China's current economic system can be described as a "socialist market economy," which incorporates a unique blend of private and state-owned enterprises. This system combines elements of market capitalism with significant state intervention and control, resulting in a complex and evolving model.

One of the most significant benefits of China's economic system is its rapid economic growth. The introduction of market-oriented reforms, including the liberalization of key sectors, has led to high rates of economic expansion. This robust growth has had a transformative impact, lifting hundreds of millions of people out of poverty and propelling China to its current position as the world's second-largest economy.

Innovation and entrepreneurship thrive within this system, owing to the coexistence of state-owned and private enterprises. Major private tech companies like Alibaba, Tencent, Baidu, and Huawei have become global leaders in their respective industries, highlighting the dynamic nature of the private sector in China. These companies have spearheaded advancements in technology and have shown the world that China is a hotbed for innovation.

Furthermore, state-owned enterprises have played a crucial role in infrastructure development. They have been at the forefront of building the country's transportation networks, ports, airports, and high-speed wireless networks. This has contributed to China's impressive infrastructure that supports its economic growth and trade relationships with the world.

However, China's economic system is not without potential drawbacks. Numerous studies have shown that state-owned enterprises in China are less productive compared to their private-sector counterparts, regardless of the significant support they receive from the state. This productivity gap poses an efficiency challenge for the Chinese economy, as resources may not be allocated as efficiently as they would in a more market-driven system.

Additionally, China's subsidization of both state-owned and private companies, such as Huawei, has led to tensions with its major trading partners, notably the United States. Disputes over alleged unfair trade practices, state subsidies, and intellectual property theft have resulted in trade wars and tariffs. These trade tensions can disrupt international economic relations and hinder the global economy.

In conclusion, China's current economic system, characterized as a "socialist market economy," has brought about rapid economic growth, fostering innovation, and supporting significant infrastructure development. However, it also faces challenges related to inefficiency and trade tensions with major partners. The Chinese government continues to navigate the complexities of maintaining a delicate balance between state control and private sector dynamism in pursuit of its economic goals. This unique economic model will likely continue to evolve in response to domestic and international pressures. This is my answer. I just want you to give me references to support above answer