The Core Essentials of Building a High-Level Socialist Market Economy

Through the reform of the socialist market economy system, releasing the vitality of the economic system, stimulating the dynamism of economic agents, and promoting the continuous development of the socialist economy with Chinese characteristics have been important experiences of China’s successful economic development since reform and opening up. As the cause of socialism with Chinese characteristics enters a new stage of development and the principal contradiction in society undergoes change, further liberating and developing productive forces through building a high-level socialist market economy, achieving high-quality development of China’s economy, and comprehensively building a great modern socialist country have become important goal orientations of China’s economic system reform. A high-level socialist market economy represents the adherence to and improvement of the basic socialist economic system. From the perspective of theoretical connotation, its essentials are mainly embodied in having robust market entities, a unified and efficient large domestic market, the ability to achieve the dialectical unity of an effective market and a competent government, and the smooth and healthy flow of domestic and international factors of production. These four aspects interact with and depend on each other, jointly forming an organic institutional whole. They not only elucidate the essentials of a high-level socialist market economy but also point the way for how to build it.

通过社会主义市场经济体制改革，释放经济体制活力、激发经济主体动力、推进中国特色社会主义经济建设不断发展，是改革开放以来我国经济发展成功的重要经验。中国特色社会主义事业进入新发展阶段，社会主要矛盾发生变化，通过构建高水平社会主义市场经济体制进一步解放和发展生产力，实现我国经济高质量发展和全面建成社会主义现代化强国，成为我国经济体制改革的重要目标取向。高水平社会主义市场经济体制是对社会主义基本经济制度的坚持与完善，从理论内涵来看，其要义主要体现为具有强健的市场主体、统一高效的国内大市场、能够实现有效市场和有为政府的辩证统一，以及顺畅健康的国内国外要素流动。这四个方面相互影响，相互依存，共同构成有机的制度整体，既阐明了高水平社会主义市场经济体制的要义，也为如何构建高水平社会主义市场经济体制指明了方向。

First, adhere to the “Two Unswervinglys” [1]1 The “Two Unswervinglys” (两个毫不动摇) refers to the Party’s policy of unswervingly consolidating and developing the public sector of the economy, and unswervingly encouraging, supporting, and guiding the development of the non-public sector of the economy. and stimulate the vitality of all types of business entities. A high-level socialist market economy should be an economic system that fully leverages the initiative of various economic sectors and types of economic entities. The most important thing is to improve the basic economic system with public ownership as the mainstay and diverse forms of ownership developing together, forming a new situation conducive to the complementary advantages and common development of all forms of ownership, and promoting the formation of a powerful combined force for the development of new quality productive forces. On the one hand, taking the public sector of the economy as the main body of development is the basic premise and theoretical innovation that distinguishes the construction of a socialist market economy from a capitalist market economy. To build a high-level socialist market economy, we must unswervingly consolidate and develop the public sector of the economy, ensuring that reform advances along the correct path. State-owned enterprises, as market entities, must also adapt to the laws of the market economy. Therefore, multiple measures should be taken simultaneously to further deepen the reform of state-owned enterprises, achieve high-quality development of state-owned enterprises, and fully leverage the leading role and strategic supporting role of the state-owned sector. This specifically includes accelerating the optimization and structural adjustment of the layout of the state-owned sector, actively yet prudently advancing mixed-ownership reform of state-owned enterprises, and improving the classified assessment and evaluation system for state-owned enterprises. On the other hand, the non-public sector of the economy is an important component of the socialist market economy. Both the development of new quality productive forces and the goal of Chinese-path modernization place higher demands on the private economy. The Third Plenary Session of the 20th Central Committee of the CPC [2]2 The Third Plenary Session of the 20th Central Committee of the CPC, held in July 2024, is a major meeting focused on comprehensively deepening reform and advancing Chinese modernization. has provided a favorable competitive environment and policy space for promoting the development of the non-public sector of the economy, particularly by broadening the development space for private enterprises and enhancing their development capabilities.

