A Comparative Study Of The Socialist Market Economic System

Since the launch of economic reforms in China in1978and Vietnam in1986, both countries have made impressive achievements. The two economic reforms consist of several changes towards relations of ownership, forms of market and distribution and models of social development. In the past decades, China and Vietnam have build up their own theoritical system of economic developing and opened up new developing methods based on their realistic circumstance.Although economic reforms in the two countries were launched nearly a decade apart, they have apparently similar features. These similar points lay in the circumstances leading to reform, the initial socio-economic development conditions and the approaches to reform and economic management. However, the economies features and industrial conditions differ between China and Vietnam lead to different structures and steps during their reforms. Apart from their domestic conditions, the global environment also contributes to their different polices toward economic performance. China and Vietnam have achieved remarkable economic growth since the launch of their economic reforms. Their renovation greatly dedicated to the development of socialism both in theory and practice in a long run with new era.