Since the reform and opening up, the innovation of China's major economic system mainly involves three aspects. The first is retaining the dominant position for the public sector and developing diverse forms of ownership side by side, the second is upholding the distribution system whereby distribution according to labor is dominant and a variety of other modes of distribution exist alongside it, and the third is developing the socialist market economy. At the fourth plenary session of the 19th CPC Central Committee, these three systems were regarded as the basic socialist economic system, which were the new generalization of the basic socialist economic system. The new generalization not only reflects the superiority of the system, but also adapts to the development level of productivity for the primary stage of socialism, fully demonstrating advantages in three aspects. This article analyzes the advantages from three points in detail.The three aspects of basic socialist economic system compose an organic and complementary whole, which can not only benefit for the continuous liberation and development of social productivity, but also highlight the superiority of socialism. The whole system provides effective institutional guarantee for promoting high-quality economic development and building a great modern socialist country.
