By Ouyang Yaofu

China's market-oriented reforms: Always ongoing and never completed

In December 1978, China initiated reforms to transition from a planned economy to a market economy, continuously advancing market-oriented reforms since then, with the role of market mechanisms in resource allocation steadily strengthening. With the deepening of the reform and opening-up, China's economy has grown exponentially, with market entities such as domestic enterprises, individual businesses and foreign-invested institutions emerging rapidly.