Liu Xin: Notion of 'state-controlled' economy not true about China

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CGTN anchor Liu Xin said "socialism with Chinese characteristics" describes China's economic structure, "where market forces are expected to play the dominating or deciding role in the allocation of resources."

Liu was answering a question about how she defines "state capitalism" during a live television discussion with Fox Business Network host Trish Regan on China-U.S. trade issues on Thursday.

"We want it to be a market economy but there are some Chinese characteristics to it," Liu noted, adding, "everybody thinks China's economy is state-owned, state-controlled, everything is state, state, state. But let me tell you, it is not the true picture."

"Eighty percent of Chinese employees were employed by private enterprises, 80 percent of Chinese exports were done by private companies, about 65 percent of technological innovation were achieved by private enterprises," Liu went on to explain.

Official data shows that the private sector plays an important role in the Chinese economy, contributing more than 50 percent of tax revenues, 60 percent of GDP, 80 percent of urban employment, and 90 percent of new jobs and new firms.