High-Standard Socialist Market Economy and Reform of State-Owned Enterprises in the New Era
Economic structural reform plays a pivotal role in the broader effort to deepen comprehensive reforms. The 20th National Congress of the Communist Party of China (CPC) has laid out a strategic plan to build a high-standard socialist market economy,while the Third Plenary Session of the 20th Central Committee of the CPC outlined the specific direction and focus of these reforms. Promoting high-quality development at this new stage is a critical necessity for China in its journey to establish a high-standard socialist market economy. This endeavor is closely tied to the broader goals of Chinese modernization and the comprehensive construction of a modern socialist nation.Reflecting the spirit of the Third Plenary Session and grounded in existing theoretical research,this article examines China's progress from a historical perspective. It situates the country at a crucial juncture in building a prosperous nation and advancing its national rejuvenation through Chinese modernization. The analysis identifies four defining features of a high-standard socialist market economy:(1) the deep integration of an efficient market and a capable government;(2) unwavering support for the public sector while encouraging,supporting,and guiding the non-public sector,thus energizing all market participants;(3) the establishment of a high-standard market system;and (4) the creation of a higher-standard open economy.State-owned enterprise (SOE) reform has been a critical element in China's economic structural reforms and remains essential to their success. At this key stage of building a modern socialist nation,SOEs have been tasked with new responsibilities and missions. They are expected to serve as critical agents in achieving national objectives,integrating economic,political,and social attributes at a high level. Given their fundamental role and the requirements of a high-standard socialist market economy,this article explores the evolving position and functions of SOEs in the current era. It suggests further deepening SOE reform in four areas:(1) optimizing the structure of the state-owned economy while strengthening,improving,and expanding SOEs;(2) refining the modern enterprise system with Chinese characteristics and advancing SOE management reforms;(3) promoting property rights innovations through categorized reforms of SOEs;and (4) aligning SOE reforms with high-standard international economic and trade regulations to promote higher levels of openness.Within the broader framework of building a high-standard socialist market economy,this article delves into the roles and functions of SOEs in the current era,focusing on their critical role in shaping the direction of reforms. By emphasizing systemic integration,the analysis highlights key areas for reform and assesses the effectiveness of these reforms. The insights and recommendations presented in this article are intended to support the implementation of the directives set forth by the Third Plenary Session of the 20th Central Committee and to advance comprehensive reform efforts.
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