From China Digital Space

初级阶段 (chū jí jiē duàn): primary stage of socialism

In current Chinese Communist thinking, the PRC is in the primary stage of socialism. Using the catch phrase "primary stage of socialism" allows for a redefinition of orthodox Marxist theory which enables the PRC to undertake whatever economic policies are needed to develop into an industrialized nation. It enabled the reform faction in China to demonstrate loyalty to orthodox Marxism, while introducing capitalistic measures into the centrally planned Chinese economy (see here). A related term is the famous phrase "socialism with Chinese characteristics" to describe capitalism.

The winding road of "socialism with Chinese characteristics."