Theoretical Learning Center Group of the Council of the Institute of Party History and Literature of the CPC Central Committee: Continuously Opening Up New Realms of Contemporary Chinese Marxist Political Economy
Xi Jinping’s economic thought was established and developed during the extraordinary process of the Party Central Committee, with Comrade Xi Jinping at its core, observing major trends, planning the overall situation, and performing practical deeds to successfully steer the general state of China’s economic development. The Selected Economic Works of Xi Jinping, Volume I, centrally reflects the reason, logic, and philosophy of this important thought in its continuous opening of new frontiers of theoretical innovation through adapting to new situations, resolving new problems, and confronting new challenges. It is permeated with General Secretary Xi Jinping’s profound reflections and scientific judgments on major theoretical and practical issues of China’s economic construction in the New Era. It showcases the magnificent historical process and world-renowned great achievements of China’s economic development in the New Era, contains distinct historical and theoretical logic, and centrally embodies the rich connotations and practical requirements of Xi Jinping’s economic thought.
I. Proposing a series of major judgments and assertions concerning the overall situation of China's economic development, clearly answering the questions of how to view the economic situation and how to conduct economic work.
After the 18th National Congress of the CPC, the economic situation at home and abroad became extremely complex, with both the world economy and China’s economy facing many new and major issues. The deep-seated effects of the international financial crisis continued to spread, world economic recovery was sluggish, international trade was depressed, and protectionism was on the rise. Domestically, downward pressure on the economy continued to increase, structural and institutional contradictions in the economy became prominent, and problems of unbalanced, uncoordinated, and unsustainable development were significant. Volume I of The Selected Economic Works of Xi Jinping includes 31 important manuscripts from General Secretary Xi Jinping during the period from the 18th CPC National Congress to the 19th CPC National Congress. These provide scientific answers to how to view the economic situation and how to conduct economic work in the New Era, centrally embodying the formation and development of Xi Jinping’s economic thought during this historical stage.
In December 2012, at the first Central Economic Work Conference [1] after the 18th National Congress, General Secretary Xi Jinping clearly pointed out that the Party's leadership over economic work must be effectively strengthened. Since the 18th National Congress, the Party Central Committee has continuously improved the systems and mechanisms for leading economic work, strengthened the analysis and mastery of the overall situation and trends, timely formulated major policies and decisions, and deployed major tasks. These actions ensure that the Party’s leadership over economic work is implemented on the ground and guarantee that China’s economy develops in the right direction. In July 2013, at a meeting of the Standing Committee of the Political Bureau of the CPC Central Committee, General Secretary Xi Jinping pointed out that China's economy was in a stage where the period of transitioning growth rates, the painful period of structural adjustment, and the period of digesting previous stimulus policies were overlapping [2]. At the Central Economic Work Conference in December 2013, General Secretary Xi Jinping proposed the major judgment of the "New Normal" [3]. In December 2014, at the Central Economic Work Conference, he profoundly analyzed the reasons why China’s economic development had entered the New Normal, emphasizing that understanding, adapting to, and leading the New Normal constitutes the major logic [4] of China's economic development at present and for a period to come. This allowed for a historical and dialectical identification of the situation and tasks facing China’s economic development.
Faced with a complex situation, General Secretary Xi Jinping clearly emphasized that adhering to the general principle of seeking progress while maintaining stability [5] is an important principle for our governance and a methodology for doing economic work well. Our Party has consistently adhered to this general principle, assessing the situation, reflecting deeply, respecting objective laws, and grasping the rhythm and intensity of work to seek progress while maintaining overall stability. Addressing a series of prominent contradictions and challenges facing China’s development, the Third Plenary Session of the 18th CPC Central Committee in November 2013 made deployments for comprehensively deepening reform, achieving a series of major breakthroughs in reform theory and policy. General Secretary Xi Jinping emphasized that the core issue of economic system reform is handling the relationship between the government and the market well, letting the market play the decisive role in resource allocation and letting the government play its role better. The Party Central Committee adjusted its approach to macroeconomic control in a timely manner and deeply promoted supply-side structural reform, prescribing a fundamental cure for maintaining the sustained and healthy development of China’s economy.
