The Central Committee of the Communist Party of China (CPC) published Tuesday a decision on issues regarding the improvement of the socialist market economic system.

The 24-page, 12-part decision, approved at the Third Plenary Session of the 16th CPC Central Committee, which was held from Oct.11 to 14, outlined the major tasks to further improve the market economy to build a well-off society in the country.

The major tasks were defined as follows:

-- Improving the basic economic system of keeping public ownership as the mainstay of the economy and allowing diverse forms of ownership to develop side by side;

-- Narrowing the gap between urban and rural areas;

-- Promoting coordinated development of different regions;

-- Establishing a unified, open and orderly modern market system;

-- Improving macro-control, administration and economic legal systems;

-- Improving employment, income distribution and social security systems; and

-- Establishing a mechanism to promote sustainable social and economic development.

"Public ownership should be further consolidated and the non-public economy should be also encouraged and supported," said the decision, which also specified that the management system over state-owned assets should be improved and the reform of state-owned enterprises be further deepened.

While emphasizing the importance of the rural reform, the decision also called for an improvement of the market system and the standardization of the market order.

"Macro-control should be further improved and the function of the government be transferred," said the decision, adding that the financial and tax system of the country should also be improved and the financial reform be deepened.

The scope of opening up to the outside world should be further expanded and the system concerning the country's scientific, technological, educational, cultural, and sanitary development be further improved in order to increase the creativeness of the country and the overall quality of the public, said the decision.

"The political administrative system should be further reformed and the system of economic laws be further improved," said the decision, which also called for the reinforcement of the party's leadership and mighty efforts to improve the socialist market economic system.

The targets of further improving the market economy are to coordinate urban and rural development, regional development, economic and social development, the harmonious development of man and nature, domestic development and the opening up to the outside world, said the decision.

Also, with the move, the role of the market in resource allocation is expected to be strengthened, the competitiveness of enterprises reinforced, the state macro-control improved, and the function of the government in social administration and public service enhanced, according to the decision.

The decision stressed the importance and urgency of the reform of the economic system. So far, the socialist market economic system has primarily been established, a basic economic system dominated by the public ownership and supported by diverse forms of ownership have been set up, and an overall opening-up to the outside world has been formed, noted the decision.

"The continuous deepening of reform has greatly stimulated the improvement of the social productive force, the comprehensive national strength and the living standard of the general public, and also enabled the country to successfully endure the test of the world financial crisis, serious natural disasters and major epidemics," said the decision.

However, it pointed out, problems still exist, including irrational economic structure, imperfect distributive system, slow growth of farmers' income, high employment pressure, increased natural resource pressure and relatively weak economic competitiveness.

The main reason is that China is now at the primary stage of socialism with an incomplete economic system and still faces a lot systematic obstacles in the development of its productive force.

"To accord with the international environment featuring economic globalization and fast scientific and technological development and to meet the target of building a well-off society in an all-round way, the step of reform should be further quickened so as to further emancipate and develop the productive force and inject more vigor into the overall economic and social development," said the decision.

Meanwhile, the decision also specified Deng Xiaoping Theory and the important thought of " Three Represents" as the guideline in carrying out the economic system reform.
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(Xinhua News Agency October 22, 2003)