Comprehensively Deepening Economic System Reform in the New Era

In July 2024, the "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Advancing Chinese-Path Modernization" (hereinafter referred to as the "Decision") clearly stated that it is necessary to further liberate and develop social productive forces, take economic system reform as the driving force, and better align relations of production with productive forces, the superstructure with the economic base, and national governance with social development. Among the overall goals of further comprehensively deepening reform proposed in the "Decision," the comprehensive establishment of a high-level socialist market economy system has attracted much attention, as "a high-level socialist market economy system is an important guarantee for Chinese-path modernization."

2024年7月，《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（以下简称《决定》）明确提出，进一步解放和发展社会生产力，以经济体制改革为牵引，推动生产关系和生产力、上层建筑和经济基础、国家治理和社会发展更好相适应。在《决定》提出的进一步全面深化改革的总目标中，全面建成高水平社会主义市场经济体制备受关注，“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”。

The Goals of Economic System Reform Are Increasingly Mature

经济体制改革目标愈发成熟

In October 1992, the 14th National Congress of the CPC established the goal of China's economic system reform as building a socialist market economy system. In November 1993, the Third Plenary Session of the 14th CPC Central Committee adopted the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economy System," making specific arrangements for establishing a socialist market economy system. In October 2003, the Third Plenary Session of the 16th CPC Central Committee adopted the "Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Improvement of the Socialist Market Economy System," clarifying the important strategic node for completing a mature socialist market economy system.

1992年10月，党的十四大确立了我国经济体制改革的目标是建立社会主义市场经济体制。1993年11月，党的十四届三中全会通过《中共中央关于建立社会主义市场经济体制若干问题的决定》，对建立社会主义市场经济体制作出具体部署。2003年10月，党的十六届三中全会通过《中共中央关于完善社会主义市场经济体制若干问题的决定》，明确了建成完善的社会主义市场经济体制的重要战略节点。

In November 2012, the 18th National Congress of the CPC proposed accelerating the improvement of the socialist market economy system. In November 2013, the Third Plenary Session of the 18th CPC Central Committee adopted the "Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform," pointing out that the focus of comprehensively deepening reform lies in economic system reform, making the market play a decisive role in resource allocation and better leveraging the role of the government as the guiding direction for deepening economic system reform, and making systematic arrangements for accelerating the improvement of the socialist market economy system. In October 2017, the 19th National Congress of the CPC proposed that socialism with Chinese characteristics has entered a New Era. It is necessary to adhere to comprehensively deepening reform, fully, accurately, and comprehensively implement the new development philosophy, take the improvement of the property rights system and the market-oriented allocation of factors as key points, and accelerate the construction and improvement of the socialist market economy system.

2012年11月，党的十八大提出加快完善社会主义市场经济体制。2013年11月，党的十八届三中全会通过《中共中央关于全面深化改革若干重大问题的决定》，指出全面深化改革的重点就在于经济体制改革，使市场在资源配置中起决定性作用和更好发挥政府作用，以此作为深化经济体制改革的主导方向，对加快完善社会主义市场经济体制作出系统部署。2017年10月，党的十九大提出中国特色社会主义进入新时代。要坚持全面深化改革，完整准确全面贯彻新发展理念，将产权制度的完善和要素的市场化配置作为关键点，加速构建和完善社会主义市场经济体制。

From the perspective of the goals of economic system reform, the 14th National Congress of the CPC in 1992 established the goal of building a socialist market economy system, the 16th National Congress of the CPC in 2002 proposed the goal of improving the socialist market economy system, and the 18th National Congress of the CPC in 2012 proposed the goal of accelerating the improvement of the socialist market economy system, demonstrating the strategic deployment and practical advancement path of the socialist market economy system from establishment to improvement to accelerated improvement. From 2012 to 2022, comprehensively deepening reform progressed steadily, the basic institutional framework in various fields was basically established, and the system of socialism with Chinese characteristics became more mature and well-defined. In October 2022, the 20th National Congress of the CPC proposed the goal of building a high-level socialist market economy system, and economic system reform entered the stage of building a high-level socialist market economy system. In July 2024, the Third Plenary Session of the 20th CPC Central Committee proposed that a high-level socialist market economy system is an important guarantee for Chinese-path modernization, with the strategic goal of comprehensively establishing a high-level socialist market economy system by 2035.

