1993

November 14

The Decision on Issues Concerning the Establishment of a Socialist Market Economy was adopted at the 3rd Plenary Session of the 14th CPC Central Committee. The Decision drafted a blueprint for establishing a socialist market economy and pointed out that the socialist market economy was an integral Part of the basic socialist system and that the purpose of establishing a socialist market economy was to let the market play a basic role in allocating resources under the state's macro-control. In addition, the Decision proposed to further transform the operating mechanisms of state-owned enterprises and create a modern corporate structure that met the requirements’ of the market and featured clearly established ownership, well-defined power and responsibility, separation of government administration and enterprise management, and scientific management.