After three years of economic reform in urban areas, China has been confronted with a series of choices. Six of these choices are examined: the focus of the reform, its approach, its target, the pattern of national economic macro‐management, the macro‐economic policy, and the pace of the reform. It is held that the focus of the reform should be the establishment of a planned commodity economic system, which is the correct target of the reform; such a reform must be carried out step by step, systematically and in the light of an integrated design worked out in advance, with greater paces to shorten the period in which two systems confront each other; the macro‐management of the economy should be carried out by the central authority on the basis of an integrated market rather than administrative decentralisation; the money supply should be controlled in order to create a relatively relaxed environment for reform. On each of the six aspects, other prevailing views are analysed.
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