Emphasis on common development

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Editor's note: China’s reform program is about to start a major new phase, and this is an event which is commanding worldwide attention. The third Plenary Session of the 18th CPC Central Committee has just reached its conclusion - what kind of a new reform blueprint has been produced? On Tuesday, People’s Daily Online invited Zhang Liqun, a researcher at the Development Research Center of the State Council, and Xu Yaotong, professor of political science with the Chinese Academy of Governance, to explain the communiqué issued after the meeting.

From the plenary session: the public economy and the non-public economy are important parts of the socialist market economy as well as vital components supporting the development of China's social economy.

Since reform and opening up, says Zhang, the reform of our country's system has advanced first and foremost through reform of the economic system, and this reform has addressed basic economic elements.

The individual national conditions and the individual development paths of different countries lead to the specific and individual characteristics of their basic economic systems.

Due to our own national conditions and the characteristics of our development path, China's basic economic system has public ownership as the core element, coexisting with a variety of other ownership structures. We must therefore concentrate on making improvements to the basic system and to the ownership base.

One key aspect of this effort must be to consolidate and develop the public economy and to encourage the state-owned economy to continue to play a leading role. The other aspect is to apply our full commitment to incentivizing, supporting, and guiding the development of the non-public economy. We place emphasis both on enhancing the vital control and influence of the state-owned economy, and on stimulating the non-public economy's energy and creativity. Mutually beneficial development will allow the state-owned economy and the non-public economy to play their respective roles to the full.

The third plenary session also emphasized that we must constantly improve the system of property rights protection, promote the development of the mixed ownership economy, drive state-owned enterprise to refine its management structures, practices and principles, and support the healthy development of the non-public economy – all of which conform to the prevailing conditions and needs in China.

Edited and Translated by Zhang Qian, People's Daily Online

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