The 19th Central Committee of the Communist Party of China (CPC) concluded its fourth plenary session in Beijing in October. Major issues concerning how to uphold and improve the system of socialism with Chinese characteristics were discussed during the session. 

For decades, China's economic system has been based on the predominance of public ownership and state-owned enterprises within a market economy. Han Baojiang, from Party School of the CPC Central Committee, said that the Chinese economy will uphold its distribution system based on public ownership and state-owned enterprises within a market economy, while distribution according to production factors can also reflect its important role in value creation and wealth formation, which is convenient for the effective allocation of production factors of the whole society.

In the meantime, the nation will upgrade to the basic, labor-friendly economic system outlined during the session. The newly redefined system will push for the continuous progress of the country, home to 1.4 billion people. It will also ensure the realization of the two centenary goals toward the rejuvenation of the Chinese nation, according to Han.