Market Institutions Beginning to Take Shape, 1993–2000

Guided by Xiaoping Deng’s theory of building socialism with Chinese characteristics, the report of the 14th National Congress of the Communist Party of China in 1992 put forward that the goal of China’s economic system reform is to establish a socialist market economy. In November 1993, the Third Plenary Session of the 14th CPC Central Committee adopted the “Decision on Several Issues Concerning the Establishment of a Socialist Market Economy”. This decision, which systematizes and concretizes the goals and basic principles set forth at the Party’s 14th National Congress on economic restructuring, is China’s overall plan and program of action for establishing a socialist market economy. The Fifth Plenary Session of the 14th CPC Central Committee moved to establish a socialist market economy by the year 2000. The above guiding ideology directed the economic reform during this period (1993–2000).