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( Socialism with Chinese characteristics)
"Socialism with Chinese characteristics" (traditional Chinese ???????????, simplified Chinese ???????????, Pronunciation&_160;(help·info) Jùyou Zhongguó tèsè de shèhuìzhuyì) is an official term for the economy of the People's Republic of China which as of 2008 consists of the state having ownership of a large fraction of the Chinese economy, while at the same time having all entities participate within a market economy. This is a form of a socialist market economy and differs from market socialism and mixed economy in that while the state retained ownership of large enterprises, it does not use this ownership to intervene to change prices which are set by the market. John Gittings in The Changing Face of China quotes Deng Xiaoping as stating The PRC government maintains that it has not abandoned Marxism, but has simply developed many of the terms and concepts of Marxist theory to accommodate its new economic system. The ruling Communist Party of China argues that socialism is not incompatible with these economic policies. In current Chinese Communist thinking, the PRC is in the primary stage of socialism, and this redefinition allows the PRC to undertake whatever economic policies are needed to develop into an industrialized nation.
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