Socialist market economy

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Socialist market economy

Post  msistarted on Tue Jan 11, 2011 2:16 am

The socialist market economy or socialist market economy with Chinese characteristics is the official term used to refer to the economic system of the People's Republic of China after the reforms of Deng Xiaoping. It is also referred to as socialism with Chinese characteristics. Similar though much less extensive reforms were undertaken in Vietnam, where the economic system is called the Đổi Mới (lit. "New Age", trans. "Renovation"), respectively. It consists of a mixture of socialist planning with a market economy.

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