Recently,China's Premier Minister Zhu indicated "A socialist democracy should be developed" as the primary direction to Socialist China'a future political reform

Is it just a hollow platitude?
It's inspired what and how "Socialist democracy" should be
Could anyone has a good interpretation of such a flesh political governance philosophy ?

Well, Sweden is the classic modern example of a Socialist Democracy.

And Britain is a Socialist Democracy to a large degree, but perhaps our friends across the pond could elaborate on this better for us?

And "Social Democracy" is the term often applied.

I cant give you a definiton Suede, but I can try and explain what I understand of the term.
India is the world's largest democracy and is also an example of just this particular form of governance, except in the past decade or so, ever since free market principles have slowly seeped in. A Socialist Democracy is one where the people elect their government but the overall policy of the government, irrespective of the party that is elected, will be, to have some regulatory control over trade, commerce and the economic markets. This government policy is effected as a protective measure to prevent against a widening of the rich-poor gap and to also give the people that are poorer, a fighting chance to improve their lot. With specific reference to India and China, this is a serious concern, because of the large populations involved.

Democracy: Government by the people, exercised either directly or through elected representatives.

Obviously a term like socialist democracy means no more or less than what the speaker wants it to mean. One must wonder if the Chinese Premier's socialist democracy has room for more than one political party.

A quick rule of thumb that I use is that if a country's name includes the words People's, Republic, or Democratic the chance that it is actually democratic is inversely proportional to the number of these words used.

(People's Republic of China, German Democratic Republic, Democratic Republic of the Congo.)

Rouspeteur