Volkseigener Betrieb
The 3rd Party Congress convened in July 1950 and emphasized industrial progress. The industrial sector, employing 40% of the working population, was subjected to further nationalization, which resulted in the formation of "people's enterprises" (German: "Volkseigener Betrieb", VEB). These enterprises incorporated 75% of the industrial sector. At the same time, the party completed its transformation into a more orthodox Soviet-style party with the election of Walter Ulbricht as the party's general secretary.