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.
Socialism 3.0
Socialism 3.0 refers to the third era of socialism in China which is distinguished from Mao Zedong's equalitarianism era and Deng Xiaoping's Reform and Opening-up era. It is also referred to as the post-reform era. This concept was first proposed by Professor Wang Shaoguang from the Chinese University of Hong Kong in a non-published speech. It was later referred by Peter Martin and David Cohen in their article Socialism 3.0 in China, which mainly focused on Bo Xilai's Chongqing Model. The authors cast doubt on the Maoist policies adopted by Bo Xilai, a high-rank of Communist Party of China and chief official of Chongqing, China, being a feasible future for China's Socialism.