第一，坚持“两个毫不动摇”，激发各类经营主体活力。高水平社会主义市场经济体制，应当是充分发挥各种经济成分和各类经济主体积极性的经济体制，最重要的是完善公有制为主体、多种所有制经济共同发展的基本经济制度，形成有利于各种所有制优势互补、共同发展的新局面，推动形成促进新质生产力发展的强大合力。一方面，以公有制经济作为发展主体是社会主义市场经济建设有别于资本主义市场经济的基本前提与理论创新，构建高水平社会主义市场经济体制，必须毫不动摇巩固和发展公有制经济，保证改革朝着正确的道路前进。国有企业作为市场主体，也要适应市场经济规律。因此，要多措并举，进一步深化国有企业改革，实现国有企业高质量发展，充分发挥国有经济的主导作用和战略支撑作用。具体包括加快推进国有经济布局优化和结构调整，积极稳妥推进国有企业混合所有制改革，以及完善国有企业分类考核评价体系。另一方面，非公有制经济是社会主义市场经济的重要组成部分。发展新质生产力和实现中国式现代化目标都对民营经济提出了更高要求。党的二十届三中全会为促进非公有制经济发展提供了良好的竞争环境和政策空间，特别是拓宽了民营企业发展空间，提升了民营企业发展能力。

Second, fully leverage the decisive role of the market in resource allocation. The market determining resource allocation is a general law of the market economy. The functioning of market mechanisms must be based on the corresponding basic social economic system and various specific institutional arrangements. The key to building a high-level socialist market economy lies in carrying out corresponding institutional construction according to the requirements of the market economy, achieving the organic integration of the basic socialist system with the market economy, and ensuring from the institutional arrangements that the market plays a decisive role in resource allocation. From the perspective of the operation of the market economy, only by establishing a modern property rights system, a market access system, a fair competition system, a whole-of-society credit system, and a regulatory system can reasonable market exchange relations and market competition mechanisms be formed. Only by perfecting the factor market system can resource allocation and economic operation be regulated by market mechanisms. Strengthening the construction of the market economy system is both an inherent requirement for building a high-level socialist market economy in the New Era and the necessary path for constructing it. Therefore, great importance should be attached to the role of institutional construction, continuously deepening the reform of the foundational systems of the market economy, striving to build a more complete institutional mechanism for market-based allocation of factors of production, making every effort to dismantle deep-seated institutional obstacles and structural contradictions, enabling all types of advanced and high-quality factors of production to flow smoothly towards the development of new quality productive forces, and solidifying the institutional foundation for the effective operation of the socialist market economy.

第二，充分发挥市场在资源配置中的决定性作用。市场决定资源配置是市场经济的一般规律，市场机制作用的发挥必须以相应的社会基本经济制度与各项具体的制度安排为基础。构建高水平社会主义市场经济体制的关键，在于要按照市场经济的要求进行相应制度建设，实现社会主义基本制度与市场经济的有机结合，从制度安排上保证市场在资源配置中发挥决定性作用。从市场经济运行层面来看，只有建立现代产权制度、市场准入制度、公平竞争制度、全社会信用体系和监管制度等，才能形成合理的市场交换关系与市场竞争机制。只有完善要素市场制度，才能实现由市场机制调节资源配置与经济运行。加强市场经济制度建设既是新时代我国构建高水平社会主义市场经济体制的内在要求，也是构建高水平社会主义市场经济体制的必由之路。因此，应高度重视制度建设的重要作用，持续深化市场经济基础制度改革，着力构建更加完善的要素市场化配置体制机制，着力破解深层次体制机制障碍和结构性矛盾，让各类先进优质生产要素向发展新质生产力顺畅流动，铸牢社会主义市场经济有效运行的体制基础。

