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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 a market economy with the predominance of public ownership and state-owned enterprises . [ 1 ]
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]
It was at this gathering that Jiang Zemin introduced the term socialist market economy, which replaced Chen Yun's "planned socialist market economy". [52] In his report to the 14th National Congress Jiang Zemin told the delegates that the socialist state would "let market forces play a basic role in resource allocation". [118]
When the Chinese Communist Party (CCP) came to power in 1949, its leaders' fundamental long-range goals were to transform China into a modern, powerful, socialist nation. In economic terms these objectives meant industrialization, improvement of living standards, narrowing of income differences, and production of modern military equipment.
China Communist Party policy meeting endorses leader Xi's high-tech vision for economy ... “High quality development is the primary task of building a modern socialist country in an all-round ...
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).
After months of unexplained delay, top officials from China’s ruling Communist Party are gathering in Beijing this week to signal the direction forward for the world’s second largest economy ...
China's constitution, which defines the Communist Party as the nation's leading political force, specifies that the eight officially recognised "democratic parties" have the right to participate ...