The socialist market economy is the economic model employed by the People's Republic of China. It is based on state-owned enterprises and an open-market economy, and has its origins in Deng Xiaoping's political platform of socialism with Chinese characteristics (simplified Chinese: 中国特色社会主义; traditional Chinese: 中國特色社會主義; pinyin: Zhōngguótèsè shèhuìzhǔyì) and Reform and Opening (simplified Chinese: 改革开放; traditional Chinese: 改革開放; pinyin: Gǎigé Kāifàng). This economic system replaced the Soviety-type centrally-planned economy after the Chinese economic reforms starting in 1978. 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") or the socialist-oriented market economy.
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