China
China's constitution states that The People's Republic of China "is a socialist state under the people's democratic dictatorship led by the working class and based on the alliance of workers and peasants," and that the state organs "apply the principle of democratic centralism." The PRC is one of the world's only socialist states openly endorsing communism (see Ideology of the Communist Party of China). The Chinese government has been variously described as communist and socialist, but also as authoritarian and corporatist, with heavy restrictions in many areas, most notably against free access to the Internet, freedom of the press, freedom of assembly, the right to have children, free formation of social organizations and freedom of religion. Its current political, ideological and economic system has been termed by its leaders as the "people's democratic dictatorship", "socialism with Chinese characteristics" (which is Marxism adapted to Chinese circumstances) and the "socialist market economy" respectively.
Socialist market economy
The transition to a socialist market economy began in 1978 when Deng Xiaoping introduced his program of socialism with Chinese characteristics. Initial reforms in decollectivising agriculture and opening the economy to foreign investment in the late 1970s and early 1980s later led to large-scale radical reforms, including corporatization of the state sector, partial privatisation of some enterprises, liberalisation of trade and prices and dismantling of the "iron rice bowl" system of job security in the late 1990s. With Deng Xiaoping's reforms, China's GDP rose from some US$150 billion in 1978 to more than $1.6 trillion in 2004, with an annual increase of 9.4 percent.