"Socialism with Chinese characteristics" (, : Jùyǒu Zhōngguó tèsè de shèhuìzhǔyì) is an official term for the economy of the People's Republic of China which as of 2006 consists of mixed forms of private and public ownership competing within a market environment. John Gittings in The Changing Face of China quotes Deng Xiaoping as stating:
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| - "Socialism with Chinese characteristics" (, : Jùyǒu Zhōngguó tèsè de shèhuìzhǔyì) is an official term for the economy of the People's Republic of China which as of 2006 consists of mixed forms of private and public ownership competing within a market environment. John Gittings in The Changing Face of China quotes Deng Xiaoping as stating:
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| - "Socialism with Chinese characteristics" (, : Jùyǒu Zhōngguó tèsè de shèhuìzhǔyì) is an official term for the economy of the People's Republic of China which as of 2006 consists of mixed forms of private and public ownership competing within a market environment. John Gittings in The Changing Face of China quotes Deng Xiaoping as stating: "Planning and market forces are not the essential difference between socialism and capitalism. A planned economy is not the definition of socialism, because there is planning under capitalism; the market economy happens under socialism, too. Planning and market forces are both ways of controlling economic activity." The PRC government maintains that it has not abandoned Marxism, but is simply redefining many of the terms and concepts of Marxist theory to accommodate its new economic system. The ruling Communist Party of China argues that socialism is not incompatible with these economic policies. In current Chinese Communist thinking, the PRC is in the primary stage of socialism, and this redefinition allows the PRC to undertake economic policies that attract the foreign capital necessary to develop into an industrialized nation, prompting many people to wonder if the PRC's mixed economy called "socialism" differs significantly from western nations' mixed economies called "capitalism" or if the difference lies now, not in the economy, but only in single-party state versus liberal democracy.
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