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Socialist market economy
The
socialist market economy
is the economic model employed by the
People's Republic of China
. It is based on the dominance of the
state-owned sector
and an open-
market economy
, and has its origins in the
Chinese economic reforms
introduced under
Deng Xiaoping
. The ideological rationale is that China is in the
primary stage of socialism
, an early stage within the
socialist mode of production
, and therefore has to adapt
capitalist
techniques to thrive. Despite this, the system has widely been cited as a form of
state capitalism
.
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