What term should be used to describe the current economic system in the People's Republic of China?

Question

Quizplus · Accepted Answer

The current economic system in China is officially described as a "socialist market economy" which combines elements of both socialism and capitalism. The government retains control over key industries and sectors, while also allowing for private enterprise and foreign investment. The country's economic system has undergone significant reforms over the past few decades and has shifted away from strict communism towards a more hybrid model.

What Term Should Be Used to Describe the Current Economic