The Theory of Market Types and Its Judge on China's Market Patterns

Professor Wenqian's theory of market types includes: the objective basis of distinguishing the market types is the comparison of market power between buyers and sellers; the market types are determined by the market structures which are formed by values, prices, supply demand and market competition; the typical sellers' market, buyers' market, balanced market, deformed sellers' market and deformed buyers' market have different characteristics in the structure factors and the run-mechanism; market value and market volume are the main variables that cause transformation of these market types. Accordingly, the development of China's basic market patterns from 1978 till now is classified into three stages.