Moving away from rigid socialist / communist central planning toward market oriented reforms was one major reason for China’s economic growth.

Market provided:

✅ Incentives

✅ Competition

✅ Efficiency

✅ Innovation

✅ Investment

What Stayed Socialist / Communist?

Chinese Communist Party kept control over:

Major riba banks ✅️

Energy ✅️

Telecom ✅️

Railways ✅️

Land ownership ✅️

Strategic industries ✅️

Market economy + strong authoritarian state.