Building a modern economic system: basic framework, key issues, and theoretical innovation. Issue 1 (24th July 2019)

• Record Type: Journal Article
• Authors: Liu, Zhibiao
• Is Part Of: China political economy. Volume 2:Issue 1(2019)
• Page Start: 73
• Page End: 84
• Publication Date: 2019-07-24
• Subjects: Modern economic system -- High-quality development -- Real economy -- Economic theory innovation; China -- Economic policy -- Periodicals; China -- Economic conditions -- Periodicals; China -- Politics and government -- Periodicals; 338.951
• DOI: 10.1108/CPE-04-2019-0010
• Languages: English
• ISSNs: 2516-1652

Abstract

Abstract : Purpose: The construction of a modern economic system is a symbolic and strategic choice for large developing economies on the path toward high-quality economic development. The paper aims to discuss this issue. Design/methodology/approach: The overall framework aims to adhere to "One Policy and One Mainline" to build an innovation-driven, synergistic industrial system and a "with three-qualities" economic system (with efficient market mechanisms, energetic micro-agents and appropriate macroeconomic regulation). Findings: The strengthening of the real economy and construction of a modern industrial system constitute the material basis for supporting this system and framework. As major decision making and theoretical innovation in empirical practice, building a modern economic system can also contribute substantially toward developing the applied economic theory of socialism with Chinese characteristics. Originality/value: Building a modern economic system in China necessitates, without exception, the construction of various subsystems encompassing industrial, market, distribution, regional development, green development, open and economic institutional aspects.