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UP until the mid-1990s, the organisation at the heart of China's economic dynamism was the collective enterprise. This entity was the proper ty of local governments which were in fact the first to benefit from the reform process. As we know, these reforms did not involve the privatisation of the economy but rather a devolution of power to the benefit of the provincial, municipal and village authorities. Against this background the private sector appeared shaky due to the vagaries of the economic policy of the time, and was weakened by the untimely taxes imposed by the bureaucracy®. Several factors indicate the growing place that the private sector occupies in the Chinese economy today. This article looks at these factors and outlines the nature of this sector as it is at present. In China itself, some intellectual tools have been forged in order to understand better the changes taking place. Since the middle of the 1990s …