State owned enterprises compete among themselves or with private enterprises for banking credit in manufacturing, for example, and many services. These activities could be excluded from public sector planning, which would reduce demands on public managers, and financing in these cases would be independent of government subsidies, loans or guarantees. This would be particularly important for nations moving away from central planning. Since 1984, the profits of China' state-owned enterprises have been taxed instead of being remitted to the government budget, and the balance has been retained by the enterprises. These enterprises have increasingly financed their own investments from internal resources and bank loans rather than from government budgetary grants.