![]() This aligned Chinese policy with a more traditional Marxist perspective where a fully developed socialist planned economy can only come into existence after a market economy has exhausted its historical role and gradually transforms itself into a planned economy, nudged by technological advances that make economic planning possible and therefore market relations less necessary. The adoption of market reforms was seen to be consistent with China's level of development and a necessary step in advancing the productive forces of society. In the late 1970s, then-Chairman Deng Xiaoping and the CCP leadership rejected the prior Maoist emphasis on culture and political agency as the driving forces behind economic progress and started to place a greater emphasis on advancing the material productive forces as the fundamental and necessary prerequisite for building an advanced socialist society. Some commentators describe the system as a form of " state capitalism", while others describe it as an original evolution of Marxism, in line with Marxism–Leninism similar to the " New Economic Policy" of the Soviet Union, adapted to the cohabitation with a globalized capitalist system. Originating in the Chinese economic reforms initiated in 1978 that integrated China into the global market economy, the socialist market economy represents a preliminary or "primary stage" of developing socialism. The term "socialist market economy" was introduced by Jiang Zemin during the 14th National Congress of the Chinese Communist Party (CCP) in 1992 to describe the goal of China's economic reforms. The system is a market economy with the predominance of public ownership and state-owned enterprises. The socialist market economy ( SME) is the economic system and model of economic development employed in the People's Republic of China.
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