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Building a modern economic system: basic framework, key issues, and theoretical innovation

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  • Zhibiao Liu

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.

Suggested Citation

  • Zhibiao Liu, 2019. "Building a modern economic system: basic framework, key issues, and theoretical innovation," China Political Economy, Emerald Group Publishing Limited, vol. 2(1), pages 73-84, June.
    • Handle: RePEc:eme:cpepps:cpe-04-2019-0010
    DOI: 10.1108/CPE-04-2019-0010
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