On Building a High-Standard Socialist Market Economy

The Third Plenary Session of the 20th Central Committee of the CPC proposed “building a high-standard socialist market economy.” To deeply grasp the connotation and requirements of “high standard,” it is necessary to comprehensively understand the development process of the socialist market economy with Chinese characteristics and to deeply grasp the essential characteristics of the socialist market economy.

党的二十届三中全会提出“构建高水平社会主义市场经济体制”。深刻把握“高水平”的内涵与要求，需要全面了解中国特色社会主义市场经济的发展历程，深入把握社会主义市场经济的本质特征。

I

一

An economic system is a general term for the organizational and operational modes of human economic activity. The selection and construction of an economic system is an ongoing process. According to the principle of the interaction between productive forces and relations of production, and between the economic base and the superstructure, even if people choose a certain economic system and establish basic economic institutions compatible with the social system, they will continuously adjust and improve the economic system in practice based on actual conditions.

经济体制是人类经济活动的组织方式和运行方式的总称，对经济体制的选择和构建是一个不断进行的过程。按照生产力和生产关系、经济基础和上层建筑相互作用的原理，人们即使选择了某种经济体制，创建了与社会制度相适应的基本经济制度，也会在实践中根据现实情况不断调整和完善经济体制。

Combining socialism with the market economy is a great creation of our Party. After reform and opening up, Comrade Deng Xiaoping affirmed that socialism and the market economy could be combined. The report of the 14th National Congress of the CPC clearly stated that the socialist market economy system we aim to establish is one in which the market plays a fundamental role in resource allocation under the macro-control of the socialist state. It also proposed earnestly grasping several key links: transforming the operational mechanisms of state-owned enterprises, especially large and medium-sized ones, and pushing enterprises into the market; continuing to vigorously develop commodity markets, especially markets for means of production, accelerating the pace of reform, and actively rationalizing price relationships; deepening reforms of the distribution system and the social security system; and accelerating the transformation of government functions. The Third Plenary Session of the 14th Central Committee deliberated and adopted the “Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economic System,” further specifying the goals and principles of economic system reform proposed by the 14th National Congress.

把社会主义和市场经济结合在一起，是我们党的伟大创造。改革开放后，邓小平同志肯定了社会主义和市场经济可以结合。党的十四大报告明确指出，我们要建立的社会主义市场经济体制，就是要使市场在社会主义国家宏观调控下对资源配置起基础性作用，并提出要认真抓好几个重要环节——转换国有企业特别是大中型企业的经营机制，把企业推向市场；继续大力发展商品市场特别是生产资料市场，加快改革步伐，积极理顺价格关系；深化分配制度和社会保障制度的改革；加快政府职能转变。党的十四届三中全会审议通过《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》，将十四大提出的经济体制改革的目标和原则进一步具体化。

After establishing the market economic system, the entrepreneurial and innovative enthusiasm of the broad masses of the people was unleashed, and our country grew into the world’s second-largest economy in just a few decades. Since the 18th National Congress of the CPC, the contradiction between the people’s ever-growing needs for a better life and unbalanced and inadequate development has become the principal contradiction in our society. The Party Central Committee with Comrade Xi Jinping at its core, based on changes in the principal social contradiction and the state of our country’s economic and social development, timely proposed the goals of high-quality development and building Chinese-path modernization, with developing new quality productive forces becoming an important lever. On the new journey of the New Era, new changes have occurred in both the domestic and international environments for our country’s development. Some incompatibilities have emerged between productive forces and relations of production, and between the economic base and the superstructure. The socialist market economy system needs to be continuously improved through further comprehensively deepening reform. Building a high-standard socialist market economy, as one of the main tasks of further comprehensively deepening reform, was proposed at the Third Plenary Session of the 20th Central Committee.

