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.
Red
The Communist Party of China, founded in 1920, adopted the red flag and hammer and sickle emblem of the Soviet Union, which became the national symbols when the Party took power in China in 1949. Under Party leader Mao Zedong, the Party anthem became "The East Is Red", and Mao Zedong himself was sometimes referred to as a "red sun". During the Cultural Revolution in China, Party ideology was enforced by the Red Guards, and the sayings of Mao Zedong were published as a small red book in hundreds of millions of copies. Today the Communist Party of China claims to be the largest political party in the world, with eighty million members.