China has a socialist market economy, public ownership is the principal aspect of the economy and the working classes control the state. State capitalism refers more to the Republic of Korea, where the state is heavily involved in an economy where private ownership is principal and capitalists control the state.
China has a socialist market economy, public ownership is the principal aspect of the economy and the working classes control the state. State capitalism refers more to the Republic of Korea, where the state is heavily involved in an economy where private ownership is principal and capitalists control the state.