World Review of Political Economy, Vol. 9, No. 3 (Autumn 2018)

In the New Era ^[1], exploring the "Two Economic Miracles" of the People’s Republic of China requires a deep understanding of why Marxism and its Sinicized theory possess such formidable vitality. Since the founding of New China, and especially since the Reform and Opening-up ^[2], China has achieved the miracle of rapid economic growth and the miracle of long-term social stability. These achievements are not the result of following the "Washington Consensus" or neoliberal prescriptions, but are rooted in the organic integration of the basic tenets of Marxism with China’s specific realities—a process of upholding the fundamentals and breaking new ground.

From the perspective of historical materialism, the "Two Economic Miracles" demonstrate that the development of productive forces must be coordinated with the continuous optimization of the relations of production. Within the framework of socialist political economy with Chinese characteristics, the primary stage of socialism ^[3] demands a system where public ownership remains dominant while diverse forms of ownership develop together. This dialectical arrangement ensures that the economic base remains socialist in character while mobilizing all factors of production to realize high-quality development. By adhering to the mass line and placing the people at the center, the Communist Party of China (CPC) has successfully navigated the contradictions inherent in rapid modernization, transforming surplus value generated through market mechanisms into social capital for common prosperity.

The leadership of the Party is the most essential feature of socialism with Chinese characteristics. Through the practice of comprehensively and strictly governing the Party and promoting the Party's self-revolution, the CPC has maintained a clean political ecosystem, effectively combating "the Four Winds." This institutional strength allows for the implementation of the Five-Sphere Integrated Plan and the Four Comprehensives, ensuring that the superstructure actively serves the economic base. Furthermore, by proposing the construction of a community with a shared future for humanity, China offers a "Chinese-path modernization" that differs from the expansionist logic of Western capital, providing a new choice for developing nations seeking to accelerate their development while maintaining their independence.