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He had coined the idea so that China could learn the lessons from capitalist countries without needing to discuss if the reforms are "socialist" or "capitalist." Jiang had asked Deng Xiaoping if he had approved of the term, which he did. [2] The Đổi Mới in the Socialist Republic of Vietnam later adopted the concept. [13]
He wrote that China was a socialist society, but that socialism in China was in its primary stage, [10] a Chinese peculiarity which was due to the undeveloped state of the country's productive forces. [10] During this phase of development, Zhao recommended introducing a planned commodity economy on the basis of public ownership. [10]
Globalization, as with the market economy, therefore does not have one specific class character (either socialist or capitalist) according to the party. [69] The instance that globalization is not fixed in nature, comes from Deng's insistence that China can pursue socialist modernization by incorporating elements of capitalism. [69]
Most people believe that China is a purely socialist country which is not true. China practices state capitalism but has integrated their model with some socialist and some experimental policies ...
A state-capitalist country is one where the government controls the economy and essentially acts as a single huge corporation, extracting surplus value from the workforce in order to invest it in further production. [2] This designation applies regardless of the political aims of the state, even if the state is nominally socialist. [3]
Modern uses of the term socialism are wide in meaning and interpretation. Because a sovereign state is a different entity from the political party that governs that state at any given time, a country may be ruled by a socialist party without the country itself claiming to be socialist or the socialist party being written into the constitution.
Deng argued that due to the isolation of China in the international order of the time and an extremely underdeveloped economy, in order for China to achieve socialism and to bridge the gap between China and Western capitalism, China would have to borrow certain market elements and aspects of capitalism into its economy. [16]
Globalization, as with the market economy, therefore does not have one specific class character (neither socialist nor capitalist) according to the party. [122] The insistence that globalization is not fixed in nature comes from Deng's insistence that China can pursue socialist modernization by incorporating elements of capitalism. [122]