Rethinking on the Marketization of Chinese Economy

The institutional transformation of Chinese economy has greatly promoted the rapid growth of the economy. But the quantification of the indicators of marketization by some of the researchers is not totally reasonable. The writer holds that the Chinese economic growth follows two approaches: marketization of resource allocation in the establishment of market mechanism and the development of non-state economic sectors with the setup of property ownership. It is on the bases of this analysis that the marketization expresses itself as marketization of investment and circulation, increase in the proportion of non-governmental investment in the total investment, increase in employment in non-governmental sectors against the total, and increase in the output of non-state owned sectors against the total. Calculation shows the country's marketization is 81.45% in 2003.