Good Market Economy Should be Based on Rule of Law: Economist

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Last updated at: (Beijing Time) Monday, March 03, 2003

Good Market Economy Should be Based on Rule of Law: Economist

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A good market economy should be based on the rule of law, according to Wu Jinglian, an economist and a member of the National Committee of the Chinese People's Political Consultative Conference, the country's top advisory body.

Wu said, "The establishment of a market economy does not mean that all problems have been solved. The reality compels us to ask ourselves whether there is a good market economy and a bad one. If so, what is a good market economy? And what is a bad economy?"

"I think a good market economy should be based on the rule of law," he noted.

In his view, a market economy means the relationship through wh8ich equal owners exchange their property rights; the role of the rule of law serves to make sure that trading on ones' own can proceed in orderly conditions.

The government should not excessively use legal means to standardize all economic activities including micro-economic behaviors, he said.

The establishment of the framework for a market economic structure has been completed basically in the areas taking the lead in economic restructuring. "Yet we find that many problems cannot be solved purely with economics," he said.

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