Today, 33 years ago, on July 1, 1992 (Lunar Calendar, June 2, 1992) Russia converted most state-owned enterprises into joint-stock companies. On July 1, 1992, Russian President Yeltsin signed an order to convert most state-owned enterprises into joint-stock companies. According to this order, in addition to the state-owned farms and the privatization program, all state-owned enterprises should be converted to open joint-stock companies before November 1, 1992, and the domestic joint-stock companies with more than fifty percent of the previously established state-owned shares should be converted to open joint-stock companies, but the joint ventures with foreign shares do not implement the joint-stock system. The order stipulates that the property management committee is the founder of the joint-stock companies established, the