Socialist Market Economy

Flashcards about China's Socialist Market Economy

Socialist Market Economy

A unique economic system with a particular role of the State and of the CCP.

Core elements of the socialist market economy doctrine

The central role of the CCP and the rejection of Western models like 'constitutionalism' and 'judicial independence'.

Constitution and CCP Constitution

The framework for the socialist market economy in China.

Preamble of the Constitution

Outlines the main political principles and key elements related to the economy, emphasizing socialist modernization under CCP leadership.

Article 6 of the Constitution

Confirms socialist public ownership as the basis of China's economic system and affirms the State's role in upholding this.

Revised Article 15 of the Constitution

States, 'The State practices socialist market economy' and strengthens economic legislation and macro-regulation.

Article 7 of the Constitution

Reaffirms the state-owned economy as the leading force.

Article 11 of the Constitution

Recognizes the non-public sectors as an important component and declares the State shall protect and guide them.

General Program of the CCP Constitution

Reaffirms the socialist market economy and the CCP's leading role in economic development.

14th Five Year Plan (FYP)

Lists the leading role of the CCP as the first guiding principle.

2020 Civil Code

Regulates essential aspects of relationships between natural and legal persons, emphasizing the socialist market economy.

Company Law

Standardizes the organization and activities of companies to promote the socialist market economy.

Law on State-Owned Assets of Enterprises

Safeguards China's basic economic system and promotes the leading role of the state-owned sector.

Third Plenum of the 18th Party Congress

Leaders stated the need to strike a balance between the role of government and the market.

19th Party Congress

Main outcomes included strengthening the Party's leadership and reaffirming the role of the State in shaping both public and non-public sectors.

20th Party Congress

Consolidated President Xi's power, emphasizing the overall dominance of the CCP over the state and economy.

Socialist Modernization

China will be transformed into a modern socialist country, with prioritization of strong SOEs and economic self-reliance.

13th Five Year Plan (FYP)

Reaffirms allegiance to the concept of socialist market economy.

14th Five Year Plan (FYP)

Confirms continued adherence to the basic socio-economic axiom of a socialist market economy.

Move to a Socialist Market Economy

Shift from a pure planned economy to a hybrid system with dominant State-ownership.

Japanese Developmental Pattern vs. China's State Capitalism

China's state capitalism encourages both central and local governments to support local industries with financial aid and services.

Dual Circulation

Domestic great circulation is the mainstay, and domestic and international circulation are mutually reinforcing.

State Council’s Opinions on Promoting the Integrated Development of Domestic and Foreign Trade

Integrated development of domestic and foreign trade.

Common Prosperity Policy

Achieving common prosperity.

Early 2000s Economic Goals

Government began focusing on upgrading the economy away from traditional industries reliant on low-skilled labor.

Interventionist Industrial Policies

Industrial policies are visibly interventionist.

Promoting High-Quality Development of Private Enterprises

Mechanism for private enterprises to participate in national strategies, operate compliantly, and fulfill social responsibilities.

Industrial Policy

Selected industry sectors as priorities to achieve technological advancements and other national strategies.

Strategic Emerging Industries

National Development and Reform Commission’s Guiding Opinions on Expanding Investment.

New Materials Sector Priorities

Focus should be made breakthroughs in photoresist, high-purity target materials, high-temperature alloys.

New Energy Sector Priorities

Priorities are core technology components such as main bearings, insulated-gate bipolar transistors, control systems

Little Giants Initiative

To cultivate 10 000 little giants.

Guiding Opinions

Guiding Opinions on Accelerating the Cultivation and Development of High-Quality Manufacturing Enterprises

China’s Spat with Lithuania

Events related to China’s spat with Lithuania over the status of Taiwan’s representative office in Vilnius

Industry Associations

Bridge between government and enterprises.

Overall Proposal for the Separation of Industry Associations

Making industry associations more independent from the government

Measures for Comprehensive Supervision on Industry Associations

Called for strengthening Party's leadership.

Opinions Issued NDRC

Ensured continued financial dependency of industry associations on government and full CCP control

MCA

Issued model text statutes for industry associations

State Administration’s for Market Regulation Opinion

Opinion of the SAMR -to promote the High Quality of the Private Economy under a New Situation.

Corporate Social Credit System

Way by China to achieve some of the proclaimed goals of the socialist market economy doctrine

USCC report

Aims to provide China’s government a nationwide system to monitor all aspects of corporate behavior

MERICS

Ambition to expand, integrate and analyse existing data sources to improve and consolidate CCP rule