Socialist market economy vital for modernization

China has been deepening economic reform and taking measures to improve the socialist market economic system since the Third Plenary Session of the 18th Central Committee of the Communist Party of China in 2013.

Since the launch of reform and opening-up, China's productive forces, production relations, and economic base and superstructure have undergone profound changes. More important, the principal contradiction has changed from the "ever-growing material and cultural needs of the people versus backward social production" to that "between unbalanced and inadequate development and the people's ever-growing needs for a better life".

This is therefore the right time to expedite the process of Chinese modernization and intensify efforts to realize the great rejuvenation of the Chinese nation, while deepening reform and promoting a new round of technological revolution and industrial transformation.