Socialist Economic System

The socialist economic system is the sum of the socialist economic relationship, which is based on public ownership, factors of production workers to become masters of the implementation of distribution according to work, eliminate exploitation and polarization, and ultimately achieve common prosperity. According to the People’s Republic of China constitution “the sixth stipulation: the basis of the socialist economic system in People’s Republic of China is the socialist public ownership, namely the state ownership and collective ownership. Socialist public ownership is based on the principle of distribution according to work and coexistence of various distribution systems. At the initial stage of socialism, the country insists on the dominant position of public ownership and encourages, supports and guides the development of the non-public sector of the economy.

The socialist economic system is the sum of the socialist economic relationship, which is based on public ownership, factors of production workers to become masters of the implementation of distribution according to work, eliminate exploitation and polarization, and ultimately achieve common prosperity.
The socialist economic system of our country is in the victory of the new democratic revolution, the confiscation of bureaucratic capital, and through the “three reforms” that the socialist transformation of capitalist industry and Commerce and agriculture, handicraft industry, establish a new public ownership economy; China after the establishment of national investment to carry out large-scale economic construction, state-owned economy growing and development.

 

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