I believe the phrase is 'capitalism with Chinese characteristics'?
China has admitted for a long time that their economy can't work without capitalism. It's simply a different take on impure capitalism (and the world has never known pure capitalism).
The phrase is 'socialism with Chinese characteristics', which we in the west call 'capitalism'.
Deng Xiaoping was a smart chap. He knew China needed capitalism, but also knew that after decades of railing against capitalism there was no way the people would support it and no way to implement it without undermining the government, and so 'Socialism with Chinese Characteristics' was born.
