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基本经济制度 (jiben jingji zhidu)

Basic Economic System

The country's fundamental system for the economy with public ownership as the pillar and other forms of ownership developing together.

This system was based upon a series of progresses in the Communist Party of China's (CPC) ideological theories. On the 15th National Congress of the CPC in 1997, this was suggested as China's economic system and it was formally accepted as the nation's basic economic system during the primary stage of socialism in the sixth revision of the Constitution in 1999. By acknowledging the position and role of the private sectors in the economy, this system marks a development of traditional Marxist theories about socialism with Chinese characteristics to suit the real situation of the country.

(China Daily 06/20/2008 page8)