Starting from 1994, macroeconomic reform was carried out in accordance with the decision of the Third Plenary Session of the 14th CPC Central Committee. In just a few years, breakthroughs have been made in the macro-economic fields that used to be considered as "old problems", such as fiscal and taxation system, financial system and foreign exchange management system. The comprehensive reform and opening up has promoted the rapid development of China's economy. During the six years from 1992 to 1997, China's GDP grew at an average annual rate of 1 1.5%, and the total import and export volume grew at an average annual rate of 15.7%, of which exports grew at an average annual rate of 16.8%. In these six years, China has introduced nearly 200 billion US dollars of foreign direct investment, and the national foreign exchange reserve has also increased from 2 1, 7 1 to 1, 997. 1997 15th national congress of the communist party of China: improving the ownership base of the socialist market economy from the end of 1978 to the end of 1997, many changes have taken place in China's economic system, and the outline of the socialist market economy has been clearly presented to people. However, there is still a weak link to achieve the goal of establishing a socialist market economic system at the end of this century proposed by the Third Plenary Session of the 14th CPC Central Committee from 65438 to 0993, that is, the reform of the state-owned economy is not satisfactory. Moreover, because the state-owned economy occupies a dominant position in the traditional socialist planned economy and dominates most economic resources, the reform of the state-owned economy is not in place, and it is difficult to establish a socialist market economic system in an all-round way. Moreover, this defect is a basic reason for various problems in China's economic development and even social and political development. In view of this problem, the 15th National Congress of China held in September, 1997, made a major decision. The most important theoretical and political breakthrough of the 15th National Congress of the Communist Party of China is to define public ownership as the main body and the common development of various ownership economies as the basic economic system in the primary stage of socialism in China. In order to establish such an economic system, the 15th National Congress decided to adjust and improve the ownership structure according to the principle that "all forms of ownership that conform to the' three benefits' can and should serve socialism", and made it the primary task of economic work. 1The Fourth Plenary Session of the 15th CPC Central Committee held in September, 1999 will make a further decision on how to promote the adjustment of the layout of the state-owned economy and the reform of establishing a modern enterprise system in state-owned enterprises according to the policy of the 15th CPC National Congress on adjusting and perfecting the ownership structure. The plenary session made clearer provisions on the areas that need state-owned economic control than the 15th National Congress. Expand the scope of "invigorating the world" from small state-owned enterprises to medium-sized state-owned enterprises; It is required to actively develop companies with diversified investment subjects except a few enterprises that must be monopolized by the state; Large and medium-sized enterprises should establish effective corporate governance structure, and so on. All these decisions will greatly promote the adjustment of the layout of the state-owned economy and the whole process of economic reform. After these adjustments and reforms, China's ownership structure will present a basic pattern in which various public ownership systems are the mainstay and all ownership systems compete equally and develop together. In line with the adjustment of ownership structure, the government will mainly play the role of referee rather than athlete in the national economy. Governments at all levels should not take their place to deal with the problems of people, money, goods, production, supply and sales that should be handled by enterprises themselves, but should try their best to do what they should do, especially pay attention to the setting and implementation of competition rules. In this way, China has entered a critical period of comprehensively promoting economic reform and political reform. Establishing a good legal framework, establishing a democratic system and building a country ruled by law will be the theme song of the reform in the new historical stage.