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11 J. Advanced Res. L. & Econ. 1191 (2020)
Startups Creation and Development in China

handle is hein.journals/jarle11 and id is 1193 raw text is: Volume XI, Issue 4(50), Summer 2020 DOI: https:/Hdoi.org/l0.14505/jarle.v11.4(50).15 Startups Creation and Development in China Aisen Afanasievich LARIONOV North-Eastern Federal University, Yakutsk, Russian Federation AisenLarionovAfan@maiI. ru Evgeniy Fedorovich AVDOKUSHIN Moscow Pedagogical State University, Russian Federation aef2005@yandex.ru Galina Ivanovna RATZ North-Eastern Federal University, Russian Federation galina-ratz@mai ru Suggested Citation: Larionov, A.A., Avdokushin, E.F., and Ratz, G.I. 2020. Startups Creation and Development in China, Journal of Advanced Research in Law and Economics, Volume XI, Summer, 4(50): 1191 - 1199. DOI: 10.1.4505/jarlev11.4(50Y1 5. Available from: http://iournals.aserspublishing.eu/iarle/index Article's History: Received 6th of March, 2020; Received in revised form 4th of April, 2020; Accepted 18th of May, 2020; Published 30th of June, 2020. Copyright® 2020, by ASERS® Publishing. All rights reserved. Abstract: The reform of the economic system in China initiated under the leadership of Deng Xiaoping in the late 70s of the 20th century included as the main components and mechanisms the gradual and consistent elimination of the state's status of a monopoly economic entity. The economic reform was aimed at, first, the de-collectivization of the agricultural sector, the gradual implementation of individual and private forms of ownership, private economy management, and the transition from an administrative-command model of economic management to the use of commodity-money, and then market methods of economy management at the determining and directing role of the state. An open-door policy and foreign economy, as well as the use of the global economy mechanisms and potential, have become the most important components of economic reform and the entire development model of the Chinese economy. Keywords: China; innovative entrepreneurship; startups; venture business. JEL Classification: 053; 013; 019; 029. Introduction In the course of reforming property relations during the economic reform in China, small-scale individual production was initially restored, in fact, artisan sector, crafts, gradually moving to the development of small-scale private entrepreneurship, and then, since the end of the 20t century - to large-scale private management. Private entrepreneurship in the country has gradually come to be seen as an important means of developing China's productive forces. At that, meeting the challenges of the global economy booming in the last decades of the 20t century, the Chinese government was focusing increasingly on the development of innovative production and preferential development of high technology, focusing the individual and private entrepreneurs in this direction. Economic reform was directing China at comprehensive and consistent modernization. The very intention to modernize the Chinese economy was expressed by Deng Xiaoping at the very beginning of the economic reforms at the 1978 All-China Science Development Conference. At this meeting, Deng Xiaoping stated that 'without implementing modernization, without improving the scientific and technical level, without developing social productive forces and building up the country's power, without improving the material and cultural life of the people, 1191

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