22. Which type of economic system is followed in China? (1)(a) Mixed Economy(b) Socialist Economy(c) Capitalist Economy(d) None of these

The type of economic system followed in China is (a) Mixed Economy.

Here's why:

1. China's economic system is a blend of socialism and capitalism. While it is often described as a socialist market economy, it also contains elements of a market economy and a planned economy, which makes it a mixed economy.

2. In a mixed economy, both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.

3. In China, the government owns and controls a significant portion of the productive resources, but there is also a growing private sector that operates alongside the state enterprises.

4. The government guides overall economic development through macroeconomic plans but there is space for market forces.

5. Therefore, China's economic system is best described as a mixed economy.