The “40th Anniversary of Price Reform” Seminar was held at Renmin University of China

On November 20th, the seminar on the 40th anniversary of price reform was held at Renmin University of China. Experts and scholars from relevant universities and research institutions, representatives from the National Development and Reform Commission, the State Administration for Market Regulation, and local authorities for price regulation and the leaders who worked in the price system gathered together for discussing the price reform in the past 40 years.

Liu Yuanchun, Vice President of Renmin University of China, presided over the opening ceremony of the seminar.

Zhang Jianming, Deputy Secretary of the Party Committee of Renmin University of China, delivered a speech.

Hu Zucai, Deputy Director of the National Development and Reform Commission, made a keynote speech.

Hosted by Yan Jinming, Executive Dean of National Academy of Development and Strategy of Renmin University of China, Zhang Zhuoyuan, Former Director of the Institute of Economics of the Chinese Academy of Social Sciences, Peng Sen, Former Deputy Director of the National Development and Reform Commission, Zhao Xiaoping, Former Chairman of the Supervisory Board of State Owned Key Large Enterprises and Li Sufang, Deputy Directot of Beijing Municipal Commission of Development and Reform have made keynote speeches.

Afterwards, guests made discussions on 6 themes, "achievements and experiences of price reform", "pre-warning and price control", "price factors marketization reform", "price reform of argriculture products", "price reform of public service" and "price reform of energy and price regulation on monoplied industries". Huang Shisong, Chief Research Fellow of NADS and Former Deputy Secretary General of the Standing Committee of the Beijing Municipal People's Congress, Nie Huihua, Standing Deputy Dean of NADS, Tan Songtao, Deputy Dean of the School of Finance of RUC, Wang Wei, Director of Institute of Market of Development Research Center of the State Council, Xu Guangjian, Standing Deputy Dean of the School of Public Administration and Policy of RUC, Zheng Xinye, Deputy Dean of the School of Economics of RUC hosted the special discussion and made conclusions respectively.

The guests reviewed the history of the price reform in the past 40 years, the tremendous achievements and valuable experience, and looked forward to the task of price reform. Everyone believes that under the strong leadership of the Party Central Committee, the 40-year price reform has gone through an arduous exploration and bold practice, and has gone through a magnificent period of glory, pioneering a relatively stable conversion of the price formation mechanism in a socialist country with a population of more than one billion. Especially since the 18th National Congress of the Communist Party of China, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, the reform of price marketization has accelerated, and many reforms in key areas have made substantial breakthroughs, establishing a mechanism for determining prices mainly by the market. After 40 years of hard work, the price of goods and services has been successfully realized from 97% determined by government to 97% determined by the market, which is the historical achievement.

The meeting held that after 40 years of price reform, the mechanism for determining prices mainly by the market was basically established, the flexible price control system was basically sound, the scientific and standardized price supervision system was basically established, and legal system of price with the price law as the core was basically formed. As the key to market development and economic system reform, price reform has greatly optimized resource allocation, promoted industrial restructuring and upgrading; significantly enhanced development momentum, fully mobilized the enthusiasm and creativity of producers and operators, and completely improved the shortage of commodities before the opening up and reform; effectively promoted the opening up to the outside world, strongly promoted the docking of the domestic market and international market. At the same time, in the process of reform, a sound price control system was gradually established, which made outstanding contributions to ensuring stable operation of the macro economy and social stability.

The meeting summarized the valuable experience gained from the 40-year price reform. First, adhering to the centralized and unified leadership of the Party Central Committee is the fundamental guarantee for the success of price reform. From reforming the planned price system to establishing a pricing mechanism mainly determined by the market, the Party Central Committee provided basic principles for price reforms in various periods. Especially since the 18th National Congress of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping as the core has clearly stated that "the mechanism for determining prices mainly by the market" has been issued. For the first time, in the name of the Party Central Committee and the State Council, "Several Opinions on Promoting the Reform of the Price Mechanism" was issued. It has pointed out the direction for the price reform in the new era. Second, persistence in emancipating the mind is an inexhaustible motive force for the success of price reform. The 40-year price reform is based on the continuous emancipation of the mind, the continuous elimination of the mindset, and the continuous summarization of practical experience. Third, adhering to the direction of marketization is the only way for the success of price reform. The 40-year price reform is a process from adjusting the planned price to gradually introducing the market mechanism to determining the price mainly by the market. Fourth, adhering to the people-centered is the fundamental starting point and the foothold of the success of price reform. The 40-year price reform has always been carried out around the pursuit of happiness for the people. It has always adhered to the people's livelihood orientation and bottom-line thinking, ensuring that the basic life of the people in difficulty is not reduced by reform. The fifth is that keep stable but fast is the key to the success of price reform. In the 40 years of price reform, we have always adhered to overall coordination, step by step, and correctly handled the relationship between reform, development, and stability. We have achieved stability, low cost, low vibration, and good results, and have been fully affirmed at home and abroad.

The meeting looked forward to the price reform in the new era. Everyone believes that at the new starting point, the task facing price reform is still arduous. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we should fully implement the spirit of the 19th Party Congress, deepen the price reform in key areas such as energy and public services, improve the price mechanism for green development, build a modern government price management system, and improve regular and effective price control system which is compliance with law, boldly explore new development concepts and high-quality development requirements, push forward the price reform in the new era, and make new contribution for the continuous improvement of the socialist market economic system.

The seminar was organized by Renmin University of China and supported by the National Academy of Development and Strategic of Renmin University of China.