China’s economy is a mixed economy that combines elements of capitalism and socialism. Under the government of the People’s Republic of China (PRC), China has implemented a series of economic reforms that have allowed for the growth of private enterprises and the development of a market economy. However, the PRC government maintains significant control over the economy through state-owned enterprises, centralised planning, and the regulation of key industries. As a result, China’s economy is often described as a “socialist market economy” or a “socialist capitalist” system.
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