Summary: the correct leadership of the party is the decisive factor in the great achievement of China's economic restructuring. The party's the third Plenary Session of the 11th CPC Central Committee opened the great course of reform and opening up. The Third Plenary Session of the Twelfth Central Committee of the CPC broke through the traditional concept of opposing planned economy to commodity economy, and laid the ideological foundation for establishing the socialist market economic system. In the third Plenary Session of the 14th CPC Central Committee, the party set up a basic framework for the socialist market economic system. In the third Plenary Session of the 16th CPC Central Committee, the party made careful arrangements for improving the socialist market economic system. The Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China made a top-level design to deepen the reform in an all-round way, and put forward "to make the market play a decisive role in the allocation of resources and better play the role of the government", to achieve another major theoretical innovation. Since the 18th National Congress of the Communist Party of China, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, China has made breakthroughs in reforms in important fields and key links, and made historic achievements in reform, opening up and socialist modernization.

       Since the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China started the great journey of reform and opening up, China's economy and society have undergone tremendous changes, from a poor and weak country to the world's second largest economy. The decisive factor in creating this miracle is the correct leadership of the Communist Party of China. One of the important manifestations of the Party's correct leadership is to promote China's reform and opening-up step by step and create a historic achievement that attracts worldwide attention by convening a plenary session of the Central Committee to discuss major reform issues, specify the direction of reform and propose practical reform measures and road maps.

       The great opening of reform and opening up in the third Plenary Session of the 11th CPC Central Committee

       In December 1978, the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China made a historic decision to transfer the work center of the Party and the state to economic construction, to carry out reform and opening-up, and to mobilize the people of all nationalities throughout the Party to carry out a new long march for socialist modernization. The communique of the conference stated that "we should proceed with serious reform of the economic management system and management methods, actively develop economic cooperation on an equal and mutually beneficial basis with other countries in the world on the basis of self-reliance, strive to adopt world advanced technology and equipment, and vigorously strengthen the scientific and educational work necessary for modernization." Reform started from the countryside. At the end of 1978, Xiaogang Village, Fengyang County, Anhui Province, implemented the "big contract", and then the rural household contract responsibility system expanded to the whole country, effectively promoting the recovery and development of agricultural production. Since 1979, the reform has been carried out further: raising the purchase price of agricultural products, mobilizing the enthusiasm of farmers to produce and sell agricultural products; enlarging the autonomy of enterprises on trial, the state-owned enterprises have begun to have certain vitality; establishing special economic zones and implementing special policies and flexible measures. Subsequently, the rural market trade has been restored, the types of commodities are increasingly rich, and the market supply situation is rapidly improving.

       The party's the third Plenary Session of the 12th CPC Central Committee breakthrough breaks the traditional concept of a planned economy against commodity economy.

       In 1984, the Third Plenary Session of the Twelfth Central Committee of the Communist Party of China adopted the "Decision on Economic System Reform" pointed out: "To reform the planned system, first of all, we must break through the traditional concept of opposing planned economy to commodity economy, and clearly understand that socialist planned economy must be consciously based on and apply the law of value, which is in public ownership. A planned commodity economy on the basis of it. The full development of commodity economy is an insurmountable stage of social and economic development and a necessary condition for the realization of China's economic modernization. Only by fully developing the commodity economy can we really invigorate the economy, promote enterprises to improve efficiency, operate flexibly, and adapt to the complex and changeable social needs, which can not be achieved by relying solely on administrative means and mandatory plans. This "Decision" has achieved a major breakthrough in socialist economic theory and laid the ideological foundation for the establishment of the socialist market economic system. Market reform then started quickly. The report of the Thirteenth National Congress of the Communist Party of China in 1987 clearly stated that "the system of socialist planned commodity economy should be the internal unified system of planning and market." Since then, a new system of socialist planned commodity economy has been launched rapidly in various fields.

       In the third Plenary Session of the 14th CPC Central Committee, the party set up the basic framework for the socialist market economic system.

       In the spring of 1992, Comrade Deng Xiaoping pointed out in his southern talk that "more planning or more markets are not essential differences between socialism and capitalism. Planned economy is not equal to socialism, capitalism also has a plan; market economy is not equal to capitalism, socialism also has a market. Planning and market are economic instruments. Comrade Deng Xiaoping's speech responded to the call from reform practice. In October 1992, the 14th National Congress of the Communist Party officially declared that "the goal of China's economic system reform is to establish a socialist market economic system", which has inestimable significance for promoting China's reform and opening up.

       In November 1993, the Third Plenary Session of the 14th CPC Central Committee adopted the Decision of the CPC Central Committee on Several Questions Concerning the Establishment of a Socialist Market Economic System, which concretized the reform objectives of the socialist market economic system established by the 14th CPC Central Committee and established the basic framework of the socialist market economic system. This is: "To establish a socialist market economic system is to make the market play a fundamental role in the allocation of resources under the state's macro-control. In order to achieve this goal, we must adhere to the principle of taking public ownership as the main body and developing together with various economic components, further transform the operating mechanism of state-owned enterprises, establish a modern enterprise system that meets the requirements of market economy, has clear property rights, clear rights and responsibilities, separates government from enterprises and scientific management, and establish a unified and open market system throughout the country. To realize the close integration of urban and rural markets, to link up domestic markets with international markets, to promote the optimal allocation of resources, to transform the functions of the government in managing the economy, to establish a sound macro-control system based on indirect means, to ensure the healthy operation of the national economy, and to establish a distribution according to work as the main body, giving priority to efficiency and giving consideration to the public. The system of equal income distribution encourages some people in some areas to become rich first and take the road of common prosperity, and establishes a multi-level social security system to provide social security for urban and rural residents in line with China's national conditions, so as to promote economic development and social stability. These main links are interrelated and mutually restrictive organic whole, constitute the basic framework of the socialist market economic system.

