economy. It is based on Deng Xiaoping's political platform of socialism with Chinese characteristics
economic system in the People's Republic of China since the Chinese economic reform started in 1978 (see Economy of the People's Republic of China). Despite its formal title, this system has been widely cited as a form of state capitalism.
Similar though much less extensive reforms were undertaken in Vietnam, where the economic system is called the Đổi Mới (lit. "New Age", trans. "Renovation") and socialist-oriented market economy.