Gǎigé kāifàng hòu, sīyǒuzhì jīngjì dédào le hěn dà fāzhǎn.
After Reform and Opening Up, the private-ownership economy developed substantially.
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A core term in political economy and Marxist theory. Its opposite is 公有制 (public ownership). You'll meet both constantly in Chinese economics, politics, and history textbooks.