The reform began at 1978. Market mechanism reform introduces planned economy system (1978-1984). During this period, it was put forward in theory that "planned economy is the mainstay, supplemented by market regulation", which made market regulation gain a place in the economic system for the first time.

1982 the twelfth national congress of the communist party of China put forward the policy of "planned economy as the mainstay, supplemented by market regulation", which not only affirmed that market regulation is necessary and beneficial as a supplement to planned regulation, but also divided planned regulation into mandatory planning and guiding planning, and pointed out that it is appropriate to implement guiding planning for many products and enterprises.

According to the objective law that relations of production must adapt to the nature of productive forces, economic system reform is to reform the national economic management system and management mode that does not adapt to the development of social productive forces.

After thirty years' efforts, China's economic system reform has achieved great success, and the framework of socialist market economy has been basically established. All levels of the economic system have obvious characteristics of market economy, and the overall marketization degree has reached about 70%, with remarkable results.

References:

Baidu encyclopedia entry? reform of economic system