| Summary/Abstract |
The recognition by the Chinese academic community of the commodity economy's right to exist in a planned economy, as well as the possibility of market development under socialism, was a major breakthrough in the history of Marxism. Socialism in conjunction with the market marked the beginning of the formation of the socialist market economy system in the PRC and the development of a mixed economy. In addition, the principle of "public ownership as the basis for the joint development of economies of multiple forms of ownership" was named as the basic economic system of the country at the initial stage of socialism development. Today, it is officially called one of the most important advantages of the system of socialism with Chinese characteristics. It is this advantage, according to China, that has enabled high rates of economic growth and made the country one of the world's leading economies. But this unique feature and advantage of socialism with Chinese characteristics can be manifested and realized only within a certain coordinate system - namely, an overarching system of state administration in which the basic economic system is responsible for managing the development of the country's economy at the institutional level.
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