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. 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. Despite this, many Western commentators have described the system as a form of state capitalism.
Xi Jinping
Xi himself has described the Thought as part of the broad framework created around Socialism with Chinese Characteristics, a Dengist term that places China in the "primary stage of socialism". In official party documentation and pronouncements by Xi's colleagues, the Thought is said to be a continuation of Marxism–Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the "Three Represents", and the Scientific Development Perspective, as part of a series of guiding ideologies that embody "Marxism adopted to Chinese conditions" and contemporary considerations.