Adjust industrial policies. The eight-character policy is mainly to adjust the proportional relationship between agriculture, light industry and heavy industry, improve the development speed of agriculture and light industry as much as possible, appropriately control the development speed of heavy industry, especially iron and steel industry, and reduce the scale of capital construction at the same time, so as to make overall arrangements for national construction and people's lives.
Legal basis: Law of People's Republic of China (PRC) on Industrial Enterprises Owned by the Whole People Article 1 In order to consolidate and develop the economy owned by the whole people, clarify the rights and obligations of industrial enterprises owned by the whole people, safeguard their legitimate rights and interests, enhance their vitality and promote socialist modernization, this Law is formulated in accordance with the Constitution of People's Republic of China (PRC).