从经济体制改革目标来看，1992年党的十四大确立建立社会主义市场经济体制改革目标，2002年党的十六大提出完善社会主义市场经济体制改革目标，2012年党的十八大提出加快完善社会主义市场经济体制改革目标，展现了社会主义市场经济体制从建立、完善到加快完善的战略部署和实践推进路线。2012年到2022年，全面深化改革稳步推进，各领域基础性制度框架基本建立，中国特色社会主义制度更加成熟定型。2022年10月，党的二十大提出构建高水平社会主义市场经济体制改革目标，经济体制改革进入构建高水平社会主义市场经济体制阶段。2024年7月，党的二十届三中全会提出，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，到2035年全面建成高水平社会主义市场经济体制的战略目标。

Economic System Reform Aims to Develop Productive Forces

经济体制改革意在发展生产力

The basic viewpoint of historical materialism is to develop productive forces, and developing productive forces is also the foundation of the Marxist theory of the evolution of social formations. To promote the development of productive forces, it is necessary to make timely adjustments and reforms to the economic system based on the actual level of economic development and the growth needs of productive forces, ensuring that the system can adapt to and promote the development of social productive forces.

历史唯物主义的基本观点是发展生产力，发展生产力也是马克思主义社会形态演进学说的根基。推动生产力的发展，需要根据经济的实际发展水平和生产力的增长需求，对经济体制进行适时的调整与改革，确保体制能够适应并推动社会生产力的发展。

The analytical starting point of the theory of productive forces in Marxist political economy is the material production in its basic form, which possesses the material and technical attributes of production, and at this level shares common ground with classical production theory. Western classical political economy studies production theory within the framework of the optimal allocation of scarce resources, mainly studying the characteristics of input demand functions and output supply functions under the assumption of profit maximization. Productivity is the ratio of some measure of output to some index of input resources (including technology), corresponding to the material and technical attributes of production. The theory of productive forces in Marxist political economy has a deeper level of analysis: production is a social process. People do not only relate to nature in production. They combine in a certain way and mutually exchange their activities to be able to produce. The social relations through which people carry out production are the social relations of production. Therefore, the theory of productive forces in Marxist political economy is linked to the elements of relations of production such as distribution, exchange, and consumption.

马克思主义政治经济学生产力理论的分析起点是基本形式的物质生产，具有生产的物质和技术属性，在这一层面上与古典生产理论有共同之处。西方古典政治经济学在稀缺资源最优配置的框架中研究生产理论，主要研究以利润最大化为假设条件的投入需求函数和产出供给函数的特征。生产率是产出的某种度量与投入资源（包括技术）的某种指数之比，契合生产的物质和技术属性。马克思主义政治经济学的生产力理论有更深层次的分析：生产是社会过程。人们在生产中不仅仅同自然界发生关系。他们以一定方式结合起来共同活动和互相交换其活动，才能进行生产，人们借以进行生产的社会关系，就是社会生产关系。所以，马克思主义政治经济学的生产力理论是与分配、交换、消费等生产关系的要素相联系的。

The theory of productive forces in Marxist political economy elucidates that science and technology are productive forces. The neoclassical growth theory developed in the latter half of the 1950s advocated that to build a model of stable economic growth, it is necessary to consider the two factors of technological progress and increasing returns to scale. In the real economy, technological progress is more important, and the view that "technological progress has the most important contribution to economic growth" was proposed. Based on the neoclassical growth model, some economists have focused on analyzing the various factors affecting economic growth and measuring the role these factors play in economic growth, in order to find ways to achieve economic growth under various conditions. In productivity measurement, productivity generally refers to "factor productivity," whose main content includes technological progress, the degree of diffusion of technological innovation, improvement in resource allocation, economies of scale, etc. Productivity reflects the technological state of an economy in providing goods and services and is the result of technological progress, i.e., the shift of the production possibility frontier. The "endogenous growth theory" developed in the 1980s extracted factors affecting economic growth such as human capital, the economic externalities of technology, learning effects, knowledge accumulation, and specialization economies from "exogenous" technological progress, discussing the effect of the efficiency of economic organizations within the economic system on economic growth. Moreover, the technological frontier can be extended forward due to "endogenous" factors such as the dissemination of scientific knowledge, organized research, and "learning by doing."