Third, better play the role of the government. The core issue of economic system reform remains properly handling the relationship between the government and the market. Over the more than 30 years since the 14th National Congress of the CPC [3]3 The 14th National Congress of the CPC, held in 1992, formally established the goal of building a “socialist market economy” as the direction of China’s economic system reform., China has been seeking a new scientific positioning for the relationship between the government and the market, based on the expansion of practice and the deepening of understanding. Continuously moving towards the unity of an effective market and a competent government in the course of reform and development essentially means promoting an effective market through a competent government. The government, by fulfilling its due responsibilities, prompts the market to truly play its role in the areas where it should function, continuously advancing the modernization of the national governance system and governance capacity. This is not only a requirement of the laws governing the improvement of productive forces and the socialization of production but also a requirement of the practice of building a high-level socialist market economy. First, uphold and strengthen the overall leadership of the Party. Building a high-level socialist market economy faces a complex environment and arduous tasks. Party leadership can fully leverage the advantages of the market and the government, promote the realization of the unity of an effective market and a competent government, and achieve the goals of socialist economic system reform. We must always uphold the Party’s centralized and unified leadership over economic work, implement the Party Central Committee’s overall design, coordinated coordination, and holistic advancement of reform, and ensure that reform always advances in the correct political direction. Second, improve the macroeconomic governance system. Building a high-level socialist market economy requires the government to act effectively and scientifically, continuously improving its ability to steer the socialist market economy. On the one hand, improve the national strategic planning system and policy coordination mechanisms. Carry out systematic planning and top-level design at the national level, strengthen coordination and cooperation between policies, and enhance the consistency of macroeconomic policy orientations. Fully leverage the synergistic effect of various policy measures to achieve a 1+1>2 effect, building a more efficient macroeconomic governance system. On the other hand, deepen reforms in key areas such as fiscal and taxation systems and finance, fully leverage the initiative of both the central and local governments, and promote the healthy and stable development of the capital market. Third, enhance the government’s economic governance capacity. Continuously improve the targeting, scientific nature, and execution capacity of policies, ensure the maximization of policy effects, and realize the modernization of governance capacity. From the perspective of governance methods, adhere to systematic thinking, combine the improvement of macroeconomic governance with further deepening of comprehensive reform, and seek dynamic balance and achieve concerted efforts among multiple governance objectives. From the perspective of governance tools, comprehensively utilize modern technological means to enhance governance capacity, improving the scientific nature, targeting, timeliness, and effectiveness of government decision-making.

第三，更好发挥政府作用。经济体制改革的核心问题仍然是处理好政府和市场关系。从党的十四大以来的30多年间，我国对于政府和市场的关系，一直在根据实践拓展和认识深化寻找新的科学定位。在改革和发展中不断走向有效市场和有为政府的统一，本质在于以政府的有为推动市场的有效，政府通过尽到自己应尽的责任，促使市场在自身应该发挥作用的领域中真正发挥作用，不断推进国家治理体系和治理能力现代化。这既是生产力提高和生产社会化规律的要求，也是构建高水平社会主义市场经济体制实践的要求。一是坚持和加强党的全面领导。构建高水平社会主义市场经济体制面临复杂的环境和艰巨的任务。党的领导能充分发挥市场和政府的优势，推动实现有效市场和有为政府的统一，实现社会主义经济体制改革的目标。我们要始终坚持党对经济工作的集中统一领导，落实党中央领导改革的总体设计、统筹协调、整体推进，确保改革始终沿着正确的政治方向前进。二是健全宏观经济治理体系。建设高水平社会主义市场经济体制需要政府有效作为和科学作为，不断提高驾驭社会主义市场经济的能力和水平。一方面，完善国家战略规划体系和政策统筹协调机制。从国家层面做好系统谋划和顶层设计，强化政策之间的协同配合，增强宏观政策取向一致性。充分发挥各类政策措施的集成效应，实现1+1>2的效果，构建更加高效的宏观经济治理体系。另一方面，深化财税、金融等重点领域改革，充分发挥中央和地方积极性，促进资本市场健康稳定发展。三是提高政府经济治理能力。不断提高政策的针对性、科学性和执行力，确保政策效果的最大化，实现治理能力现代化。从治理方式来看，要坚持系统思维，把完善宏观经济治理与进一步全面深化改革结合起来，在多重治理目标中寻求动态平衡、实现相向发力。从治理手段来看，要综合运用现代技术手段提升治理能力，提高政府决策的科学性、针对性、时效性和有效性。

