This document discusses China's economic reforms and the role of state-owned enterprises (SOEs) from 1978 to the present. It outlines the dual-track reforms that introduced market mechanisms while maintaining the state sector. While early reforms improved worker welfare and productivity, SOEs began struggling in the 1980s due to soft budget constraints and lack of managerial autonomy. By the 1990s and 2000s, China was further reforming SOEs and integrating more into the global market under WTO obligations, though the Chinese Communist Party maintained political control.