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.
Chinese Marxist philosophy
In modern China, Marxism is modified as the political ideology by the Communist Party of China to govern the party and the nation. The important concepts of Marxism, such as the ruling class and the ruling ideas, the material labor and the mental labor, superstructure and economic base, and the ideological state apparatuses, are used by the paramount leaders of People’s Republic of China to create guiding socio-political theories which make up the Chinese Marxist Philosophy. Two of the most important theories created by the leaders of China are: the Three Represents coined by the former leader of China, Jiang Zemin; and the Chinese Dream coined by Xi Jinping, the current General Secretary of the Communist Party of China. - Citation needed for all claims