Deng Xiaoping Theory

[7][8] Drawing inspiration from Lenin's New Economic Policy,[9] Deng's theory encouraged the construction of socialism within China by having it develop "Chinese characteristics",[10] which was guided by China's economic reform policy with the goal of self-improvement and the development of a socialist system.

[14] Deng believed that "only by constantly developing the productive forces can a country gradually become strong and prosperous, with a rising standard of living.

These borrowed principles, in Deng's mind, allowed a more liberal interpretation of China's modernization into a socialist state.

[18] Dengists still believe that public ownership of land, banks, raw materials, and strategic central industries is necessary so that a democratically elected government can allocate them for the benefit of the country as a whole; but at the same time, private ownership is allowed and encouraged in industries of finished goods and services.

Dengists also take a very strong position against any form of personality cult which appeared in the Soviet Union during Stalin's rule, Cuba and the current North Korea.

[28] It maintains that it upholds communism, the dictatorship of the proletariat, leadership of the Communist Party, Marxism-Leninism, and Mao Zedong Thought.

[30][page needed] The Deng Xiaoping theory played a crucial role in transforming China from its previously state-owned command economy to a socialist market economy, which resulted in a rapid increase in economic growth within the country, known as the "Chinese economic miracle".

[34] Having served as the CCP's major policy guide since the Third Plenum of the 11th CCP National Congress in 1978, the theory was entrenched into the Communist Party's Constitution as a guiding ideology in 1997, and was also subsequently written into the Constitution of the People's Republic of China: Since the Third Plenum of the 11th CPC Central Committee, the Chinese Communists, represented mainly by Comrade Deng Xiaoping, have summed up both the positive and negative experiences gained since the founding of New China, implemented the principle of emancipating the mind and seeking truth from facts, shifted the focus of the Party's work to economic development, introduced reform and opening, ushered in a new period for the development of the socialist cause, gradually formed the line, principles, and policies on building socialism with Chinese characteristics, expounded the basic issues concerning building, consolidating, and developing socialism in China, and created Deng Xiaoping Theory.