What's the new system after the 5-years plans didn't work out for China?

The new system that China implemented after the 5-year plans did not work out is a market-oriented system. This system is modeled after the free market systems seen in the US and other Western countries. It is based on market competition, private enterprise, price signals, and financial incentives to promote production efficiency. It has shifted the focus away from central planning, which was the basis for the 5-year plans, to individual initiatives and industrial reforms. The Chinese government is still heavily involved, but it has shifted from a planned to a guided economy and is increasingly emphasizing market mechanisms to direct resources. This system has the flexibility to respond to changing economic conditions, while still containing the core goals of economic development, social stability, and environmental sustainability.