Review of the dev't of China's private economy

1. Dec. 1980

19-year-old Zhang Huamei receives China's first individual business license

2. Dec. 1982

China revises the constitution, allowing a private economy with certain restrictions

3. Jan. 1992

Late leader Deng Xiaoping's southern tour reinvigorates the reform process and breathes new life into the non-public sector

4. Sept. 1997

China recognizes self-employment, private and other forms of ownership as important components of a socialist market economy.

5. Mar. 2004

China includes the protection of private property into the constitution

6. Non-public contributions (2008)

- 65% of national GDP

- 75% of total employment

- 49% of tax revenue