October 12–18, 1992: 14th National Congress of?CPC convened

On October 12–18, 1992, the Fourteenth National Congress of the Communist Party of China was held in Beijing. The congress summed up 14 years of experience since China adopted the reform and opening up policy at the Third Session of the Eleventh Central Committee of the Party in 1978.?The meeting decided to seize the opportunity to accelerate?development and?boost the economy. It made it clear that the goal of China's economic reform is to establish a socialist market economy and?established?Deng Xiaoping Theory on socialism with Chinese characteristics as the guiding theory. It also abolished the Central Advisory Commission?of People's Republic of China, which?provided "political assistance and consultation" to the Central Committee of the Communist Party of China.