Classical Marxists believe a socialist commodity economy (or a socialist market economy) is contradictory. Other socialists believe the Chinese have embraced many elements of market capitalism, specifically commodity production and privatisation, resulting in a full-blown capitalist economic system. In the past, although many enterprises were nominally publicly owned, the profits were retained by the enterprises and used to pay managers excessively high salaries rather than being distributed amongst the population. This old status quo is no longer the case, as part of Xi Jinping's anti-corruption campaign, SOE executives have faced 50% pay cuts, the "commanding role" of the CCP over SOEs has been cemented in law and SOEs have been required to have Staff and Worker Representative Congresses (SWRCs), a form of workplace democracy, with 80% of registered companies in China having them, including some private sector companies. Characteristics Enterprise and ownership types Public ownership in the socialist market economy consists of state-owned assets, collectively owned enterprises and the publicly owned shares of mixed enterprises. These various forms of public ownership play a dominant role in the socialist market economy alongside substantial private and foreign enterprises. There are a few major forms of state-owned enterprises in China today: State-owned enterprises: commercial enterprises established by either the central government or a local government, where managers are appointed by the government or public bodies. This category only includes wholly state-funded and managed firms. Most state-owned enterprises are not entities of the central government. Central government state-owned enterprises are subunits of the State-owned Assets Supervision and Administration Commission (SASAC). State-holding enterprises: state-holding, or state-controlled enterprises, are publicly listed firms where the state owns a large share or a controlling share within the firms, thereby exerting influence on the management of the firm. These include firms that receive foreign direct investment. State joint ownership enterprises: State sector The socialist market economy consists of a wide range of state-owned enterprises (SOE) that represent one form of public ownership. Beginning with the 1978 reforms, in the 1980s during the industrial reforms state enterprises were gradually corporatised and transformed into joint-stock corporations with the state retaining either full or majority ownership of their shares. By the early 2000s, most major SOEs in non-strategic sectors were listed on the Shanghai and Hong Kong stock exchanges and some SOEs adopted mixed ownership structures where the central government and various other state entities—including state banks, other SOEs, provincial and local