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.
Scientific Outlook on Development
The ideology is recognized by observers as a comprehensive response to the ideological gap left by the social problems that resulted from China's market economic reforms. Credit for the theory is given to former Chinese leader Hu Jintao and his administration, who was in power from 2002 to 2012. It is the newest slogan added to the idea of Socialism with Chinese characteristics ratified into the Communist Party of China's constitution at the 17th Party Congress in October 2007. It is lauded by the Chinese government as a successor and extension ideology to Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the "Three Represents".