Addressing issues concerning the overall situation and long-term interests, in October 2015, General Secretary Xi Jinping proposed the people-centered development philosophy and the development concepts of innovation, coordination, green development, openness, and sharing (the "New Development Philosophy") at the Fifth Plenary Session of the 18th CPC Central Committee. He emphasized that adhering to the New Development Philosophy is a profound transformation concerning the overall situation of China's development. Since the 18th National Congress, the Party Central Committee has proposed and implemented a series of major development strategies. These include the innovation-driven development strategy; the Beijing-Tianjin-Hebei coordinated development strategy, focusing on relieving Beijing of functions non-essential to its role as the capital; the Yangtze River Economic Belt development strategy, based on the principle of joint protection and eschewing large-scale development; the new-type urbanization strategy, centered on people’s urbanization and guided by improved quality; and the national food security strategy of being self-reliant, domestic-based, ensuring production capacity, moderate imports, and technological support. These have had a profound impact on the transformation of China’s economic development.
From the 18th to the 19th National Congress, Xi Jinping’s economic thought was conceived and formed through the Party’s continuous exploration of laws, deepening of understanding, unification of thinking, and correct decision-making. Guided by a series of major theories and concepts, our Party scientifically understood the economic situation, accurately judged future trends, profoundly grasped the laws of economic development, endowed Marxist political economy with new connotations of the times, and successfully steered the general situation of China's economic development. China's economy maintained medium-to-high-speed growth, ranking among the top in the world's major economies. Its total economic volume remained firmly second in the world, and major structural changes that had been sought for many years were finally achieved. Agricultural modernization advanced steadily, regional development coordination increased, the construction of an innovative country yielded fruitful results, and the new system for an open economy was gradually improved.
II. Based on the new historical orientation of China's economic development, a scientific refined system of thought with rich connotations, rigorous logic, and complete systems has been formed and developed.
After the 19th National Congress of the CPC, anchored by the goals of finishing the building of a moderately prosperous society in all respects and promoting high-quality development, Xi Jinping’s economic thought continued to develop in practice. The 27 important manuscripts by General Secretary Xi Jinping included in Volume I of The Selected Economic Works of Xi Jinping from the 18th to the 19th Congress period are vivid manifestations of how his economic thought developed during this historical stage and led China's economy to move forward steadily.
Correctly understanding and accurately grasping the historical orientation and stage of development are important experiences in promoting the smooth development of China's economy and society. In October 2017, in the report to the 19th National Congress of the CPC, General Secretary Xi Jinping profoundly expounded on the major change in the principal contradiction of our society and the historical change in the stage of economic development. He pointed out that Socialism with Chinese Characteristics had entered a New Era, and the principal contradiction in Chinese society had been transformed into the contradiction between the people's ever-growing needs for a better life and unbalanced and inadequate development. China's economy had transitioned from a stage of high-speed growth to a stage of high-quality development.
The change in the principal contradiction of our society is a historical change concerning the overall situation, placing many new requirements on the work of the Party and the state. The Central Economic Work Conference held in December 2017 for the first time explicitly proposed and expounded on Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era (i.e., Xi Jinping’s economic thought). This is the theoretical crystallization of our Party's practice in promoting China's economic development since the 18th National Congress, a rational generalization of political economy with Chinese characteristics using the basic principles of Marxism, and a precious spiritual asset of the Party and the state.
Following the completion of building a moderately prosperous society in all respects and the realization of the First Centenary Goal, China entered a new development stage—a new journey toward the comprehensive construction of a modern socialist country and the Second Centenary Goal. How to accurately grasp the orientation of the times, scientifically judge the internal and external environments, and clarify the ideas for future development became major new subjects facing the Party and the people. General Secretary Xi Jinping reflected deeply on this issue, and in April 2020, first proposed the construction of a new development pattern with the domestic cycle as the mainstay and the domestic and international dual circulation reinforcing each other. In October 2020, the Fifth Plenary Session of the 19th CPC Central Committee made systematic plans and strategic deployments for grasping the new development stage, implementing the New Development Philosophy, constructing the new development pattern, and promoting high-quality development during the 14th Five-Year Plan period (2021–2025). The Party Central Committee adhered to the principles of "quality first" and "efficiency priority," improved total factor productivity, and took the promotion of supply-side structural reform as the main line of economic work. It focused on accelerating the construction of an industrial system with coordinated development of the real economy, technological innovation, modern finance, and human resources, and sought to build an economic system with effective market mechanisms, dynamic micro-entities, and moderate macro-control, thereby promoting changes in the quality, efficiency, and driving forces of economic development.