       After the goal and basic framework of the reform of the socialist market economy system were determined, China's market-oriented reform was carried forward rapidly, and a socialist market economy system was initially established at the end of the 20th century. At the end of 2001, China's accession to the world trade organization promoted the great development of China's foreign trade and economic relations. The deepening of reform has greatly promoted the improvement of social productive forces, comprehensive national strength and people's living standards.

       The path of improving the socialist market economy system in the third Plenary Session of the 16th CPC Central Committee

       In order to adapt to the international environment of economic globalization and accelerated scientific and technological progress, to adapt to the new situation of building a well-off society in an all-round way, to further liberate and develop the productive forces, and to inject a strong driving force into economic development and social progress in an all-round way, the report of the 16th National Congress of the Communist Party of China put forward that by 2020, "a sound socialist market economic system will be built A vibrant and more open economy. " In order to implement the strategic plan put forward by the 16th CPC National Congress, the Third Plenary Session of the 16th CPC Central Committee in 2003 adopted the Decision of the CPC Central Committee on Several Questions Concerning the Perfection of the Socialist Market Economy System, which is a programmatic document for the perfection of the socialist market economy system.

       The Decision proposes that we should adapt ourselves to the trend of the continuous development of the market economy, further enhance the vitality of the public economy, vigorously develop the mixed ownership economy in which state-owned capital, collective capital and non-public capital participate, realize the diversification of the investors and make the stock system the main form of the realization of the public ownership. The Decision makes detailed arrangements and puts forward concrete measures for further consolidating and developing the public economy, encouraging, supporting and guiding the development of non-public economy, perfecting the management system of state-owned assets, deepening rural reform and perfecting the market system.

       Since 2003, reform has continued to advance and positive progress has been made. For example, since 2005, the reform of non-tradable shares of listed companies has been launched, and the reform of RMB exchange rate formation mechanism has been promoted. Since 2006, the agricultural tax has been abolished nationwide and so on.

       In the third Plenary Session of the 18th CPC Central Committee, the party put forward the overall goal of deepening the reform and the top-level design.

       In 2013, the Third Plenary Session of the 18th CPC Central Committee adopted the Decision of the CPC Central Committee on Several Major Issues Concerning the Comprehensive and Deepening Reform. Different from the previous decisions made at the Third Plenary Session of the CPC Central Committee on the reform of the economic system, this Decision is about the decision to deepen the reform in an all-round way. The overall goal of deepening the reform in an all-round way is to improve and develop the socialist system with Chinese characteristics, and to promote the modernization of the national governance system and governance capacity. This shows that, after nearly 40 years of reform and development, the reform needs to be expanded from mainly promoting the reform of economic system to comprehensively deepening the reform of economic system, political system, cultural system, social system and ecological civilization system. Only in this way can we build a well-off society in an all-round way in 2020, and form a complete, scientific, standardized and effective system to make all aspects of the system more mature and more stereotyped.

       The reform of the economic system is the key to deepening the reform in an all-round way. The highlight of the Decision of the Third Plenary Session of the Eighteenth Central Committee of the CPC is to make the market play a decisive role in the allocation of resources and better play the role of the government. This is the inheritance and development of the term "make the market play a fundamental role in the allocation of resources" which has been used for more than 20 years. Why do we want to make this kind of development? Firstly, the new formulation more accurately and vividly reflects the dominant role of market mechanism in the allocation of resources, and reflects the inherent requirements of the basic law of market economy, namely the law of value. Secondly, it emphasizes that the market plays a decisive role in the allocation of resources, which means that those who rely on market mechanisms to bring about higher efficiency and efficiency without harming social equity and justice should be handed over to the market. The invisible hand of market mechanism urges each market subject to carry out fair competition in accordance with market rules, and constantly improve social productivity through survival of the fittest. This is the manifestation of the law of value. In the socialist market economic system, we have good conditions to make the role of the law of value more fully play, so as to maintain the sustained and healthy development of China's economy. Thirdly, emphasizing that the market plays a decisive role in the allocation of resources does not mean that we do not attach importance to the role of the government, but that we should better play the role of the government. The government's responsibilities and functions are mainly to maintain macroeconomic stability, strengthen and optimize public services, ensure fair competition, strengthen market supervision, maintain market order, promote sustainable development, promote common prosperity and make up for market failure.

       Since the 18th National Congress of the Communist Party of China, the Central Committee has set up a leading group to comprehensively deepen the reform, and then changed it into a Central Committee to comprehensively deepen the reform, which is responsible for the overall design of the reform, overall coordination, overall promotion, and supervision and implementation. At present, China's reform has entered the deep water area, and is in the stage of tackling difficulties and tackling hard bones. This requires not only top-level design for reform but also top-down impetus. Strong leadership and promotion is an important guarantee for China to achieve decisive results in the reform of important areas and key links by 2020.

       Under the guidance of the Decision of the Third Plenary Session of the Eighteenth Central Committee of the CPC, the reform of the economic system has been pushed forward actively in various fields, the reform of important areas and key links has made breakthroughs, and the main framework of the reform in major areas has been basically established. In 2017, the report of the Nineteenth National Congress of the CPC pointed out that "adhering to the direction of socialist market economic reform", "taking the structural reform on the supply side as the main line", "speeding up the improvement of the socialist market economic system", "the reform of the economic system must focus on the improvement of the property rights system and the market-oriented allocation of factors", and so on, so as to further deepen the economy in the future. The reform of the economic system pointed out the direction.

       Source: People's daily