The establishment of socialist market economy system with Chinese characteristics is one of the most important goals since China’s reform and opening-up policy. The establishment of this reform direction plays a decisive role in the long-term impact of China’s market structure and economic development. In the discussion of the economy system reform, from the planned commodity economy to the determination of the development goals of the market economy, from the national macro level to academic circles, China has opened up the comprehensive exploration stage of the reform of socialist market economy system with Chinese characteristics. The article aims to comprehensively analyze the ideological trajectory, policy practice and economic performance from 1992 to 2011.

In terms of ideological trajectory, the determination of the socialist market economy system fundamentally changed the thought of China’s economy system construction. From the discussion of the " capital” or " social”, it is determined that the market economy is the means of development and can serve the socialism. Under this conclusion, the goal of China’s economy system reform is to establish socialist market economy system. The establishment of the " gradual” reform is the fundamental model of adapting to China’s national conditions and realizing socialist market economy. On the basis of determining the direction of reform and establishing the reform model, establishing a macro-control system is an effective way to avoid the efficiency loss caused by the market’s spontaneity and blindness in the market economy, and it also reflects the powerful role of the government. Improving the socialist market system, promoting the reform of state-owned enterprises and the development of non-public economy, and further strengthening the degree of openness also constitute the ideological and theoretical basis for the comprehensive exploration stage of the reform of socialist market economy system.

On the basis of the evolution of the ideological trajectory of this period, the corresponding policy practice has also been comprehensively launched. During this period, the policy was comprehensively established from macroeconomic regulation, market system establishment, micro-subject cultivation and opening up. It experienced changes from reforming fiscal and taxation, financial and social security, to re-cultivating commodity markets, labor markets and capital markets, and to vigorously developing the non-public economy while ensuring the dominant position of state-owned capital. At the same time, " going out” and " bringing in” were regarded as the important contents and main ways of China’s opening up.