ABSTRACT
The individual and private economy was conducive to the development of productive forces, and should be allowed to exist and develop. Owners of private businesses were seen as the new bourgeoisie, and the development of the private economy as privatization. In spite of various opinions in society on private enterprises and owners of private businesses, the private economy is developing continuously in practice and plays an increasingly important role in the development of the socialist market economy. The private economy, which was almost extinct in the land of China, re-emerged and grew quickly. Since the reform and opening up and the emergence of the individual and private economy, there have been debates at the grassroots level, among leadership, and in political and academic circles, sectors engaged in practical work as well as in policy research institutions. In April 1988, the First Session of the 7th National People’s Congress passed an amendment to the Constitution of the People’s Republic of China.
