Socialist market economy
The socialist market economy is seen by the Communist Party of China as an early stage in the development of socialism (this stage is variously called the "primary" or "preliminary" stage of socialism), where public ownership coexists alongside a diverse range of non-public forms of ownership. The Communist Party of China maintains that despite the co-existence of private capitalists and entrepreneurs with public and collective enterprise, China is not a capitalist country because the party retains control over the direction of the country, maintaining its course of socialist development. Proponents of this economic model distinguish it from market socialism as market socialists believe that economic planning is unattainable, undesirable or ineffective and thus view the market as an integral part of socialism whereas proponents of the socialist market economy view markets as a temporary phase in development of a fully planned economy.
Socialism with Chinese characteristics
The theoretical system of socialism with Chinese characteristics (, literally "zhōngguó tèsè", meaning "Chinese characteristics"; and "shèhuì zhǔyì" meaning "socialism") is a broad term for political theories and policies that are seen by their proponents as representing Marxism–Leninism adapted to Chinese circumstances and specific time periods. For instance, in this view Xi Jinping Thought is considered to represent Marxist–Leninist policies suited for China's present condition while Deng Xiaoping Theory was considered relevant for the period when it was formulated.