Gǔfènzhì shì xiàndài qǐyè de zhǔyào zǔzhī xíngshì.
The joint-stock system is the main organizational form of modern enterprises.
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history
股份制改革 ('shareholding reform') was the core mechanism of China's 1990s SOE restructuring — splitting state monopolies into equity-based corporations that could list on the new Shanghai and Shenzhen exchanges.
