Politics of China
China practices a form of democracy that it calls socialist consultative democracy. Socialist Consultative Democracy is the form of democracy that exists in the People's Republic of China, though at least one source says that this form of democracy was created by the Communist Party of China. According to an article on Qiushi Journal, "Consultative democracy was created by the CPC and the Chinese people as a form of socialist democracy. In this sense, consultative democracy represents the grand product of our efforts to enrich and develop Marxist theories on democracy. Socialist consultative democracy exhibits distinctive features as well as unique advantages. Not only representing a commitment to socialism, it carries forward China’s fine political and cultural traditions. Not only representing a commitment to the organizational principles and leadership mode of democratic centralism, it also affirms the role of the general public in democracy. Not only representing a commitment to the leadership of the CPC, it also gives play to the role of all political parties and organizations as well as people of all ethnic groups and all sectors of society".
Socialist market economy
Deng Xiaoping introduced the concept of the socialist market economy in order to incorporate the market into the planned economy in the People's Republic of China. Deng first used the term during a meeting with vice chairman of the United States "Encyclopædia Britannica" Company Frank Gibney and director of the East Asian Studies Institute of Montreal's McGill University Professor Paul Lin Daguang, asking: "Under socialism, there can also be a market economy. [...] We can't say that this is capitalism. Our planned economy is in the primary position; it integrates with the market economy, but this is a socialist market economy". The Đổi Mới in the Socialist Republic of Vietnam later adopted the concept. Following its implementation, this economic system has supplemented the centrally planned economy in the People's Republic of China, with high growth-rates in GDP during the past decades having been attributed to it. Within this model, privately owned enterprises have become a major component of the economic system alongside the central state-owned enterprises and the collective/township village enterprises.