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Question
The term 'Socialist Market Economy' is used for ______.
Options
India
China
America
MCQ
Fill in the Blanks
Solution
The term 'Socialist Market Economy' is used for China.
Explanation:
China has a socialist market economy, which combines elements of market capitalism with socialism. While allowing private businesses and market-driven growth, the government maintains control over important industries and economic policy. In 1978, this approach was introduced as part of Deng Xiaoping's economic reforms.
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