state-owned economy; socialist public ownership
Meanings
2 senses · 5 examplesnoun
state-owned economy; economic form where the means of production are owned by the state
formalA key term in political economy, particularly in socialist contexts. In China, it specifically refers to the socialist economy with ownership by the whole people.
The state-owned economy plays a leading role in the national economy.
One of the goals of the reform is to enhance the vitality and influence of the state-owned economy.
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In many socialist countries, the state-owned economy is an important component of the economic system.
noun
socialist economy with ownership by the whole people (specifically in China)
formalThis is the specific meaning within the context of contemporary China's socialist market economy. It is the highest form of public ownership.
China's state-owned economy (ownership by the whole people) is the leading force in the national economy.
The constitution stipulates that the state-owned economy, namely the socialist economy with ownership by the whole people, is the leading force in the national economy.