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This situation dragged on until 1999. After banking crises, ‘debit to stock’ was adopted, the financial allocated funds from issued special treasury bonds, set up asset management companies, took over, managed and disposed several non-performing assets of banks, turned original claims from Bank to enterprises into investment option hold by assets management companies, and then asset management companies would take some corporate stock price auctions to the community charge. With these turnovers, banks recover many bad assets.
Since 1983, China has carried out ‘profits to taxes’ on state-owned enterprises. (Li Yining, 2002), ‘a profit to taxes’ program was divided into two steps. Step one: ‘profits to taxes’ still use two forms of taxes and profits to turn over corporate profits, according to the State Council ‘Interim Measures on the state-owned enterprise profits and taxes’ which was approved by Central Committee in April show that it should not act in the same approach to introduction of state-owned enterprise income tax, for profit-making enterprises of different sizes and different industries. 1. The profitable state-owned large and medium enterprises, pay tax with the proportion of 55% income tax rate, as for the remaining profit after income tax, one part will be paid to the state, the other part will be the retained profits in accordance with the approved levels. Profitable small enterprises introduce radical ‘profit to tax’, according to eight degrees over after progressive income tax rates, the remaining discretionary profit will be owned by enterprise self-financing.
In October 1984, second step of ‘profit to tax’ was fully implemented. (Li Yining, 2002) the main ideas are: cancel the submit ways of other after-tax profits on the basis of improving large and medium state-owned enterprises, centralize to change requisition tax; divide original business taxes into four parts, that is, product tax, VAT, business tax, and salt tax. Second step of ‘profit to tax’ was to submit the state-owned enterprises’ fiscal revenue to the state by terms of taxes, that is to say, from ‘profit, tax co-existing’ to totally ‘tax instead of profit’. Policy introduction of reform and opening up is an attempt. From planned economy to market economy, China did not learn from the model, real knowledge only comes from practice. It is actual practice that our entrepreneurs in China to see innovative and new ideas of enterprise development from reform.
Optimizing labor mix and labor contracts and contract responsibility system, breaking three railways, Changing from state operation to state owned, establishing modern enterprise system, issuing ‘Labor Law’ and changing trade union functions, optimizing capital structure, encouraging mergers, standardizing bankruptcy, laying off redundant personnel to increase efficiency, implementing re-employment project, establishing market dominating position of private economy, establishing and improving modern property rights system, these series of policies issued take many confidence to entrepreneurs.
(B) Entrepreneurs’ benefit from policy control
Case one: Hainan has such examples: Pan Shiyi who won the first ‘pot of gold’ in Hainan in the 90's last century now not only do real estate, but also engaged in entertainment, performing very active. It is he had experienced a storm in Hainan that enabled him to maintain impetuous joy, calm and collected mood in today's impulsive envir