China is moving in the direction of becoming the most powerful economy in the world within ten years. Yet there is still great controversy among socialists as to what type of social formation China is. Is it capitalist? Is it state capitalist? Is it socialist? What are some criteria for finding out? Should it be the amount of private property and control over natural resources? The level of material productivity? The number of industries that have state planning? The number of industries which are nationalized? The number of occupations where there is wage labor? The presence of the law of value? The state of union activity? Robert Montgomery proposes some answers to these questions.