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.
New Left in China
These New Leftists are also against capitalist "so-called" democracy and look favorably on the "revolutionary Maoism" of a generation ago, in contrast to the corruption and money-centeredness they see in current Chinese society. Many of these New Leftists also regret the erosion of guaranteed employment, education, health care, and other former gains of the Chinese Revolution that have been largely lost in the new profit-driven economy. The New Left collection of Chinese tend to look at themselves, like most socialists, as defenders of the people against a dehumanizing and inherently corrupt capitalist system.