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
The New Left () in the People's Republic of China is a school of political thought that is critical of capitalism and aspects of the Chinese economic reforms and in favour of elements of Maoist-style socialism, which includes a significant role for state planning, the preservation of state-owned enterprises, and a renewed spirit of collectivism. It is also correlated with increased Chinese nationalism after a period of 'low-profile' presence on the world stage during Deng Xiaoping's era. It is seen as a response to problems faced by China during its modernization drive since the 1980s, which has led to mounting social inequality between the coast and the hinterlands, as well as between the rich and the poor.