Saturday, August 21, 2010

Modern enterprise system established in 1993

November 11-14, 1993, the CPC held the Third Plenary Session of the 14th Central Committee and passed "CPC Central Committee's decisions on a number of problems regarding the establishment of a socialist market.

" The plenum pointed out that the socialist market economic system is combined with the basic system of socialism.

The establishment of the socialist market economic system is to have the market plays a fundamental role in the allocation of resources under the country's macro-control.

The plenum decided to further transfer the operating mechanism of state-owned enterprises and establish modern enterprise system with clear property rights, clear powers and responsibilities, separation of government from enterprises and scientific management measures that meets the requirements of the market economy.

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