XinhuaBearingCo
,LtdPreparedfor:Dr
MargueriteSchneiderPreparedby:JieZhangHRM601Althoughthefactsinthiscasearebasedonobservationsfrommyfather’scompany,theyinnowaydescribeanytruehistoryofaparticularcompanyorperson
Thenames,factsandstoriesarefictitiousandIdonottakeresponsibilityforanyresemblancebetweenthestoriesandrealfacts
Background:Economicreformsintroducingmarketprinciplesbeganin1978andwerecarriedoutintwostages
Thefirststage,inthelate1970sandearly1980s,involvedthedecollectivizationofagriculture,theopeningupofthecountrytoforeigninvestment,andpermissionfortostart-upbusinesses
However,mostindustryremainedstate-owned
Thesecondstageofreform,inthelate1980sand1990s,involvedtheandofmuchstate-ownedindustryandtheliftingofpricecontrols,protectionistpolicies,andregulations,althoughinsectorssuchasbanki