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.
Joan Hinton
In a 1996 interview with CNN, after nearly 50 years in China, she stated "[we] never intended to stay in China so long, but were too caught up to leave." Hinton described the changes she and her husband had witnessed in China since the beginning of the economic reforms of Deng Xiaoping in the late 1970s. They stated they "have watched their socialist dream fall apart" as much of China embraced capitalism. A 2004 MSNBC interviews noted her critical assessment of economic change as "betrayals of the socialist cause." She noted what she describes as a rise of exploitation in Chinese society.