"Socialism with Chinese Characteristics" is a political and economic system that combines the principles of socialism with market-oriented reforms. Introduced by the Chinese Communist Party in the late 20th century, it aims to maintain state control over key sectors while allowing for private enterprise and foreign investment. This approach seeks to promote economic growth and improve living standards in China. The concept emphasizes the importance of adapting socialist principles to the unique historical and cultural context of China. It reflects a pragmatic approach to governance, focusing on economic development and stability while maintaining the Communist Party's political authority.