How is China still socialist if it has a market economy?
China has something called “market socialism.” This means the state owns much of the assets in the economy, whether it be certain industries (usually “commanding heights”), or a large percentage of the companies, but the government doesn’t set the prices. In a fully socialized economy, the government planning board sets prices, and tries to control both the supply and demand in the economy. China still adheres to Marxist Ideology, and has a one-party system. They have been adapting/reevaluating their definition of Marxism as they have become more involved with international trade. Wikipedia has an article on “Socialism with Chinese Characteristics” and “Market Socialism.” http://en.wikipedia.org/wiki/Socialism_w… http://en.wikipedia.org/wiki/Market_soci… A more detailed explanation of Market Socialism is at
