Now China has transformed its planned economy system into an initial socialist market economy system. As a result the regulatory function of the market has been strengthened tremendously.

At present, a socialist market economy system is well on the way to being established in China, and the basic role played by the market has been improved in the sphere of resources allocation.

The “socialist system with Chinese characteristics ... His use of the term “socialist market economy” does not make much sense as a market economy, which requires the free play of market ...

This also marks an abject collapse of President Xi’s pet theory of “socialist system with Chinese characteristics” under which the socialist society will control and guide the growth of private ...