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.
List of communist ideologies
A reformist communism and a branch of Maoism is often criticised by traditional Maoists. Dengists believe that isolated in our current international order and with an extremely underdeveloped economy it is first and foremost necessary to bridge the gap between China and western capitalism as quickly as possible in order for socialism to be successful (see primary stage of socialism). In order to encourage and promote the advancement of the productivity by creating competition and innovation, Dengist thought promotes the idea that the PRC needs to introduce a certain market element in a Socialist country. Dengists still believe that the PRC needs public ownership of land, banks, raw materials, and "strategic" central industries so a democratically elected government can make decisions on how to use them for the benefit of the country as a whole instead of the land owners, but at the same time limited private ownership is allowed and encouraged in industries of finished goods and services. According to the Dengist theory, private owners in those industries are not a bourgeoisie. Because in accordance with Marxist theory, bourgeois owns land and raw materials. Therefore, in a Dengist country private company owners are called "minyinqiyejia" (; "civil run enterprises"). The People's Republic of China was the first country which adopted this belief. It boosted its economy and achieved the "China Miracle". It has increased the Chinese GDP growth rate to over 8% per year for 30 years and China now has the second highest GDP in the world. Due to the influence of Dengism, Vietnam and Laos have also adopted this belief, which allowed Laos to increase its real GDP growth rate to 8.3%. Cuba is also starting to embrace this idea.