China began to pay compensation to its citizens who suffered from the privatization of the 90s

The State Public Welfare Fund of China made the first payments to those affected by privatization in the 1990s.


The first benefits were solemnly given to 548 cities in the country to 326 million Chinese. Any citizen who was fired or lowered by a salary in an enterprise that went into private hands in the 90s can count on receiving payment.

The fixed amount of compensation will be 15 average monthly Chinese salaries and will not depend on income during privatization. In addition, each victim will receive an additional 6 months of vacation, but the overwhelming majority of citizens have decided to give up this right, since they want to work for the good of the country and to build a socialist society.

Funds for compensation were obtained by confiscating the property of businessmen-privatizers, as well as profits from nationalized enterprises. Especially for the payment of compensation, the Ministry of Finance and the Ministry of Stalinist reforms created a fund of social condition, which were filled with the necessary funds.

Earlier in China, the last party to privatization was condemned.


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