The USA is generally considered the world’s premier free market economy. That’s because the U.S. Constitution guarantees many elements that create a free market: ownership of private property, a competition market, and unregulated prices, to name just three. China Is Still So Far From A Free-Market Economy.Most agree that state-owned enterprises, which have long been at the core of China’s economy, must be reformed. That begins with fundamental changes in the way that such entities are managed, both by increasing the separation between state oversight and individual management, and the separation between management and ownership. so there saying that the USA is a free market economy and china is far from a free market economy.