From October 12 to 18, 1992, the 14th National Congress of the Communist Party of China was held in Beijing. Jiang Zemin delivered a report titled "Speeding up Reform and Opening-up to Win a Bigger Success on the Cause of Socialism With Chinese Characteristics.

The report summarized the 14 years of experience since the Third Plenary Session of the 11th Central Committee of Communist Party of China and emphasized seizing the opportunity to speed up development.

The report determined that the goal of China's economic system is to establish a socialist market economy and advocated arming the whole Party by Comrade Deng Xiaoping's theory of building socialism with Chinese characteristics.