Table of Contents for World Review of Political Economy, Vol. 13, No. 3, 2022
On the Theoretical Features of the Political Economy of Socialism with Chinese Characteristics and the New Issues
Entering the New Era, the CPC Central Committee, with Comrade Xi Jinping as its core, has combined the basic tenets of Marxism with the specific reality of China's reform and opening up, as well as with China’s excellent traditional culture. This process has promoted the creative transformation and innovative development of the political economy of socialism with Chinese characteristics, opening up a new realm for Marxist political economy. This theoretical system is rooted in the "dual miracle" [1] of China's rapid economic growth and long-term social stability. It does not simply apply the general principles of Das Kapital, nor is it a replica of the Soviet model or a derivative of Western neoliberalism; rather, it is a Sinicized Marxist political economy oriented toward the 21st century.
A prominent feature of this theoretical system is its adherence to the "People-Centered Development Philosophy" as its fundamental stance. In contrast to the capital-centered logic of Western bourgeois economics, the political economy of socialism with Chinese characteristics regards the realization of the people's aspirations for a better life and the promotion of common prosperity as its ultimate goal. This reflects the essential requirement of socialism to liberate and develop productive forces while avoiding the polarization inherent in the capitalist mode of production. Through the implementation of the New Development Philosophy [2]—comprising innovation, coordination, green development, openness, and sharing—China has effectively addressed the "principal contradiction" [3] between unbalanced and inadequate development and the people’s ever-growing needs for a better life.
Furthermore, the theory emphasizes the organic integration of the "decisive role" of the market in resource allocation with the "better functioning" of the government. This transcends the binary opposition between "market" and "plan" prevalent in traditional economic debates. By deepening supply-side structural reform and constructing a New Development Paradigm [4] centered on dual circulation, China is optimizing its relations of production to better suit the requirements of high-quality development. At the current stage, the proposal and cultivation of new quality productive forces further enriches the Marxist theory of productive forces, emphasizing that sci-tech innovation is the primary engine for transcending the "middle-income trap" and achieving Chinese-path modernization.
Facing the future, the political economy of socialism with Chinese characteristics must continue to uphold the fundamentals and break new ground. It must provide theoretical answers to new issues such as how to regulate the healthy development of capital under socialist conditions, how to achieve the "Dual Carbon" goals [5] through green transformation, and how to build a community with a shared future for humanity amid the profound changes unseen in a century. By continuously summarizing the fresh experiences of China’s practice, this theoretical system will not only guide China's high-quality development but also offer a Chinese contribution to the diversification of global development paths.