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Nationwide Completion of State-Private Joint Ownership Across All Industries and Implementation of the Fixed-Interest Buyout System

1956.01 ·Verified ·Importance IV ·Sources 4 ·China

In January 1956, Beijing and large and medium-sized cities across the country rapidly completed the state-private joint ownership of entire industries. Through a fixed-interest system, the state peacefully bought out private industry and commerce, marking the basic completion of the socialist transformation of the ownership of the means of production.

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