Accelerate the Building of a High-Level Socialist Market Economy System

General Secretary Xi Jinping has pointed out: “The market’s decisive role in resource allocation is a general law of the market economy; a market economy is, in essence, an economy in which the market decides resource allocation.” The socialist market economy system both brings into play the strengths of the market economy and gives full play to the superiority of the socialist system. It is suited to the level of development of the social productive forces in the primary stage of socialism in China and is a great creation of the Party and the people. The “Decision” of the Third Plenary Session of the 20th Central Committee of the CPC [1]1 The Third Plenary Session of the 20th Central Committee of the CPC was held in July 2024. Its “Decision” on further deepening reform comprehensively to advance Chinese-path modernization is a key policy document. proposed that “a high-level socialist market economy system is an important guarantee for Chinese-path modernization” and made strategic arrangements for building a high-level socialist market economy system. To further deepen reform comprehensively, we must deeply understand the significance of building a high-level socialist market economy system for advancing Chinese-path modernization and implement the strategic arrangements of the “Decision” of the Third Plenary Session of the 20th Central Committee of the CPC.

习近平总书记指出：“市场决定资源配置是市场经济的一般规律，市场经济本质上就是市场决定资源配置的经济。”社会主义市场经济体制既发挥了市场经济的长处，又发挥了社会主义制度的优越性，同我国社会主义初级阶段社会生产力发展水平相适应，是党和人民的伟大创造。党的二十届三中全会《决定》提出“高水平社会主义市场经济体制是中国式现代化的重要保障”，对构建高水平社会主义市场经济体制作出战略部署。进一步全面深化改革，必须深刻认识构建高水平社会主义市场经济体制对于推进中国式现代化的重要意义，把党的二十届三中全会《决定》的战略部署落到实处。

Since the 14th National Congress of the CPC [2]2 The 14th National Congress of the CPC, held in 1992, formally adopted the goal of establishing a “socialist market economy system,” marking a major shift from the planned economy. proposed that “the goal of China’s economic system reform is to establish a socialist market economy system,” further improving the socialist market economy system has been an important task for our Party in advancing reform. The “Decision” of the Third Plenary Session of the 18th Central Committee of the CPC [3]3 The Third Plenary Session of the 18th Central Committee of the CPC, held in 2013, issued a landmark “Decision” on comprehensively deepening reforms, positioning the market to play a “decisive” role in resource allocation. not only put forward the major theoretical assertion of “letting the market play the decisive role in resource allocation and better playing the role of the government,” but also required in practice “giving play to the leading role of economic system reform” and “actively and steadily promoting market-oriented reform in breadth and depth, substantially reducing the government’s direct allocation of resources, and promoting resource allocation to achieve maximum benefits and optimal efficiency according to market rules, market prices, and market competition.” The innovations and breakthroughs in theory and practice have pointed the direction for further improving the socialist market economy system in the New Era.

自党的十四大提出“我国经济体制改革的目标是建立社会主义市场经济体制”以来，进一步完善社会主义市场经济体制一直是我们党推进改革的一项重要任务。党的十八届三中全会《决定》不仅在理论上提出了“使市场在资源配置中起决定性作用和更好发挥政府作用”的重大论断，而且在实践上要求“发挥经济体制改革牵引作用”“积极稳妥从广度和深度上推进市场化改革，大幅度减少政府对资源的直接配置，推动资源配置依据市场规则、市场价格、市场竞争实现效益最大化和效率最优化”。理论和实践上的创新和突破，为新时代进一步完善社会主义市场经济体制指明了方向。

Since the Third Plenary Session of the 18th Central Committee of the CPC, our Party has insisted on taking economic system reform as the focus of comprehensively deepening reform, fully leveraging the leading role of economic system reform, and resolutely breaking down institutional and mechanistic shortcomings in various aspects. For example, in improving the basic systems of the market economy, we have deeply implemented the negative list system for market access and the fair competition review system, deepened the reform of the property rights system and the market-oriented reform of factors of production, steadily advanced the construction of a high-standard market system, and promoted breakthrough progress in reforms in key areas and crucial links, so that China’s basic market economy system has been continuously improved. In implementing the new development philosophy, we have continuously improved the institutional mechanisms for scientific and technological innovation, persistently perfected the institutional mechanisms for integrated urban-rural development and coordinated regional development, actively advanced the construction of a green, low-carbon, and circular development economic system, accelerated the building of a new, higher-standard open economic system, established the world’s largest education system, social security system, and medical and health system, and further improved the institutional mechanisms for promoting high-quality development. In improving the macroeconomic governance system, we have actively leveraged the strategic guiding role of national development plans and the macro-guiding role of annual plans, continuously strengthened the coordination and cooperation of various policies such as fiscal, monetary, employment, industrial, scientific and technological, and environmental policies, deeply carried out consistency assessments of macro-policy orientations, further strengthened counter-cyclical and cross-cyclical adjustments, and continuously raised the level of international macroeconomic policy coordination. In coordinating development and security, we have actively advanced the institutionalization of areas such as grain, energy, industry, and finance, providing a stronger institutional guarantee for achieving secure development. These reform measures have greatly stimulated the endogenous driving force and vitality of China’s high-quality economic development, leading the construction of Chinese-path modernization to continuously reach new levels.

