However, in 1992, Deng Xiaoping introduced the concept of a socialist market economy during an inspection tour of Guangdong Province.
In December 1990, the Seventh Session of the 13th Central Committee of the Chinese Communist Party reviewed and adopted the "Proposal of the CPC Central Committee on Formulating the Ten-Year National Economic and Social Development Plan and the Eighth Five-Year Plan".
[1] The plan's specific economic objectives, in addition to the macro-objectives of enhancing the economy and individuals' livelihoods.
[2][3] The State Council revised the five-year plan in 1993 following Deng Xiaoping's southern tour and the 14th National Congress of the Chinese Communist Party.
[6] This Five-Year Plan also exposed the issues of sloppy management, poor economic efficiency, a fragile agricultural foundation, and the inability of state-owned enterprises to transition to the socialist market economy.