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ALLOCATION OF FACTORS OF PRODUCTION in China

ALLOCATION OF FACTORS OF PRODUCTION in China

China has moved from a system where essentially all prices are set by the State to a more complex system. For consumer goods, the main item still subject to State price fixing is pharmaceuticals. The government also controls the prices of commodities such as fuel, electric power, and other utilities. Land allocation policies...
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STATE OWNERSHIP in China

STATE OWNERSHIP in China

Though the government has been announcing and implementing to various degrees reforms ostensibly intended to allow market forces to gradually come into play, government ownership remains widespread and varied. Ownership in sectors considered important (strategic or pillar industries) has traditionally been reserved for Chinese state-owned companies. Although the strict requirement for State ownership has formally been eased, there...
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BASIC FEATURES OF THE SOCIALIST MARKET ECONOMY in China

BASIC FEATURES OF THE SOCIALIST MARKET ECONOMY

Prior to the launching of the ‘Open-door’ policy in China in 1978, which opened up for market-oriented economic reforms, the Chinese economy was essentially a closed, state-planned economy, mainly consisting of state-owned and collectively-owned enterprises. The move to a socialist market economy meant a shift from a pure planned economy to a...
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THE 19TH PARTY CONGRESS in China

THE 19TH PARTY CONGRESS in China

One of the main outcomes of the 19th Party Congress in October 2017 was the strengthening of the role of the Party's leadership. President Xi Jinping's work report, subsequent speeches during the 19th Party Congress, as well as the general programme of the amended CCP Constitution, reaffirmed the leadership of the Party over ‘all work’....
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THIRD PLENUM DECISION of the People’s Republic of China CCP

THIRD PLENUM DECISION of the People's Republic of China CCP

In November 2013, at the Third Plenum of the 18th Party Congress, the Chinese leadership announced that it would undertake a comprehensive reform programme. In the Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform (‘the 3rd Plenum Decision’),...
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13TH FIVE YEAR PLAN of the People’s Republic of China

13TH FIVE YEAR PLAN of the People’s Republic of China

The development of the socialist market economy is also explicitly referred to at two instances in the 13th FYP, in Part I, which contains the overarching principles and objectives of the 13th FYP, but also in Part XVIII, which covers ‘Socialist Democracy and the Rule of Law’. Part I, Chapter...
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LAW OF THE PEOPLE’S REPUBLIC OF CHINA ON STATE-OWNED ASSETS IN ENTERPRISES

LAW OF THE PEOPLE’S REPUBLIC OF CHINA ON STATE-OWNED ASSETS IN ENTERPRISES

Law of the People’s Republic of China on State-Owned Assets in Enterprises10 provides that: Article 1 This Law is enacted for the purpose of safeguarding the basic economic system of China, consolidating and expanding the State-owned economic sector, strengthening protection of State-owned assets, giving play to the leading role of the...
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PROPERTY LAW OF THE PEOPLE’S REPUBLIC OF CHINA

PROPERTY LAW OF THE PEOPLE'S REPUBLIC OF CHINA

PROPERTY LAW OF THE PEOPLE'S REPUBLIC OF CHINA Property Law of the People's Republic of China,9 reads: Article 1 For the purpose of safeguarding the basic economic system of the state, maintaining the socialist market economic order, clarifying property ownerships, giving play to the utilities of properties and protecting the real right of the...
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LAWS, PLANS AND REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA

LAWS, PLANS AND REGULATIONS OF THE PEOPLE'S REPUBLIC OF CHINA

LAWS, PLANS AND REGULATIONS OF THE PEOPLE'S REPUBLIC OF CHINA (revised in 2013),8 provides in Article 1: The Company Law of the People's Republic of China […] has been enacted in order to standardize the organization and activities of companies, protect the lawful rights and interests of companies, shareholders and creditors,...
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CONSTITUTION OF THE COMMUNIST PARTY OF CHINA

CONSTITUTION OF THE COMMUNIST PARTY OF CHINA

The General Program of the CCP Constitution6 (revised most recently at the 19th Party Congress on October 24, 2017) reaffirms the socialist market economy as China's economic system and the CCP's active role. The Party must carry out fundamental reform of the economic structure that hampers the development of the productive forces, and...
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