Legal System in China

1. Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system.

2. Socialism

3. Main features:

3.1. 1.Common ownership

3.2. 2. It implies equality of incomes and equality.

3.3. 3. Economic planning is an essential features of socialism.

3.4. 4. Social welfare and social security.

3.5. 5. Classless society

3.6. 6. Lack of incentive.