At the 14th National Congress of the Communist Party of China (CPC) in October 1992, President Jiang Zemin delivered a report which hailed the substantial achievements made in reform and opening-up and the modernization drive since the end of 1978. The report also outlined the major tasks in economic and social development for the 1990s. It was the first time the leadership declared that the target of China's economic restructuring was a socialist market economy.

(China.org.cn September 16, 2009)