Fourth, advancing high-standard opening up. Over the past 40-plus years, China’s economic development has been achieved under conditions of opening up; in the future, high-quality development of China’s economy must also proceed under more open conditions. To adapt to the profound changes in the domestic and international situation, it is necessary, on the basis of accurately grasping the basic laws of opening up and the development trends of international cooperation, to implement a more proactive opening-up strategy oriented toward serving China’s core interests. By aligning with international high-standard market rules, we should implement comprehensive opening up on a larger scale, in broader fields, and at a deeper level, thereby providing strong support for better leveraging the role of both domestic and international markets and resources, continuously enhancing Chinese enterprises’ capacity to allocate resources globally in international cooperation and competition, promoting the establishment of a new development pattern, and pushing the global governance system toward a more just and reasonable direction. First, through institutional opening up, we should shift the comparative advantage of opening up from factor-cost advantage to institutional-quality advantage, including proactively aligning with high-standard international economic and trade rules, creating a market-oriented, law-based, and internationalized first-class business environment, and exploring rule innovation in new fields such as the digital economy and artificial intelligence, providing more institutional public goods. Second, we should take the western and northeastern regions as key areas for optimizing the regional opening-up pattern, with free trade zones serving as critical nodes driving the overall level of opening up across the country. Third, we should improve the mechanisms for promoting high-quality Belt and Road cooperation, including building platforms for scientific, technological, and industrial innovation cooperation among Belt and Road countries, deepening the reform of the foreign aid system and mechanisms, forming a favorable situation where the social and economic benefits of the Belt and Road Initiative reinforce each other, and strengthening the risk prevention and control mechanisms for high-quality Belt and Road cooperation.

第四，推进高水平对外开放。过去40多年中国经济发展是在开放条件下取得的，未来中国经济实现高质量发展也必须在更加开放的条件下进行。为适应国内外形势的深刻变化，要在准确把握对外开放基本规律以及国际合作发展趋势的基础上，以服务我国核心利益为导向实行更加积极主动的开放战略，通过对接国际高标准市场规则体系，实施更大范围、更宽领域、更深层次的全面开放，为更好发挥国内国外两个市场两种资源的作用、不断提高中国企业在国际合作和竞争中全球配置资源能力、促进新发展格局建立、推动全球治理体系朝着更加公正合理方向发展提供有力支撑。一是通过制度型开放，推动对外开放的比较优势从要素成本优势向制度质量优势转变，包括主动对接国际高标准经贸规则，营造市场化、法治化、国际化一流营商环境，以及在数字经济、人工智能等新领域探索规则创新，提供更多制度性公共产品。二是将西部和东北作为优化区域开放格局的重点地区，自贸区则是驱动全域开放水平的关键节点。三是完善推进高质量共建“一带一路”机制，包括构建共建“一带一路”国家科技与产业创新合作平台，深化对外援助体制机制改革，形成“一带一路”倡议社会效益与经济效益相互促进的良好局面，健全高质量共建“一带一路”的风险防控机制。

Building a high-standard socialist market economy ultimately means integrating the socialist system with the market economy more closely and better bringing out the advantages of both. Therefore, building a high-standard socialist market economy is a complex systemic project. It requires not only precise efforts in key areas and critical links but also attention to the systemic, holistic, and coordinated nature of various institutions, fully leveraging the efficient synergistic effects among them to form a combined force and enhance the endogenous driving force and competitive vitality of high-quality economic development. Building a high-standard socialist market economy is also a dynamic process of exploration; its connotation and key directions will inevitably change with the development of practice. Established institutions need to be continuously improved, and institutional innovation in new fields must be advanced at any time according to the needs of practice.

构建高水平社会主义市场经济体制，归根结底就是要将社会主义制度与市场经济更加紧密地结合起来，更好地将二者的优势发挥出来。因此，构建高水平社会主义市场经济体制是一项复杂的系统性工程，不仅要在各重点领域和关键环节精准发力，还要兼顾各项制度之间的系统性、整体性和协调性，充分发挥各项制度之间的高效联动效应，形成合力，增强经济高质量发展的内生动力和竞争活力。构建高水平社会主义市场经济体制也是一个动态的探索过程，其内涵和重点方向必然随着实践发展而不断变化，已建立的制度需要不断健全，新领域需要随时根据实践需要不断推进制度创新。

Source: *Chinese Social Sciences Digest*, Issue 3, 2025

文章来源：《中国社会科学文摘》2025年第3期

Online editor: Jing Mu

网络编辑：静穆