Comprehensive Deepening of Market Reform, 2012–2018

Based on the resolution of the 18th Party Congress held in 2012, the Third Plenary Session of the 18th Party Central Committee held in 2013 made the “Decision on Several Major Issues of Comprehensively Deepening the Reform”. The Decision put forward that “the overall goal of comprehensively deepening the reform is to improve and develop the socialist system with Chinese characteristics, and to promote the modernization of the national governance system and governance capacity”. The Decision calls for deepening economic system reform, deepening political system reform, deepening social system reform, accelerating the establishment of an ecological civilization system, and deepening the reform of the CPC’s construction system. The Decision proposes: “The reform of the economic system is the focus of comprehensive deepening reform. The core issue is to handle the relationship between government and market, allowing the market to play a decisive role in resource allocation and better utilizing the role of government. The market determines resource allocation, which is a general law of a market economy. A sound socialist market economy system must follow this law and focus on solving problems such as an imperfect market system, excessive government intervention, and inadequate regulation.” The Decision stipulates that by 2020, significant progress must be made in important areas and key aspects of reform. This progress includes completing the reform tasks outlined in the Decision, establishing a systematic and comprehensive system that operates effectively based on scientific and standardized principles. Furthermore, all aspects of the system should be further developed and consolidated to ensure their maturity and stability. The reform during this period was carried out under the guidance of the aforementioned decision.