Chronicle TIMELINE

A chronological, causal record of the resistance, major political crises, and contemporary truth.

All decades ›1950s›1956

Jan 1FebMarAprMayJunJulAugSepOctNovDec

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.

The Rong family reportedly handed over cotton yarn and flour enterprises to the CCP

1956 ·Reported ·Importance III ·Sources 3 ·Shanghai

According to the program, around 1956, the Rong family handed over enterprises such as cotton yarn and flour to the Communist Party, and relevant personnel participated in Shanghai's business and industrial circles.

In the 1956 joint state-private ownership, the tea shop of Hu Jintao's father Hu Jingzhi was merged into a cooperative store

1956 ·Reported ·Importance I ·Sources 1 ·Taizhou, Jiangsu

In the 1956 joint state-private ownership, the tea shop run by Hu Jintao's father Hu Jingzhi in Taizhou was merged into a cooperative store. Hu Jingzhi went from being a small boss to a salaried clerk, and was labeled as being of bourgeois origin.