Finding balance and new dynamics in China’s socialist market economy
Published: Dec 13, 2020 04:08 PM

Illustration: Tang Tengfei/GT

China implements a socialist market economy. Its connotations will be continuously enriched as the country develops and new dynamic mechanisms and balances are formed. In my view, it's normal that there are ups and downs, as well as adjustments, in the processes of market economy exploration. But it has clear directions and boundaries. China is a socialist country and is people-centered. This fact is unshakable.

Capitalists must have a high understanding of this and consciously become a force to maintain the foundations of this country. They should contribute to the construction of socialism with Chinese characteristics.  

Meanwhile, China has made a choice to utilize a market economy in its reforms and opening-up policies. This has played a decisive role in China's rapid development over the past four decades. The market economy has its own inherent laws. More and more national competitiveness needs to be created under the framework of market economy, during which the role of various enterprises including private ones, cannot be underestimated. Many private entrepreneurs can stand out in this grand endeavor. Capitalists have constantly adapted to the Chinese system, snowballing to promote China's progress through the methods of market economy.  

China needs to continue to actively and constructively achieve overall planning and balance, and consolidate the country's truly people-focused values. Any adjustments should be made in an orderly manner under the leadership of the Party and the government. Forces at the forefront should always have the sense of self-restraint, and keep themselves in line with the overall requirements and objectives of the socialist market economy — so as not to go too far.  

We should not only preserve the legal and political nature of Chinese society, but also constantly promote the surge of competitiveness from within. 

This aims to ensure that China's market economy will not only become the most humane and can benefit all, but also the most efficient. It should make the market economy invincible for a long time in the competition with other countries. Such a balance is where China's national interest lies. 

A deviation from this national interest and balance will foster an unsustainable state in the long run. I have lived both under the system and in the market. At this same time, I have been observing and feeling the weaving of Chinese and foreign threads. I have also witnessed the frictions of both interests. 

All these experiences might give me broader perspective and a longer term horizon about what the national interest is all about. These words are all from my heart, but of course, they can only represent myself.

The author is editor-in-chief of the Global Times. opinion@globaltimes.com.cn