Socialist market economy

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This article is about the economic system in the People's Republic of China. For the Western European system, see

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social market economy.

A socialist market economy is an economic form that is practiced in the People's Republic of China, where it is called socialism with Chinese characteristics as well as in Vietnam. In this economic form, major industries are owned by state entities, but compete with each other within a pricing system set by the market. In contrast with market socialism the state does not routinely intervene in the setting of prices nor does it attempt to favor state owned enterprises over private ones.

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