China to uphold, improve basic socialist economic system

China will work to uphold and improve its basic socialist economic system and promote the high-quality development of the economy, according to a decision of the Communist Party of China (CPC) Central Committee.

A container ship passes in front of containers and gantry cranes at Haitian Container Terminal, operated by the Xiamen Port Authority, in Xiamen, China, Aug. 26, 2019. [File Photo: VCG]

The decision on some major issues concerning how to uphold and improve the system of socialism with Chinese characteristics and advance the modernization of China's system and capacity for governance was adopted at the fourth plenary session of the 19th CPC Central Committee on Oct. 31.

It stressed the tasks as the following:

-- unwaveringly working to consolidate and develop the public sector, and to encourage, support and guide the development of the non-public sector;

-- upholding the distribution system whereby distribution according to labor is dominant and a variety of other modes of distribution coexist;

-- accelerating efforts to improve the socialist market economy;

-- improving systems and mechanisms for innovation in science and technology;

-- putting in place new institutions for an open economy of higher standards.