Although the absence of any of the three factors in the correlations between state, market, and the right of property is bound to lead to disadvantage to economic growth, the interrelation between and the balanced structure of the three factors cannot be taken as equated. An effective function to be played by the state's proper adjustment may release the factors of market and the private right of property to promote a sustainable growth of economy. China's course of modernization involves not only a process of transition from a system of planned economy to a system of market economy but also a process of development of a premodern nation realizing a comprehensive modernization, so China faces multiple tasks, such as transition of system, growth of economy, and transformation of culture and ideology. The key point of fulfilling this objective is to establish a benign framework of governing the relationship between state, market, and the right of property.

mechanism of economic growth; relation of the right of property; history of modern and contemporary China's economy