, creating businesses and trading networks that have driven the economic development of many countries, particularly those in Southeast Asia. This chapter explores the evolution of entrepreneurship in China, first during imperial and pre-communist times, and then since 1949. There is little evidence of a pre-communist culture or tradition of entrepreneurship, indicating that the recent emergence of private entrepreneurs is a feature of economic reform and liberalisation over the last three decades. During the current reform period there have been multiple factors that have stimulated entrepreneurship, although there are some aspects of government action that constrain entrepreneurs. Overall, however, there has been a fundamental shift in the economy, away from the state to private ownership. Finally, the chapter assesses the prospects for future development of private enterprise in China's 'new normal' of lower economic growth and rebalancing of the economy.
