ABSTRACT
The recovery and development of the individual and private economy has played a positive role in promoting production, invigorating circulation, expanding the market, boosting the economy, increasing employment, and meeting the material and cultural needs of the people. The individual and private economy is a channel to absorb and arrange work for the surplus labor force. The individual and private economy is one form of gathering private funds to set up economic entities. Socialist society and economy are composed of public and non-public sectors. After the private economy is integrated with other economic forms, the assets are commonly demutualized. As the personification of the private economy, private business owners have reached a number of hundreds of thousands. With the establishment of the socialist market economic system and the sustained, stable, and coordinated development of the national economy, publicly owned economy as the main force will become more effective after the transformation of the operating mechanisms.
