What are the basic features of China's socialist market economy

The basic characteristic or inherent requirement of market economy as an economic mechanism lies in the allocation of resources through the autonomy, equality, competitiveness and effectiveness of operation. And socialist market economy, i.e. market economy under socialist conditions, it emphasizes the development of market economy under socialist economy.

The market economy is a form of economy determined by the level of development of productive forces and different relations of interest, which has its own prescriptive nature, and this prescriptive nature is the *** or generality of the market economy under different socio-economic systems; and 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.

Expanded Information

Socialist market economy is the market economy combined with the basic socialist social system, reflecting the fundamental nature of socialism. It is an economic system that makes the market play 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 links with the best efficiency and enables enterprises to carry out the survival of the fittest.

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Baidu Encyclopedia-Socialist Market Economy