December 3, 1988, the first batch of eight private enterprises in Beijing Dongcheng District received the business license in the Trade and Industry Bureau, marking the new form of capital economy began to receive official recognition.
These bosses of eight private enterprises were the original individual investors, Wei Xiwang, the King of the Bing Tang Hulu employed 26 workers, including two professors and an engineer.
50-year-old Zheng Ling, a registered capital of 780,000 yuan, was the boss of first private foreign hotel in Beijing.
There are food factories, trading companies, stores and decoration design agency. The youngest boss was a 20-year-old girl. She enrolled workers with disabilities are engaged in the design and decorating.
At that time, in accordance with the relevant laws, if 8 or more employees, business assets to private owners were willing to abide by the "Provisional Regulations of the People's Republic of China Private Enterprises" were eligible to apply for the establishment of private enterprises.
Originally Posted: China Business Daily
Author: Angulo Fu