Business
14:22, 25-Mar-2018
Finance Minister: No one understands concept of market economy better than China
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China has witnessed tremendous economic growth since its opening-up 40 years ago, and no one has a deeper understanding of the concept of market economy than China, said Chinese Finance Minister Liu Kun on Sunday.
“China’s earliest measures of reform and opening-up were to replace the planned economy with a socialist market economy,” said Liu at the China Development Forum in Beijing, noting that a comment about China going backward in opening-up is “difficult to understand.”
"If China’s market economy went through a process of retrogression, where does China’s economic power come from?" asked Liu, rebutting the comment by asking a rhetorical question.
The country's economic power has continued to increase over the past years, and it must be derived from the development of China’s characteristic socialist economy, added Liu.