It should be clear that for China, the egalitarianism that the Chinese revolution ensured and the
control the state could continue to exercise because of the persistence of substantial state ownership of and
investment in capital assets as well as the continuance of the earlier financial structure and system, meant
that the process of global economic integration was carried out under fundamentally different premises from
that which occurred in India. To a significant extent, some basic development issues, including ensuring
adequate food supplies and universal primary education, were already dealt with. The domestic market for
consumption goods was also significantly larger than proved to be the case in India. The control retained by
the Chinese state over financial institutions and the activities of state owned enterprises (SOEs) allowed it
to sustain high levels of investment and to deal with volatility, to prevent undesired levels of inflation from
persisting beyond relatively short periods. In the event, the state ensured that cyclical fluctuations occurred
around a high overall trend rate of income growth.