In the meanwhile, China unleashed a process of crealive destruction: of eliminating the old economy by creating a new one. Millions of new enterprises were created by the townships and villages, which had been freed from the responsibility of managing agriculture and could turn their attention elsewhere. At the same time, the Chinese government invited foreign firms into the country, to participate in
joint ventures. And foreign firms came in droves-China became the largest recipient of foreign direct investment among the emerging markets, and number eight in the world, below only the United States, Belgium, United Kingdom, Sweden, Germany, the Netherlands, and France.
By the end of the decade, its ranking was even higher. It set out, simultaneously, to create the "institutional infrastructure"-an effective securities and exchange commission, bank
3
In the meanwhile, China unleashed a process of crealive destruction: of eliminating the old economy by creating a new one. Millions of new enterprises were created by the townships and villages, which had been freed from the responsibility of managing agriculture and could turn their attention elsewhere. At the same time, the Chinese government invited foreign firms into the country, to participate in
joint ventures. And foreign firms came in droves-China became the largest recipient of foreign direct investment among the emerging markets, and number eight in the world, below only the United States, Belgium, United Kingdom, Sweden, Germany, the Netherlands, and France.
By the end of the decade, its ranking was even higher. It set out, simultaneously, to create the "institutional infrastructure"-an effective securities and exchange commission, bank
3
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