The Construction of a High-quality Market Economy and the Elimination of the Low-cost Trap
In the early stage of the development of China's socialist market economy,the majority of enter-prises adopted low cost as their primary competitive strategy.This was enabled by the low cost of factors of production and sufficient market demand,which allowed for the implementation of this strategy.It resul-ted in the formation of a vicious circle of"low profit—low wages—low consumption—low innovation",as well as a low-quality development pattern with no source of enterprise innovation,"inward spiral"vicious competition,prominent employment suppression,and large fluctuations in the macro-economy.As socialism with Chinese characteristics has entered a new era,the creation of a new situation of high-quality develop-ment and the cultivation of competitive enterprises necessitate the construction of a high-quality market e-conomy and the formation of a virtuous cycle of"high profit—high wage—high consumption—high innova-tion".The construction of a high-quality market economy should be guided by high-quality values,with a gradual increase in labor remuneration as a primary objective.This requires the active participation of key enterprises,the establishment of a conducive market environment,and a transformation in the competitive model of enterprises from low price to high quality.This approach will enable China's economic develop-ment to transcend the low-cost trap.
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