马克思主义政治经济学的生产力理论阐明，科学技术是生产力。20世纪50年代后半期发展起来的新古典增长理论主张，建立经济稳定增长的模型，必须考虑技术进步和规模收益递增这两个因素。而在现实经济中，技术进步更为重要，并提出“技术进步对经济增长具有最重要贡献”的观点。在新古典增长模型基础上，一些经济学家致力于分析影响经济增长的各种因素和度量这些因素在经济增长中所起作用的大小，以寻找各种条件下经济增长的途径。在生产率测算中，生产率一般是指“要素生产率”，其主要内容是技术进步、技术革新的扩散程度、资源配置的改善、规模经济等。生产率体现了一个经济体在提供商品和服务时的技术状态，是技术进步的结果，即生产可能性边界的移动。20世纪80年代发展起来的“内生经济增长理论”将人力资本、技术的经济外部性、学习效应、知识积累、专业化经济等影响经济增长的因素从“外生的”技术进步中提炼出来，讨论经济系统内部经济组织的效率对经济增长的作用。而且技术前沿会由于科学知识的传播、有组织的研究、“干中学”等“内生”因素向前扩展。

Due to resource scarcity, economic growth, social wealth, and per capita income growth ultimately depend on the development of science and technology and their application in the production process, and on the institutions established to better transform science and technology into direct productive forces. With the introduction of technological progress, growth is considered "transformational growth," meaning that technological progress spawns new processes and new products, diversifies the choices of intermediate and final consumer goods, and creates new markets and new output. The demand for efficient allocation of production factors promotes increased capital formation and drives economic growth.

由于资源稀缺性，经济增长、社会财富和人均收入的增长最终要依赖于科学技术的发展以及在生产过程中的应用，依赖于将科学技术更好转化为直接生产力而建立的制度。引入技术进步，增长被认为是“转变型增长”，即技术进步催生了新工艺、新产品，使中间品和最终消费品的选择多样化，创造了新的市场和新的产出。生产要素的高效配置需求促进资本形成增加，推动经济增长。

The productivity standard of the socialist market economy system follows the theory of productive forces in Marxist political economy. Productive forces not only have material-technical attributes or natural attributes but also social attributes, i.e., the relations of production corresponding to a certain stage of development of material productive forces. Developing productive forces is not merely the quantitative growth of material production but also requires adjusting relations of production to adapt to the development of productive forces. Accelerating the formation of relations of production that are more compatible with new quality productive forces is an important support for promoting high-quality development and shaping new drivers and advantages for development.

社会主义市场经济体制的生产力标准遵循马克思主义政治经济学的生产力理论，生产力不仅具有物质技术属性或自然属性，还有社会属性，即与物质生产力的一定发展阶段相适应的生产关系。发展生产力不单单是物质生产的量的增长，还要对生产关系进行调整以适应生产力发展。加快形成同新质生产力更相适应的生产关系，是推动经济高质量发展、塑造发展新动能新优势的重要支撑。

The Practical Path for Developing Productive Forces

发展生产力的实践进路

Liberating and developing social productive forces is the essential requirement of socialism. From a practical perspective, China's economic system reform has always revolved around developing productive forces.

解放和发展社会生产力，是社会主义的本质要求。从实践来看，我国的经济体制改革始终围绕发展生产力展开。

In December 1978, the Third Plenary Session of the 11th CPC Central Committee made the decision on economic system reform, clearly stating that the purpose of China's economic system reform is to liberate and develop productive forces, and established the basic line centered on economic construction.

1978年12月，党的十一届三中全会作出经济体制改革的决定，明确我国经济体制改革的目的是解放和发展生产力，确立了以经济建设为中心的基本路线。

The 14th National Congress of the CPC clearly stated that the goal of China’s economic system reform is to establish a socialist market economy system, providing strong support for the further liberation and development of the productive forces. The 15th National Congress of the CPC expounded the scientific conception of building a cause of socialism with Chinese characteristics, one element of which is developing a market economy under socialist conditions, continuously liberating and developing the productive forces. The Third Plenary Session of the 16th Central Committee of the CPC clearly stated that, in order to adapt to the international environment of accelerating economic globalization and technological progress, and to adapt to the new situation of comprehensively building a moderately prosperous society, it is necessary to accelerate reform, further liberate and develop the productive forces, and inject strong impetus into economic development and comprehensive social progress.

