Reform focus on property rights, market

Three decades ago we advanced on two main courses of economic reform including enterprise reform, ownership reform, price reform, and the reform of the economic operating system. Since then the two main courses of reform have not only deepened but also yielded remarkable results.

The first course is to adjust and reform the ownership structure, which includes reviving and promoting economic individualism, developing overseas economic practices and introducing them suitably to the domestic economy, adjusting and reforming State and collective ownerships, as well as establishing and improving an economic system centered on public ownership, while multiple forms of ownership structure develop simultaneously.

Reform and opening-up have revived economic individualism. Since 1979 the Communist Party of China and the government have launched various policies supporting economic individualism, leading to China's rapid economic development, both in urban and rural areas. In fact, by the end of 2016, more than 80 million people were running their businesses individually. Also, economic individualism has helped solve many people's employment problem, increased the vitality of private economy and satisfied people's multiple demands.