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What type of economic system does China have?

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China once had a socialist, planned economy where the government (one party) controlled and owned all the means and methods of production. China currently has a very strange mix of socialist, capitalist, and communist ideas for their economy. It is unique in the world, and often really defies categorization.

While many capitalist ideas are in place, several core tenets of capitalism do not exist (sanctity of contracts, private property ownership). Likewise, far too many communist ideas are being ignored (allowing private collection of wealth, private ownership of external (foreign) investments allowed) for it to be considered Communist.
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