They were in charge of import and export of their respective sub-industry and adopted different financial rules. There was no competition among the companies. In order to attract foreign investment, China introduced the first Sino-foreign joint venture Law in 1979, after which domestic companies competed from foreign companies and industry segmentation and monopolies began to fall apart.
Competition has driven the SOEs to make great progress. Industries with more sufficient opening-up and fiercer competition have developed more rapidly. The manufacturing industry has flourished. 1/4  BIS central bankers' speeches  2.