Developing a High-Standard Socialistmarket economy system: HistoricalEvolution, Characteristics, andPathways

Gan Chunhui1, Jia Wenxing*2

1 Shanghai Academy of Social Sciences (SASS), Shanghai, China

2 Institute of Applied Economics, SASS

Abstract: The Resolution of the CPC Central Committee on Further Deepening ReformComprehensively to Advance Chinese Modernization, adopted at the Third PlenarySession of the 20th CPC Central Committee, sets a strategic goal to “fully establish ahigh-standard socialist market economy system by 2035”, outlining new requirementsand measures for the new era. This paper provides a comprehensive exploration of thehistorical trajectory, intrinsic characteristics, and strategic pathways of this system, offeringtheoretical support and practical guidance for the continued optimization and advancementof China’s market economy. Since the launch of reform and opening-up in 1978, China’sunderstanding of socialism and the market economy has become increasingly sophisticatedand scientifically grounded. By tracing the historical evolution of the socialist marketeconomy system, this study defines the core attributes of a high-standard socialist marketsystem through four key features: Coordinated government-market relations, standardizedmarket-oriented reforms, a well-developed foundational market economy framework,and extensive high-standard global integration. Building on these insights, this articleproposes a comprehensive strategic framework centered on optimizing government-marketrelations, invigorating market participants, developing a high-standard market system,deepening market mechanism reforms, improving the fundamental systems of the marketeconomy, coordinating fiscal and financial reforms, expanding high-standard openness,and strengthening risk prevention mechanisms—jointly forming a systematic pathway forestablishing a high-standard socialist market economy system.

Keywords: Chinese modernization; high-standard socialist market economy system;

JEL Classification Codes: P1

DOI: 10.19602/j.chinaeconomist.2025.05.03