党的十四大明确指出，我国经济体制改革的目标是建立社会主义市场经济体制，为生产力的进一步解放和发展提供有力支持。党的十五大阐发了建设有中国特色社会主义事业的科学构想，其中之一就是在社会主义条件下发展市场经济，不断解放和发展生产力。党的十六届三中全会明确指出，为适应经济全球化和科技进步加快的国际环境，适应全面建成小康社会的新形势，必须加快推进改革，进一步解放和发展生产力，为经济发展和社会全面进步注入强大动力。

The main tasks for perfecting the socialist market economy system proposed by the Third Plenary Session of the 16th Central Committee of the CPC included improving the systems for employment, income distribution, and social security, and establishing mechanisms to promote sustainable economic and social development. The 17th National Congress of the CPC systematically elaborated the Scientific Outlook on Development. The Scientific Outlook on Development seeks to unify the speed of production development with structural quality and efficiency benefits, to coordinate economic development with population, resources, and the environment, and to achieve the sustainable development of the economy and society, with the ultimate foothold still being the criterion of the productive forces.

党的十六届三中全会提出的完善社会主义市场经济体制的主要任务，就包括健全就业、收入分配和社会保障制度，建立促进经济社会可持续发展的机制。党的十七大系统阐述了科学发展观。科学发展观要实现生产发展的速度和结构质量效益相统一，经济发展与人口资源环境相协调，实现经济社会永续发展，最终落脚点还是生产力标准。

The Third Plenary Session of the 18th Central Committee of the CPC deliberated and adopted the “Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening Reform.” Comprehensively deepening reform takes economic system reform as the focus, takes economic construction as the central task, leverages the牵引作用 (leading role) of economic system reform, promotes the adaptation of relations of production to the productive forces and the superstructure to the economic base, and promotes sustained and healthy economic and social development. The main line of accelerating the improvement of the socialist market economy system remains the development of the productive forces, but the connotation of development has been transformed into development that is more efficient, fairer, and more sustainable, which conforms both to the characteristics of the socialist system with Chinese characteristics and to the mechanistic properties of the market economy.

党的十八届三中全会审议通过了《中共中央关于全面深化改革若干重大问题的决定》。全面深化改革以经济体制改革为重点，以经济建设为中心，发挥经济体制改革牵引作用，推动生产关系与生产力、上层建筑与经济基础相适应，推动经济社会持续健康发展。加快完善社会主义市场经济体制的主线仍是发展生产力，但发展的内涵已转型为更有效率、更加公平、更可持续的发展，既符合中国特色社会主义制度特征，也符合市场经济的机制特性。

As socialism with Chinese characteristics enters a New Era, the principal contradiction in Chinese society has transformed from one between the ever-growing material and cultural needs of the people and backward social production into one between the people’s ever-growing needs for a better life and unbalanced and inadequate development. The evolution of the principal contradiction in society has placed new demands on development. While maintaining the momentum of development, the focus is on solving the problems of unbalanced and inadequate development, while significantly improving the quality and efficiency of development. Development remains the foundation and key to solving all of China’s problems; we must persist in liberating and developing the social productive forces, adhere to the reform direction of the socialist market economy, implement the new development philosophy of innovation, coordination, green, openness, and sharing, improve total factor productivity, and promote high-quality economic development.

中国特色社会主义进入新时代，我国社会主要矛盾从人民日益增长的物质文化需要同落后的社会生产之间的矛盾转化为人民日益增长的美好生活需要和不平衡不充分的发展之间的矛盾。社会主要矛盾的演变，对发展提出了新的要求。在维持发展势头的同时，重点解决发展中的不平衡与不充分问题，同时显著提高发展的质量和效率。发展仍然是解决我国一切问题的基础和关键，坚持解放和发展社会生产力，坚持社会主义市场经济改革方向，贯彻创新、协调、绿色、开放、共享的新发展理念，提高全要素生产率，推动经济高质量发展。

The 20th National Congress of the CPC proposed that development is the Party’s primary task in governing and rejuvenating the country. To adapt to the change in the principal contradiction in society, it is necessary to accelerate the construction of a new development pattern and strive to promote high-quality development. Vigorously improve the socialist market economy system, build a modernized economic system, continuously enhance total factor productivity, develop new quality productive forces, and promote high-quality economic growth from both the “qualitative” and “quantitative” dimensions. High-quality development is a development concept linked to the transformation of the principal contradiction in society and a high-level socialist market economy system. General Secretary Xi Jinping proposed that high-quality development is development that can well meet the people’s ever-growing needs for a better life, development that embodies the new development philosophy, development where innovation becomes the primary driving force, coordination becomes an endogenous characteristic, green becomes a universal form, openness becomes the inevitable path, and sharing becomes the fundamental goal. The Third Plenary Session of the 20th Central Committee of the CPC proposed that high-quality development is the primary task in comprehensively building a modern socialist country. High-quality development requires guidance from a new theory of productive forces. The inherent requirement and important focus of high-quality development is to develop new quality productive forces; this is a theory of productive forces and a qualitative state of advanced productive forces that is compatible with building a high-level socialist market economy system.

