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.
Russian Revolution
The Chinese Communist Revolution began in 1946 and was part of the ongoing Chinese Civil War. Marx had envisioned European revolutions to be intertwined with Asian revolutions in the mid-19th century with his 1853 "New York Tribune" article, "Revolution in China and Europe," in which he references the Chinese as people in "revolutionary convulsion," brought about by British economic control. The May Fourth Movement is considered a turning point where Communism took root in Chinese society, especially among intellectuals. China was officially made a communist country on October 1, 1949, resulting in the establishment of the People's Republic of China (which still remains to this day) with Chairman Mao Zedong at its head. China's current leaders retain that Mao "developed the theory of revolutionary socialism" whilst reformer Deng Xiopeng "developed the theory of building socialism with Chinese characteristics."