State capitalism or market socialism?

Prof Chen Kang, Director of the Master in Public Administration and Management Programme and Chinese Executive Education programme from the Lee Kuan Yew School of Public Policy at NUS opined that after over 40 years of reform and opening up, China is still heavily influenced by the planned economy of its past and is also stamped with characteristics of market socialism, as its early reform was modelled after the Hungarian experience. He suggested that China should heed the warnings of the eminent Hungarian economist János Kornai as it takes its next steps forward in its economic reform.