China's 30-year Industrial Reform in Retrospect

Industrial reform in China truly embodies the rich content and hard experience of exploration along the path of socialism with Chinese characteristics. At the first stage of industrial reform,a thought revolution was started,which laid the foundation for the development of the market economy,i.e. get away from poverty,we have to help ourselves and pursue self-interests. Society then began to realize that the action of individuals and enterprises to pursue income,profit and wealth was not only a proper and rational behavior of discrete entities,but also a reasonable behavior bene cial to society. This profound thought revolution played a decisive role in the transformation from a planned to market economy. At the second stage of industrial reform,some bold assaults were launched on every aspect of the planned economy,while the socialist market economy was identified as the objective of system reform. In this process,Chinese industry courageously,boldly and confidently moved towards an open market economy. As a result,China can now proclaim to the world:we are not afraid of market competition,but rather,we look forward to it! At the third stage of industrial reform,the focus has shifted from resolving issues of the transition from a planned to market economy into addressing common institutional and policy issues facing countries worldwide with regard to the effective operation of the market economy. From then on,industrial reform in China was no longer the business of China alone,but the business of the whole world.