https://www.marxists.org/reference/archive/deng-xiaoping/1986/192.htm

Other people will likely have better sources but this gives some insight.

Wallace: To modernize the Chinese economy and develop your country, Chairman Deng, you said China needs Western investment. But Western investors complain that China is making it difficult to do business here: exorbitant rents for offices, too much bickering about contracts, too many special taxes, labour that is too expensive, plus corruption, kickbacks, and the Chinese bureaucrats. Are you aware of these complaints?

Deng: Yes, I am aware of these things. They do exist. As we are new to doing business with the West, it is inevitable that we shall make some mistakes. I do understand the complaints of foreign investors. No one would come here and invest unless he got a return on his investment. We are taking effective measures to change the present state of affairs. I believe that these problems can be solved gradually. But when they are solved, new problems will arise and they, too, should be solved. As leaders, we have to get a clear picture of the problems and work out measures to solve them. There is also the question of educating the cadres.

Wallace: To get rich is glorious. That declaration by Chinese leaders to their people surprises many in the capitalist world. What does that have to do with communism?

Deng: We went through the “cultural revolution”. During the “cultural revolution” there was a view that poor communism was preferable to rich capitalism. After I resumed office in the central leadership in 1974 and 1975, I criticized that view. Because I did so, I was brought down again. Of course, there were other reasons too. I said to them that there was no such thing as poor communism. According to Marxism, communist society is based on material abundance. Only when there is material abundance can the principle of a communist society — that is, “from each according to his ability, to each according to his needs” — be applied. Socialism is the first stage of communism. Of course, it covers a very long historical period. The main task in the socialist stage is to develop the productive forces, keep increasing the material wealth of society, steadily improve the life of the people and create material conditions for the advent of a communist society.

There can be no communism with pauperism, or socialism with pauperism. So to get rich is no sin. However, what we mean by getting rich is different from what you mean. Wealth in a socialist society belongs to the people. To get rich in a socialist society means prosperity for the entire people. The principles of socialism are: first, development of production and second, common prosperity. We permit some people and some regions to become prosperous first, for the purpose of achieving common prosperity faster. That is why our policy will not lead to polarization, to a situation where the rich get richer while the poor get poorer. To be frank, we shall not permit the emergence of a new bourgeoisie.