From the 19th to the 20th National Congress, Xi Jinping’s economic thought directly addressed the new problems and challenges facing China’s economic development. It profoundly summarized and fully utilized the successful experience of leading China’s high-quality development, forming and developing a scientific system of thought with rich connotations, rigorous logic, and complete systems, leading China's economic strength to achieve a historical leap. China's GDP exceeded the 100-trillion-yuan mark, and per capita GDP exceeded 10,000 USD. Total grain output remained stable at the top of the world, and the food and energy security of more than 1.4 billion people was effectively guaranteed. The scale of the manufacturing industry remained firmly first in the world; the world’s largest high-speed railway and expressway networks were built, and major achievements were made in infrastructure construction. Significant progress was made in technological innovation, with frequent reports of success from major scientific and technological projects such as Change’e-4. The China International Import Expo has been held continuously, the joint construction of the "Belt and Road" has been solidly promoted, and the opening-up to the outside world has expanded in all directions. The rural revitalization strategy was vigorously implemented, and the urbanization rate of the permanent population exceeded 60% for the first time. Major regional strategies and coordinated regional development strategies were implemented in depth. Decisive achievements were made in the "three tough battles" of preventing and defusing major risks, targeted poverty alleviation, and pollution prevention and control. China’s economy has embarked on a path of development that is of higher quality, more efficient, more equitable, more sustainable, and more secure.
III. Centering on the central task of Chinese-path modernization, continuously deepening the understanding of the laws governing economic work.
Since the 20th National Congress of the CPC, with a view to comprehensively promoting the construction of a strong country and the great cause of national rejuvenation through Chinese-path modernization, the Party Central Committee with Comrade Xi Jinping at its core has persisted in theoretical innovation in economic work. It has summarized experience in a timely manner, deepened the understanding of laws, and deeply studied the new situations and problems facing the world economy and China’s economy, forming a series of new thoughts, viewpoints, and assertions that reveal new characteristics and laws. The 16 important manuscripts by General Secretary Xi Jinping in Volume I of The Selected Economic Works of Xi Jinping during the period from the 20th National Congress to December 2024 are a brilliant presentation of this historical process.
After ten years of continuous struggle in the New Era, China's economy has transitioned to high-quality development and achieved historical achievements and historical changes. China's development stands at a new and higher historical starting point. The Party Central Committee has scientifically grasped the new situations on the new journey, clarifying the central task of comprehensively building a modern socialist powerful country, realizing the Second Centenary Goal, and advancing the great rejuvenation of the Chinese nation through Chinese-path modernization. It has made systematic expositions and comprehensive deployments for promoting Chinese-path modernization. In October 2022, in the report to the 20th National Congress of the CPC, General Secretary Xi Jinping made an overall two-step strategic arrangement for building a powerful modern socialist country, further clarifying that high-quality development is the primary task of building a modern socialist country in all respects. Entering 2023, General Secretary Xi Jinping creatively proposed the concept of "new quality productive forces" and the major task of developing them, making it clear that developing new quality productive forces is an inherent requirement and important focus for promoting high-quality development. He required the development of new quality productive forces according to local conditions and the promotion of a smooth transition between old and new drivers of development.
