Chinese socialism is a political and economic system that combines elements of socialism with Chinese characteristics. It emphasizes state control over key industries while allowing for market mechanisms and private enterprise. This approach aims to promote economic growth and development while maintaining the authority of the Chinese Communist Party. Under Chinese socialism, the government plays a significant role in planning and directing the economy, focusing on reducing poverty and improving living standards. The system has evolved since the late 20th century, particularly after the reforms initiated by Deng Xiaoping, which opened up the economy to global markets while retaining the party's political control.