ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The CCP maintains that despite the co-existence of private capitalists and entrepreneurs with public and collective enterprise, China is not a capitalist country because the party retains control over the direction of the country, maintaining its course of socialist development.

Detailed explanation-2: -China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.

Detailed explanation-3: -Since its establishment in 1949 and until the end of 1978, China maintained a centrally planned, or command, economy. The state directed and controlled a large share of the country’s economic output; the state set production goals, controlled prices, and allocated resources throughout most of the economy.

Detailed explanation-4: -China’s economic freedom score is 48.3, making its economy the 154th freest in the 2023 Index. Its score is about the same as last year. China is ranked 34th out of 39 countries in the Asia–Pacific region, and its overall score is well below the global and regional averages.