It includes the enterprises that are held by society, collectivity, individual, private sectors, pool and non-state-owned power.

主要包括全社会、集体、个体、私营、联营、非国有控股企业。

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Policy interventions and regulations around the listing and approval process ensured that the equity market in China were, and still are, heavily slanted toward monopolistic SOEs, and light on competitive private (meaning, non-state-owned) sectors, the true growth drivers.

FORBES: Chinese Stock Market -- Buy In or Buyer Beware?