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DRC publishes new book on market economy in China's 40 years of reform and opening-up

Dec 28,2018

Ma Jiantang, Vice-President of DRC, speaks at the ceremony. [photo/drc.gov.cn]

A book launch of 40 Years of Reform and Opening-up: Establishment, Development and Prospect of Market System and a high-level seminar, jointly organized by the Institute of Market Economy of the Development Research Center of the State Council (DRC) and China Development Press, were held in Beijing on December 15.

Ma Jiantang, Vice-President of DRC, attended the meeting and delivered a speech. Wang Anshun, Vice-President (ministerial-level) of DRC, presided over the opening ceremony. In his speech, Ma pointed out that on the occasion of the 40th anniversary of China's reform and opening-up, the Institute of Market Economy published the book to show and commemorate the glorious 40 years.

Ma said that under the strong leadership of the CPC, China has become the world’s second largest economy. China's economic system has achieved a huge transformation from a planned economic system to a socialist market economic system.

The relationship between the government and the market has always been the core issue of economic system reform during the 40 years' reform and opening-up, and it is the institutional basis for ensuring effective allocation of resources and promoting social progress.

Ma put forward three points of view. First, the 40 years of reform and opening up have deepened the Party's understanding of the relationship between the government and the market. Second, the 40 years of reform and opening up have witnessed the establishment and leap-forward development of the market economic system in China. Third, China should push forward the reform of the socialist market economic system.

Wang Anshun, Vice-President (ministerial-level) of DRC, speaks at the ceremony. [photo/drc.gov.cn]

Looking back on the magnificent and unprecedented development process of the 40 years of reform and opening-up, China has made extremely difficult explorations, Wang said.

Wang said that reform and opening-up is the only way to achieve development and progress in contemporary China and the only way to realize the Chinese Dream. As a policy advisory research institution directly under the State Council, DRC conducts policy research and provides policy recommendations on hot issues in reform and opening-up.

Professor Wu Jinglian, a well-known economist, DRC researcher and the honorary Director-General of the Institute of Market Economy, sent a written speech and congratulatory message to the event. Wu summed up the five core characteristics of the modern market system in his speech: the modern market system must be a unified one; be open to all market entities; be highly competitive; and have a competition and supervision system based on the rule of law; in addition, it should be a complete market system including products, services and factors.

Wu said that there is still a long way to go from the current development level of China's market system to the requirements of the central government. Reforms on key issues such as the rule of law, improving supervision and strengthening fair competition and consumer protection are necessary for building a unified, open, and orderly market system in China.

Experts from different institutions shared their opinions on market economy development in the past 40 years, and on the prospects and reform directions for China's construction of a modern market system in the new era.