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Cheng Enfu, leading Marxist intellectual in China from CASS, wrote an article in 2012 that lays out competing political currents in China and the dominant current in the CPC that he calls "Innovative Marxism":

cpim.org/sites/default/…
Key points on his definition of Innovative Marxism:

- Insists on the guiding position of Marxism in China
- Adheres to the leadership of the political party of the working class in China
- Insists on the dominant position of public ownership of the means of production in China
"Innovative Marxism believes that China must adhere to the socialist nature and principle, aiming at emancipating and developing productive forces, while eliminating exploitation and polarization so as to achieve common prosperity, and ultimately realizing communism (...)
"... based on socialism with immense progress in productive forces. This is a long process of historical evolution and system innovation."
Here is where things start getting interesting. On the economic system:

"Socialism with Chinese characteristics means to improve the basic economic system in a way that will keep public ownership in a dominant position and have diverse forms of ownership by its side."
The dominance of public ownership with both qualitative and quantitative advantage, in the form of a strong state-owned economy and the active collective and cooperative economy, plays a pivotal role in building a strong country and socialism and in getting its people better off"
"Although China cannot achieve the full public ownership of means of production due to underdeveloped productive forces right now, it must adhere to the dominant position of public ownership while developing a variety of private economy at the same time."
"Only by adhering to the dominant position of public ownership under the conditions of market economy, can the wealth and income distribution system be truly improved in a way dominated by distribution according to each one’s labor..."
...common prosperity, equity and justice be achieved, and the people-centered scientific concept of development be implemented, all of which will provide the economic basis for *participatory democracy* and for achieving the sound and rapid economic and social development."
"the working class is still the representative of advanced productive forces and the embodiment of advanced relations of production, is still the group of people committing to the historical mission to overthrow capitalism and construct socialism and communism"
"If we only criticize the hypocrisy of neoliberalism,
social democracy and democratic socialism without improving the system of socialist democracy, then it’s impossible to eradicate the soil nurturing Western democracy"
"One of the means to surpass the Western democracies is for socialist countries to continually make a greater achievement than any other country in participatory democracy, social justice & economic development, & to give full play to the superiority of socialism to capitalism"
"If we follow the footsteps of Gorbachev’s democratic socialist reform, it is bound to bring misery to the country and the people. China must not repeat that same mistake."
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