Is China socialist?
Socialist market economy
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is based on the predominance of public ownership and state-owned enterprises within a market economy.[1] The term "socialist market economy" was first used during the 14th National Congress of the Communist Party of China in 1992 to describe the goal of China's economic reforms. Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy represents a preliminary or "primary stage" of developing socialism.[2] Despite this, many Western commentators have described the system as a form of state capitalism.[3][4][5]
History of the People's Republic of China (1976–1989)
Deng argued that China was in the primary stage of socialism and that the duty of the party was to perfect "socialism with Chinese characteristics." This interpretation of Chinese Marxism reduced the role of ideology in economic decision-making and emphasized policies that had been proven to be empirically effective, stressing the need to "seek truth from facts". Rejecting Mao's idealistic, communitarian values but not necessarily the values of Marx and Lenin, Deng emphasized that socialism did not mean shared poverty (thus repudiating the Gang of Four's slogan "We would rather be poor under socialism than rich under capitalism.") Unlike Hua Guofeng, Deng believed that no policy should be rejected out of hand simply because it had not been associated with Mao. Unlike more conservative leaders such as Chen Yun, Deng did not object to policies on the grounds that they were similar to those found in capitalist nations. He merely stated that these ideas were part of the common heritage of mankind and not specifically tied to either capitalism or socialism.