建立市场经济体制后，广大人民群众创新创业的激情被撬动，我国在短短几十年间成长为世界第二大经济体。党的十八大以来，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成为我国社会的主要矛盾，以习近平同志为核心的党中央根据社会主要矛盾的变化以及我国经济社会发展的状况，适时提出高质量发展和建设中国式现代化的目标，发展新质生产力成为重要抓手。新时代新征程，我国发展的内外部环境都出现了新的变化，生产力与生产关系、经济基础与上层建筑之间出现了一些不相适应的地方，社会主义市场经济体制需要通过进一步全面深化改革加以不断完善，构建高水平社会主义市场经济体制作为进一步全面深化改革的主要任务之一在党的二十届三中全会上被提出。

II

二

A high-standard socialist market economy is a market economy system of a higher level and higher standard. The goal requirement of “high standard” emphasized by the socialist market economy system means it can allocate resources more effectively, thereby maximizing the role of various resources and maximizing economic efficiency. The market economy functions through price mechanisms and competition mechanisms. To build a high-standard socialist market economy, it is first necessary to continuously improve the price mechanism through further comprehensively deepening reform, so that prices can more accurately reflect the degree of resource scarcity, and guide the rational flow of resources and adjust the industrial structure through the price mechanism. Second, it is necessary to continuously improve the competition mechanism through further comprehensively deepening reform. Under market economy conditions, commodity production is for exchange, and exchange is achieved through competition. Thousands of market entities, i.e., competitors, seek to achieve innovation first in order to win excess returns. Various enterprises continuously seek innovation, without end, thereby promoting the upgrading of the industrial structure to a new level. Competition inevitably involves elimination; eliminating the backward is the key to the continuous innovation of the market mechanism and a prerequisite for the continuous progress of productive forces.

高水平社会主义市场经济体制是更高层次、更高标准的市场经济体制。社会主义市场经济体制强调“高水平”的目标要求，意味着能够更有效地配置资源，从而使各种资源最大程度发挥作用、最大限度提升经济效益。市场经济是通过价格规律、竞争机制发挥作用的。构建高水平社会主义市场经济体制，首先需要通过进一步全面深化改革不断完善价格机制，使价格能够更为准确地反映资源的稀缺程度，并通过价格机制指引资源的合理流向、调整产业结构。其次需要通过进一步全面深化改革不断完善竞争机制。市场经济条件下，商品生产就是为了交换，交换的达成是通过竞争来实现的。千千万万的市场主体即竞争者为了赢得超额回报，会寻求率先实现创新。各类企业不断地寻求创新，永无止境，从而促进产业结构不断提升到一个新的层次。竞争必然有淘汰，淘汰落后是市场机制不断创新的关键，也是生产力不断进步的前提条件。

A high-standard socialist market economy is a market economy system that can correctly handle the relationship between the government and the market. Orderly market order and efficient government governance are important manifestations of the degree of development of the market economy system. In a higher-standard socialist market economy system, the government’s “visible hand” must obey market laws and ensure that economic operations conform to economic laws, preventing behaviors that undermine economic laws. The more coordinated the relationship between the government and the market, the easier it is to achieve both “enlivening” and “managing well.” Since reform and opening up, the reason why economically developed regions in our country have developed is precisely by deregulating unreasonable market regulations, allowing the market to be full of vitality and promoting the vigorous development of market entities. While “enlivening,” it is necessary to “manage well.” If the market is too “willful,” it will inevitably lead to market failure. Therefore, it is necessary not only to manage but also to manage scientifically and standardize management, so that the market can be both vibrant and orderly.

高水平社会主义市场经济体制是能够正确处理政府与市场关系的市场经济体制。井然有序的市场秩序和高效的政府治理是衡量市场经济体制发展程度的重要体现。在更高水平的社会主义市场经济体制中，政府“看得见的手”必须服从于市场规律，并保证经济运行符合经济规律，防止出现破坏经济规律的行为。政府与市场的关系越协调，就越能实现既“放得活”又“管得住”。改革开放以来，我国经济发达地区之所以发达，就在于通过放开对市场的不合理规制，让市场充满活力，促使市场主体蓬勃发展。“放得活”的同时必须“管得住”，市场太“任性”必然会导致市场失灵，因此不仅要管，而且要科学管理、规范管理，才能够让市场既充满活力又井然有序。

III

三

Having grasped the essential characteristics of the socialist market economy and clarified the inherent requirements of a high-standard socialist market economy, we have the direction and leverage for building a high-standard socialist market economy. According to the deployment of the Third Plenary Session of the 20th Central Committee, the following four points are particularly important for further comprehensively deepening reform and building a high-standard socialist market economy at present.

