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.
Communist Party of China
The Communist Party of China (CPC), also referred to as the Chinese Communist Party (CCP), is the founding and ruling political party of the People's Republic of China. The Communist Party is the sole governing party within mainland China, permitting only eight other, subordinated parties to co-exist, those making up the United Front. It was founded in 1921, chiefly by Chen Duxiu and Li Dazhao. The party grew quickly, and by 1949 it had driven the nationalist Kuomintang (KMT) government from mainland China after the Chinese Civil War, leading to the establishment of the People's Republic of China. It also controls the world's largest armed forces, the People's Liberation Army.