To continuously enhance the endogenous momentum and vitality of development, the Party Central Committee has scientifically planned major measures to further comprehensively deepen reform, injecting strong impetus into promoting high-quality development and advancing Chinese-path modernization. In July 2024, at the Third Plenary Session of the 20th CPC Central Committee, General Secretary Xi Jinping pointed out that to further comprehensively deepen reform, we must focus closely on the theme of promoting Chinese-path modernization. The Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Advancing Chinese-path Modernization, deliberated and adopted at the Third Plenary Session of the 20th CPC Central Committee, deployed more than 300 important reform measures involving systems, mechanisms, and institutional levels. These cover all aspects of promoting Chinese-path modernization and construct a panoramic view of further comprehensively deepening reform.
In the face of a complex and severe situation characterized by increased external pressure and internal difficulties—especially the increased downward pressure on the economy—General Secretary Xi Jinping presided over a meeting of the Political Bureau of the CPC Central Committee on September 26, 2024. The meeting scientifically judged the economic situation and decisively deployed a package of incremental policies, effectively boosting social confidence and driving a significant economic recovery. The economic performance throughout 2024 showed a trend of "high at the beginning, low in the middle, and rising at the end." This fully proves the superb wisdom and exceptional ability of the Party Central Committee with Comrade Xi Jinping at its core in steering economic work amidst a complex and volatile situation. In December 2024, at the Central Economic Work Conference, General Secretary Xi Jinping proposed the law-based understanding of "one greatest consensus and five must-coordinates," emphasizing that the centralized and unified leadership of the Party Central Committee is the fundamental guarantee for doing economic work well. This is the greatest consensus formed throughout the Party.
This series of new thoughts, viewpoints, and judgments since the 20th CPC National Congress has further enriched and developed Xi Jinping economic thought, providing ideological guidance for economic work in the period ahead. The clearer one’s understanding, the more steadfast one’s action [7]. Under the guidance of Xi Jinping economic thought, our country’s economy has braved the wind and waves, moving forward steadily along the course of high-quality development; the trend of "stability" has been consolidated and sustained, the pace of "progress" has been firm and powerful, and "new" drivers of growth are flourishing. In 2024, our gross domestic product approached 135 trillion yuan, with a growth rate ranking among the top of the world's major economies, maintaining a contribution rate of approximately 30% to global economic growth. The balance of payments remained basically stable, the scale of foreign trade hit a record high, and the international market share rose steadily. New quality productive forces developed steadily, strategic emerging industries expanded, and new drivers and advantages were shaped with increased speed. Grain output reached a new milestone of 1.4 trillion jin [8] for the first time. Macroeconomic policies such as the "Two Majors" [9] construction and the "Two News" [10] initiative continued to exert force, effectively stimulating the potential of domestic demand and showing a sustained integrated effect on boosting resident consumption, expanding effective investment, and accelerating the green transition. Risks in the economic and financial sectors were effectively mitigated, the economic cycle gradually improved, and market confidence was significantly bolstered. Our country’s economic strength has achieved a historic leap, and Chinese-path modernization has taken new and solid strides.
IV. Continuously opening new realms for contemporary Chinese Marxist political economy in the historical process of scientifically answering new questions of the era
The formation and development of Xi Jinping economic thought across different historical stages possess distinct backgrounds, historical connotations, and evolutionary trajectories. As Marx pointed out, "If we study each of these evolutions separately and then compare them, we shall easily find the key to this phenomenon." Looking back at history, it is clear that the key to deeply understanding and scientifically grasping the historical logic of Xi Jinping economic thought lies in its firm historical confidence, respect for historical laws, maintenance of historical patience, and seizure of historical initiative. In the historical process of scientifically answering the new questions of the era, it continuously opens new realms for contemporary Chinese Marxist political economy.
Xi Jinping economic thought possesses a distinctive epochal character; it is an economic theory that advances with the times. The era is the mother of thought, and the questions of the era are the driving force of theoretical innovation. Innovating continuously in tandem with the development of the times is the source of the momentum for the birth and development of Marxist political economy, and is also the secret to why this science can maintain eternal vitality. Xi Jinping economic thought stands at the forefront of the era, observing the shifting winds, and grasping the pulse of the times. It neither wavers in adhering to economic construction as the center—treating economic work as the central task of the Party’s governance—nor fails to accurately recognize changes, respond to them scientifically, and seek them proactively. From judging that our country's economic development was in a specific stage of "triple pressure overlap" [11] to proposing that economic development had entered a new normal; from clarifying that our economy has shifted from a stage of high-speed growth to a stage of high-quality development to embarking on a new journey of comprehensively building a modern socialist country—Xi Jinping economic thought takes a commanding height, assesses the situation, and consistently grasps the historical position within the developmental position, and historical time within temporal history. It has established strategic coordinates and provided strategic guidance for economic work in the New Era.
