China's 'socialist market economy' 30 years on

Thirty years ago, on March 29, 1993, China formally amended its constitution and adopted the “socialist market economy” as the country’s economic system.   

The move marked a significant step in the nation’s decades-long economic “reform and opening-up” process, which began in 1978 following years of political, social and economic upheaval caused by the Great Leap Forward and the Cultural Revolution.

It laid the foundation for the “development of the socialist rule of law,” and by…