5Corporate Governance and Business Growth
1. Introduction
Since 1978, China has progressively embraced market principles, establishing an increasingly free market economy and financial system. State-owned enterprises (SOEs) have gradually become privatised corporations, regulated by laws and codes of practice for the control of markets and investor protection, creating strong foundations for the development of a market economy. These advances have helped China to become the second greatest economy in the world (World Bank in China, 2017).
Corporate governance in China has undergone a revolution, driven by the economic reforms of 1978. Between 1945 and 1978, ...
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