Xi Jinping economic thought possesses a distinctive practicality; it is an economic theory that adheres to a problem-oriented approach. All epoch-making theories are products that meet the needs of their time. A leap in theory is not reflected in the novelty of phrasing or in the self-consistency of logic, but ultimately in its ability to answer practical questions and lead practical development. Xi Jinping economic thought profoundly perceives the current reality and future trends of domestic and international economic development, providing incisive analysis on how to respond to the evolution of world and national conditions. From adhering to the "main line of work" of promoting supply-side structural reform, to the two "strategic pillars"—accelerating the construction of the dual circulation development pattern as the strategic pillar for promoting high-quality development, and expanding domestic demand as the strategic pillar for accelerating the construction of the dual circulation development pattern; from adhering to a proactive fiscal policy and a prudent monetary policy to implementing a more proactive fiscal policy and a moderately loose monetary policy; from focusing on revitalizing the real economy to accelerating the formation of new quality productive forces, and then to promoting the integrated development of scientific and technological innovation and industrial innovation—Xi Jinping economic thought follows the problems and goes where the problems are. It consistently reflects General Secretary Xi Jinping’s profound knowledge, extraordinary insight, and remarkable courage. It guides the entire Party through the turbulent tides of the world economy to master scientific methods of economic analysis, understand the process of economic movement, grasp the laws of economic development, improve the ability to command the socialist market economy, and accurately answer and systematically resolve the theoretical and practical problems of our country's economic development.
Xi Jinping economic thought possesses a distinctive openness; it is an economic theory that bridges history and the future. Historical development never ends, Chinese economic development never ends, and the task of opening new realms for contemporary Chinese Marxist political economy never ends. Xi Jinping economic thought is an open theory in constant development; it is a scientific theory based on national conditions, benefiting the people, looking toward the world, and leading the future. It will inevitably be enriched and perfected through the comprehensive advancement of the great cause of building a strong country and national rejuvenation. Our country's economic development process is magnificent and its achievements have attracted worldwide attention; it contains the immense momentum, vitality, and potential for theoretical creation, serving as a "rich mine" for the continuous development of thought and theory. Looking back at history, Xi Jinping economic thought has already erected an ideological monument of statecraft and national enrichment for the New Era. Looking to the future, the Party Central Committee with Comrade Xi Jinping at its core will surely continue to summarize and refine the law-based results of our country’s economic development practice, elevating practical experience into a systematized economic doctrine, continuously opening new realms of contemporary Chinese Marxist political economy, and continuing to contribute Chinese wisdom to the innovative development of Marxist political economy.
History and practice have fully proven that the fundamental reason the ship of our country's economy has braved the wind and waves and traveled steadily and far in the New Era lies in General Secretary Xi Jinping’s role at the helm and the scientific guidance of Xi Jinping economic thought. Xi Jinping economic thought is rooted in our national conditions and developmental practice, closely tracks the stage-specific characteristics of our economic development, and reveals the historical laws of our economic development. It responds to the changes of the era, stands at the forefront of the times, and sounds the herald of the age. It profoundly answers the questions of the era, the people, and history regarding our country's economic development. It embodies a broad historical perspective, firm cultural confidence, and profound strategic considerations, pointing out the correct direction and providing the fundamental following for doing a good job in economic work on the new journey in the New Era. We must combine our study with the first volume of the "Selected Economic Works of Xi Jinping," mastering and applying Xi Jinping economic thought well, and effectively transforming the results of our study into a powerful force and vivid practice for comprehensively advancing the building of a strong country and the cause of national rejuvenation through Chinese-path modernization.