把握了社会主义市场经济的本质特征，明确了高水平社会主义市场经济体制的内在要求，构建高水平社会主义市场经济体制就有了方向和抓手，根据党的二十届三中全会的部署，当前进一步全面深化改革、构建高水平社会主义市场经济体制，以下四点尤为重要。

First, effectively protect market entities. The Third Plenary Session of the 20th Central Committee pointed out the need to “uphold and implement the Two ‘Unswervinglys’.” [1]1 The Two “Unswervinglys” 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 of the economy, a key principle in China’s economic reform. Unswervingly consolidate and develop the public sector of the economy, deepen the reform of state-owned assets and state-owned enterprises, and promote the strengthening, improvement, and expansion of state-owned capital and state-owned enterprises. Unswervingly encourage, support, and guide the development of the non-public sector of the economy, ensure that all forms of ownership economies legally and equally use factors of production and fairly participate in market competition, and enable private entrepreneurs to focus wholeheartedly on running enterprises, pursuing innovation, and seeking development.

一是切实保护市场主体。党的二十届三中全会指出，要“坚持和落实两个‘毫不动摇’”。毫不动摇巩固和发展公有制经济，深化国资国企改革，推动国有资本和国有企业做强做优做大。毫不动摇鼓励、支持、引导非公有制经济发展，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，要让民营企业家一心一意搞企业、谋创新、图发展。

Second, build a unified national market. The charm of the market economy lies in the fact that all market entities can leverage their comparative advantages for production and exchange, thereby forming their own brand advantages and industrial chain advantages. But the prerequisite is the existence of a unified large market.

二是构建全国统一大市场。市场经济的魅力在于所有的市场主体都能够发挥比较优势进行生产和交换，在此基础上形成自身的品牌优势、产业链优势。但前提是需要有一个统一的大市场。

Third, improve the basic systems of the market economy. Improve the property rights system and establish an efficient comprehensive intellectual property management system. Improve the market information disclosure system and establish a trade secret protection system. Improve the market access system, optimize the market access environment for new business forms and new fields, deepen the reform of the registered capital subscription system, improve the enterprise bankruptcy mechanism, explore the establishment of a personal bankruptcy system, and improve the enterprise exit system. Improve the social credit system and regulatory system.

三是完善市场经济基础制度。完善产权制度，建立高效的知识产权综合管理体制。完善市场信息披露制度，构建商业秘密保护制度。完善市场准入制度，优化新业态新领域市场准入环境，深化注册资本认缴登记制度改革，健全企业破产机制，探索建立个人破产制度，完善企业退出制度。健全社会信用体系和监管制度。

Fourth, form a higher-level relationship between the government and the market. Let the market play a decisive role in resource allocation and better play the role of the government. The government must follow economic laws, transform its way of thinking, cede areas suitable for market functioning to the market, and continuously seek stable, sustained, and high-quality macro-control and economic governance.

四是形成更高水平的政府与市场的关系。让市场在资源配置中起决定性作用，更好发挥政府作用，政府必须遵循经济规律，转变思维方式，把适合于市场发挥作用的领域让给市场，不断谋求稳健、持续、高质量的宏观调控和经济治理。

(The author is a specially-appointed researcher at the Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era of the Ministry of Education and a professor at the School of Economics, Renmin University of China.)

（作者系教育部习近平新时代中国特色社会主义思想研究中心特约研究员、中国人民大学经济学院教授）

Online Editor: Zhang Jian

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