The decisive role of the market in resource allocation
During China’s four decades of reform and opening up, the country has gradually deviated from a highly centralized, planned economy to a socialist market economy. The 14th CPC National Congress held in 1992 decided to “let the market play a basic role in allocating resources”; the 16th CPC National Congress in 2002 agreed to “expand the basic role of the market in allocating resources”; the 17th CPC National Congress announced to “develop institutions to give better play to the fundamental role of the market in allocating resources”; and the 18th CPC National Congress in 2012 stated to “leverage to a greater extent and in a wider scope the basic role of the market in allocating resources.” These were all stressing the important role of the market in allocating resources.
At the Third Plenary Session of its 18th CPC Central Committee held in November 2013, the CPC stated that “the market should play a decisive role in resource allocation.”
The idea of letting the market play a decisive role in resource allocation is a continuation and extension of the concept of letting it play a “basic role,” a concept which had been used for the previous 20 years. This new formulation helps the entire Party and entire society to correctly understand the relationship between the government and the market; it helps transform the model of economic development; it helps transform government functions; and it helps constrain negativity and corruption.
The market is, of course, an “invisible hand” as well as a “merciless whip.” It creates competition and initiative in socioeconomic activities, but at the same time, its spontaneity and blindness can result in market failures, making it necessary for the government’s “visible hand” to play a role. The government’s responsibility and function are primarily to maintain macroeconomic stability, to improve and optimize public services, to ensure fair competition, to strengthen market oversight, and to maintain market order, to foster sustainable development, and to promote joint prosperity, thereby compensating for market failures.
市场在资源配置中起决定性作用
改革开放40年来，中国的经济改革是从高度集中的计划经济逐步转向社会主义市场经济的。1992年召开的党的十四大提出“要使市场在资源配置中起基础性作用”，2002年召开的十六大提出“在更大程度上发挥市场在资源配置中的基础性作用”，2007年召开的十七大提出“从制度上更好发挥市场在资源配置中的基础性作用”，2012年召开的十八大提出“更大程度更广范围发挥市场在资源配置中的基础性作用”，都是在强调市场在资源配置中的重要作用。2013年11月召开的党的十八届三中全会进而提出，“使市场在资源配置中起决定性作用”。做出“使市场在资源配置中起决定性作用”的定位，是对此前沿用20多年的“基础性作用”这一提法的继承和发展，有利于在全党全社会树立关于政府和市场关系的正确观念，有利于转变经济发展方式，有利于转变政府职能，有利于抑制消除腐败现象。当然，巿场这只“无形的手”又是一条“无情的鞭子”，在使整个社会经济活动形成你追我赶、奋勇争先的同时，也会由于其自发性、盲目性带来市场失灵，需要政府这只“有形的手”来发挥作用，政府的职责和作用主要是保持宏观经济稳定，加强和优化公共服务，保障公平竞争，加强市场监管，维护市场秩序，推动可持续发展，促进共同富裕，弥补市场失灵。