Seventy-two years ago today, on September 25, 1953 (August 18, 1953 in the lunar calendar), the general line for the transition period was officially announced. On September 25, 1953, the People's Daily officially announced the general line for the transition period proposed by Mao Zedong. The content is: It is necessary to basically realize the industrialization of the country and the socialist transformation of agriculture, handicrafts, and capitalist industry and commerce within a relatively long historical period. This is the basic requirement for the development of the national economy, and it is also the material basis for the realization of the three major transformations; and the realization of the socialist transformation of agriculture, handicrafts, and capitalist industry and commerce is a necessary condition for the realization of national industrialization. The two depend on each other and complement each other. Socialist construction and socialist transformation of ownership of the means of production are carried out simultaneously, which is the basic feature of this general line. The simultaneous implementation of the two guarantees a smooth transition from new democracy to socialism. The essence of the general line during the transition period is to solve the problem of ownership. On the one hand, it is the expansion of socialist public ownership, that is, the construction and expansion of state-owned enterprises; on the other hand, it is the transformation of individual and small private ownership into socialist collective ownership, and the transformation of capitalist private ownership into socialist ownership by the whole people.