党的十八届三中全会以来，我们党坚持把经济体制改革作为全面深化改革的重点，充分发挥经济体制改革的牵引作用，坚决破除各方面体制机制弊端。比如，在完善市场经济基础制度方面，深入实施市场准入负面清单制度、公平竞争审查制度，深化产权制度改革和要素市场化改革，稳步推进高标准市场体系建设，推动重点领域和关键环节改革取得突破性进展，我国市场经济基础制度不断完善；在贯彻新发展理念方面，不断完善科技创新体制机制，持续健全城乡融合发展和区域协调发展体制机制，积极推进绿色低碳循环发展经济体系建设，加快建设更高水平开放型经济新体制，建成世界上规模最大的教育体系、社会保障体系、医疗卫生体系，推动高质量发展的体制机制进一步健全；在健全宏观经济治理体系方面，积极发挥国家发展规划的战略导向和年度计划的宏观引导作用，不断加强财政、货币、就业、产业、科技、环保等各项政策协调配合，深入开展宏观政策取向一致性评估，进一步强化逆周期和跨周期调节，不断提升国际宏观经济政策协调水平；在统筹发展和安全方面，积极推进粮食、能源、产业、金融等领域的制度化建设，为实现安全发展提供了更加有力的制度保障。这些改革举措极大激发了我国经济高质量发展的内生动力和活力，引领中国式现代化建设不断迈上新台阶。

At the same time, we must clearly recognize that the internal conditions and external environment for China’s development are undergoing profound and complex changes. Problems such as an unsound market system, insufficient market development, and the incomplete straightening out of the relationship between the government and the market still constrain high-quality economic development, requiring us to continue pushing reform forward and accelerate the building of a high-level socialist market economy system. General Secretary Xi Jinping has pointed out: “Deepening economic system reform remains the focus of further comprehensively deepening reform.” The “Decision” of the Third Plenary Session of the 20th Central Committee of the CPC proposed to “comprehensively establish a high-level socialist market economy system” by 2035, providing us with a target guide and clarifying the timetable and roadmap. To accelerate the building of a high-level socialist market economy system, we must better leverage the role of the market mechanism, create a fairer and more dynamic market environment, achieve maximum benefits and optimal efficiency in resource allocation, be both “able to let go” and “able to manage well,” better maintain market order and remedy market failures, smooth the national economic cycle, and stimulate the endogenous driving force and innovation vitality of the whole society. We must adhere to and implement the “two unwaverings” [4]4 The “two unwaverings” refers to the 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., ensure that all forms of ownership equally use factors of production according to law, participate fairly in market competition, and receive equal legal protection, and promote the complementary advantages and common development of all forms of ownership. We must build a unified national market, promote the unification of basic market system rules, the unification of fair market supervision, and the high-standard interconnection of market facilities. We must improve the systems and rules for factor markets, promote the smooth flow of production factors, the efficient allocation of various resources, and the full release of market potential. We must improve basic market economy systems such as the property rights system, the market information disclosure system, the trade secret protection system, the punitive damages system, and the market access system, to promote the better functioning of the market mechanism.

同时要清醒认识到，当前我国发展的内部条件和外部环境正在发生深刻复杂变化，市场体系不健全、市场发育不充分、政府和市场关系尚未完全理顺等问题仍然制约着经济高质量发展，要求我们继续把改革推向前进，加快构建高水平社会主义市场经济体制。习近平总书记指出：“深化经济体制改革仍是进一步全面深化改革的重点”。党的二十届三中全会《决定》提出到2035年“全面建成高水平社会主义市场经济体制”，为我们提供了目标指引，明确了时间表、路线图。加快构建高水平社会主义市场经济体制，必须更好发挥市场机制作用，创造更加公平、更有活力的市场环境，实现资源配置效益最大化和效率最优化，既“放得活”又“管得住”，更好维护市场秩序、弥补市场失灵，畅通国民经济循环，激发全社会内生动力和创新活力。要坚持和落实“两个毫不动摇”，保证各种所有制经济依法平等使用生产要素、公平参与市场竞争、同等受到法律保护，促进各种所有制经济优势互补、共同发展；构建全国统一大市场，推动市场基础制度规则统一、市场监管公平统一、市场设施高标准联通；完善要素市场制度和规则，推动生产要素畅通流动、各类资源高效配置、市场潜力充分释放；完善产权制度、市场信息披露制度、商业秘密保护制度、惩罚性赔偿制度、市场准入制度等市场经济基础制度，促进市场机制更好发挥作用。

Online Editor: Paul

网络编辑：保罗