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.
Hu Angang
Hu is known in China for his strong support of socialism and the Chinese Communist Party. In July 2013 he wrote a controversial op-ed for the "People's Daily" stating: "Compared with the civil society in the West, the people's society is superior... it is a great made-in-China innovation in theory and practice." He went on to say that "[t]he people's society is a socialist society under the leadership of the Communist Party." This drew strong criticism within China from social media sites and Chinese academics such as Yu Jianrong.