New Economic Mechanism (Laos)

New Economic Mechanism(Lao: ຈິນຕະນາການໃໝ່, romanized: Chintanakan Mai, lit. 'New Imagination'; or Lao: ການປ່ຽນແປງໃໝ່, Romanized: Kanpianpaeng Mai) is a market economic policies announced by the Lao People's Revolutionary Party during its 4th national congress in 1986. The policy was focused on decentralized government control and encouraged private enterprise alongside state-owned enterprises.