The Socialist Market Economy
A socialist market economy is an innovative concept, and building such an economy represents an innovative undertaking by the CPC in its effort to build a socialist country with Chinese characteristics. The 14th CPC National Congress in 1992 decided that the goal of China’s economic reform was to build a socialist market economy. Over the past 20 years, China’s socialist market economy has taken shape, though some challenges persist, including weak regulation, stunted production factor market development, lack of regulatory consistency, and insufficient competition.
New measures were proposed in the report to the 19th CPC National Congress to accelerate improving the socialist market economy. Economic reform must focus on improving the system of property rights and strengthening the role of the market in allocating factors of production, to ensure that property rights provide effective incentives for individuals to engage in economic activities, and to ensure free flow of factors, market-based pricing, and fair and orderly competition, which determines the survival of businesses.
It is important to better manage different types of state assets. The existing authorization process for using state assets needs reform. Public sector structural reform and strategic readjustment should proceed at an accelerated pace. Necessary measures should be taken to protect and increase the value of state assets, put them to effective use, and prevent asset loss.
State-owned enterprises need further reform to embrace a mixed-ownership formula. Efforts will be on-going to turn Chinese enterprises into world-class, globally competitive firms. A negative list for market access will be introduced nationwide. Regulations and practices that impede the development of a unified market and fair competition will be reviewed and abolished. Specific measures will be rolled out to support the development of private businesses, and help inject new dynamism into the business sector.
Business reform will continue, to break any monopoly imposed through administrative means, and prevent any other form of monopoly from imposing itself through market means. The reform will include the introduction of market-based mechanisms for factor pricing, relaxation of control over market access in the service sector, and plans to improve market regulation. It is essential to improve macroeconomic control in an innovative manner to enable national development plans to provide strategic guidance for economic activities, and to better coordinate fiscal, monetary, industrial, regional, and other economic policies.
Measures will be taken to stimulate consumer spending, and strengthen the role of consumption in promoting economic growth. Further financial system reform is necessary, so as to enable investment services to play a crucial role in improving the supply-side structure.
A modern public finance system will be established, with clearly defined powers and responsibilities at the central and local levels, to ensure better fiscal coordination and greater balance between regions.
A comprehensive, transparent budgeting system will be in place with clearly defined, evidence-based and binding rules. Results-oriented performance appraisal will be introduced nationwide.
Further tax reform will continue, and local tax systems will be improved. Institutional reform in the financial sector is on-going, with the aim of making it better serve the real economy. Other reform objectives include increasing the proportion of direct financing, and promoting healthy development of a multilevel capital market.
We will further improve our two-pronged framework of monetary policy and macro-prudential regulation, and facilitate a move toward more market-based interest rate and exchange rate regimes. The bottom line is to improve the financial regulatory system to forestall systemic financial risks.
社会主义市场经济体制
社会主义市场经济体制是中国共产党在建设中国特色社会主义进程中的一个重大理论和实践创新。1992年，中共十四大正式确立“中国经济体制改革的目标是建立社会主义市场经济体制”。经过20多年实践，中国社会主义市场经济体制已经初步建立，但仍存在不少问题，包括市场秩序不规范、生产要素市场发展滞后、市场规则不统一、市场竞争不充分等。
中共十九大报告作出加快完善社会主义市场经济体制的新要求。提出经济体制改革必须以完善产权制度和要素市场化配置为重点，实现产权有效激励、要素自由流动、价格反应灵活、竞争公平有序、企业优胜劣汰。完善各类国有资产管理体制，改革国有资本授权经营体制，加快国有经济布局优化、结构调整、战略性重组，促进国有资产保值增值，推动国有资本做强做优做大，有效防止国有资产流失。深化国有企业改革，发展混合所有制经济，培育具有全球竞争力的世界一流企业。全面实施市场准入负面清单制度，清理废除妨碍统一市场和公平竞争的各种规定和做法，支持民营企业发展，激发各类市场主体活力。深化商事制度改革，打破行政性垄断，防止市场垄断，加快要素价格市场化改革，放宽服务业准入限制，完善市场监管体制。创新和完善宏观调控，发挥国家发展规划的战略导向作用，健全财政、货币、产业、区域等经济政策协调机制。完善促进消费的体制机制，增强消费对经济发展的基础性作用。深化投融资体制改革，发挥投资对优化供给结构的关键性作用。加快建立现代财政制度，建立权责清晰、财力协调、区域均衡的中央和地方财政关系。建立全面规范透明、标准科学、约束有力的预算制度，全面实施绩效管理。深化税收制度改革，健全地方税体系。深化金融体制改革，增强金融服务实体经济能力，提高直接融资比重，促进多层次资本市场健康发展。健全货币政策和宏观审慎政策双支柱调控框架，深化利率和汇率市场化改革。健全金融监管体系，守住不发生系统性金融风险的底线。