党的二十大提出，发展是党执政兴国的第一要务。为了适应社会主要矛盾的变化，必须加快构建新发展格局，着力推动高质量发展。大力完善社会主义市场经济体制，构建现代化经济体系，持续提升全要素生产率，发展新质生产力，从“质”和“量”两个方面推动经济高质量增长。高质量发展是与社会主要矛盾转化及高水平社会主义市场经济体制相联系的发展理念。习近平总书记提出，高质量发展，就是能够很好满足人民日益增长的美好生活需要的发展，是体现新发展理念的发展，是创新成为第一动力、协调成为内生特点、绿色成为普遍形态、开放成为必由之路、共享成为根本目的的发展。党的二十届三中全会提出，高质量发展是全面建设社会主义现代化国家的首要任务。高质量发展需要新的生产力理论指导。高质量发展的内在要求和重要着力点就是发展新质生产力，这是与构建高水平社会主义市场经济体制相适应的生产力理论和先进生产力质态。

Reform and Opening Up Proceed in Parallel

改革与开放并行

Deepening reform and innovation and unswervingly expanding opening up are two interconnected and inseparable aspects of economic system reform. Opening up brings progress, while closure inevitably leads to backwardness. Building a high-level socialist market economy system requires promoting the formation of a new pattern of comprehensive opening up and accelerating the cultivation of new advantages in international economic cooperation and competition.

深入推进改革创新，坚定不移扩大开放，是经济体制改革相互联系、不可分割的两个方面。开放带来进步，封闭必然落后，构建高水平社会主义市场经济体制需要推动形成全面开放新格局，加快培育国际经济合作和竞争新优势。

An important characteristic of a market economy is an open economy. In a market economy, resource allocation includes production and exchange; exchange is a key link in the efficient use of resources. Exchange promotes the division of labor and specialization in production, enabling economies with different preferences and different marginal rates of substitution to achieve mutually beneficial trading results, conforming to the equilibrium conditions of “Walrasian allocation.” International trade allows each economy to specialize in areas of relative efficiency, raising the equilibrium value of per capita output, and thereby increasing total world output.

市场经济的重要特征是开放型经济。市场经济中，资源配置包括生产与交换，交换是有效利用资源的关键环节。交换促进了生产分工和专业化，使具有不同偏好和不同边际替换率的经济体得到互利的交易结果，符合“瓦尔拉配置”的均衡条件。国际贸易使每个经济体在相对有效率的领域进行专业化生产，提高人均产出均衡值，进而增加世界总产出。

The World Trade Organization and various regional free trade agreements all attempt to reduce trade barriers globally or regionally and develop open markets.

世界贸易组织和各种地区自由贸易协定都试图减少全球范围内或区域范围内的贸易壁垒，发展开放市场。

China responds to the challenges of changes in the economic globalization landscape with a strategic mindset of open development, adheres to the general direction of economic globalization, and advocates for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization. On the basis of a higher level of openness in the flow of goods and factors, we will steadily expand institutional opening up in rules, regulations, management, and standards, strive for institutional rights in global economic governance, participate in and lead the reform and construction of the global governance system, and promote the building of an open world economy. At the same time, high-level opening up will be used to enhance the level of international cooperation and development quality of the modernized industrial system, providing real economy support for high-quality development.

中国以开放发展的战略思维应对经济全球化变局的挑战，坚持经济全球化大方向，倡导平等有序的世界多极化、普惠包容的经济全球化。在商品和要素流动更高水平开放基础上，稳步扩大规则、规制、管理、标准等制度型开放，争取全球经济治理制度性权利，参与引领全球治理体系改革和建设，推动建设开放型世界经济。同时，以高水平开放提升现代化产业体系国际合作水平和发展质量，为高质量发展提供实体经济支撑。

Online Editor: Paul

网络编辑：保罗