China's economic system reform, roughly experienced three stages is what?

The first stage was from 1978 to 1984, when the planned economy was the mainstay, supplemented by market regulation.

The second stage was from 1984 to 1988, when the socialist commodity economy was established.

The third stage, roughly from 1989 to 1992, formalized the establishment of a socialist market economy.

A socialist market economy is a market economy integrated with the basic socialist social system, reflecting the fundamental nature of socialism. It is an economic system in which the market plays a decisive role in the allocation of resources under the macro-control of the socialist state. It enables economic activities to follow the requirements of the law of value and to adapt to changes in supply and demand; through the price lever and the competition mechanism, it allocates resources to the most efficient segments and enables enterprises to carry out the survival of the fittest; and it utilizes the market's characteristic of being responsive to all kinds of economic signals to promote the timely coordination of production and demand.

Socialist market economy refers to the system that plays a decisive role in the allocation of social resources through the market mechanism of supply and demand, price and competition. Market economy is a product of economic division of labor and collaboration, and as an economic activity, it is an insurmountable stage in the socialization and modernization of production.

Basic Characteristics:

The market economy, as an economic mechanism, has its basic characteristics or intrinsic requirements, which lie in the allocation of resources through the autonomy, equality, competitiveness, and effectiveness of its operation, and does not have institutional attributes in itself, and can be combined with different social systems, thus manifesting different properties. And the socialist market economy, that is, under socialist conditions, it emphasizes the development of the market economy under the socialist economy, rather than that the market economy itself has a distinction between the nature of capitalism and socialism.

The market economy is a form of economy determined by the level of development of the productive forces and different relations of interest, which has its own prescriptive character, and this prescriptive character is the *** or generality of the market economy under different socio-economic systems; and the different conditions of the social system, so that the development of the market economy has different characteristics, which is manifested in the particularity of the market economy under different social conditions.

The development of market economy under socialist conditions is inevitably subject to the constraints and influences of the basic socialist economic system, which makes the socialist market economy present unique basic characteristics.