| Abstract | Township/rural enterprises are defined as those originally launched by rural communities with their collective savings rather than financed from the state investment budget. Some of them have grown quite large and are competitive with state-owned enterprises (SOEs) for markets as well as access to financial markets. The mainland now boasts more than 20 million rural enterprises. Besides their fast-growing value-added output comparing to SOEs and state holding firms, rural firms are a weighty force also because they create most new jobs, whereas the SOEs, plagued by problems including poor management and over-staffing, cannot grow as rapidly. |
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