Socialism with Chinese characteristics

:This article is about the term itself and its relationships. For its implementation and effects see Economy of the People's Republic of China and Chinese economic reform.

Related Topics:
Economy of the People's Republic of China - Chinese economic reform

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"Socialism with Chinese characteristics" (Chinese: 具有中国特色的社会主义) is an official term for the economy of the People's Republic of China.

Related Topics:
Chinese - People's Republic of China

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The PRC has gradually made a transition to a system in which more and more resource allocations are made on the basis of prices, and in which a higher and higher share of productive resources are in private hands. The PRC government, however, continues to maintain that it has not abandoned Marxism. Therefore, the PRC radically redefined many of the terms and concepts of Marxist theory to justify its new economic system. The ruling Chinese Communist Party has argued that socialism is not incompatible with economic policies such as some private ownership of the means of production and free markets. In current Chinese Communist thinking, the PRC is in the primary stage of socialism, and this redefinition allows the PRC to undertake just about any economic policy to attract the foreign capital necessary to develop into an industrialized nation.

Related Topics:
Marxism - Chinese Communist Party

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