'Visible and invisible hands'

President Xi Jinping's recent emphasis on the necessity of the government and the market correctly playing their respective roles to promote the sustainable and healthy development of the economy should serve as a timely reminder that any over-use of either the visible hand or the invisible hand will produce the opposite effect.

The Third Plenum of the 18th Communist Party of China Central Committee held in November vowed to give the market a decisive role in the distribution of resources, the highest status the market has been extended since the launch of reform and opening-up in 1978, but this does not mean the negation of the government's role in economic development.

China's government-led economic model has helped the country score an economic success, but it has also caused serious imbalances in its economic structure and resulted in a series of contradictions, whose resolutions depend on more market vitality and the upgrading and transformation of the country's economic structure, said an article in 21st Century Business Herald.