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As of 2017, China has more SOEs than any other country, and the most SOEs among large national companies. [1] [page needed] As of the end of 2019, China's SOEs represented 4.5% of the global economy [2] and the total assets of all China's SOEs, including those operating in the financial sector, reached US$78.08 trillion. [3]
[2] In a strategy which came to be known by the slogan "wearing a red hat," some private entrepreneurs obtained permission from townships and villages to register their private enterprises as TVEs in order to avoid restrictions on the number of employees a small private business could have. [14]: 97–98
[2] As of 2021 [update] , its companies had a combined assets of CN¥ 194 trillion ( US$ 30 trillion), revenue of more than CN¥30 trillion (US$4.6 trillion), and an estimated stock value of CN¥65 trillion (US$10.06 trillion), making it the largest economic entity in the world.
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation.SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce.
Figures from China showed retail sales rose just 3.0% in November, compared with a year earlier, well below market forecasts of 4.6% and evidence of the need for much more aggressive stimulus.
As of the end of 2019, China's SOEs represented 4.5% of the global economy. State-owned enterprises accounted for over 60% of China's market capitalization in 2019 [29] and generated 40% of China's GDP of US$15.97 trillion (101.36 trillion yuan) in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%.
China's top electric vehicle maker BYD gained market share as the world's largest auto market recorded its fastest-growing month in 2024, setting BYD up to exceed its global annual sales goal and ...
"Letting the small go" meant that the central government should relinquish control over smaller and unprofitable SOEs. [2] Relinquishing control over these enterprises took a variety of forms: giving local governments authority to restructure the firms, privatizing them, or shutting them down.