What is the basis for the People's Republic of China's current economic system?

Question

Quizplus · Accepted Answer

The current economic system of the People's Republic of China is based on competition between state-owned enterprises and private business. While the government owns many businesses and controls critical economic resources, there is also a growing private sector in China that competes with state-owned enterprises for business opportunities. This system has gradually developed since the country's economic reforms began in the late 1970s, and it has helped to fuel China's rapid economic growth in recent decades.

What Is the Basis for the People's Republic of China's