Justin Yifu Lin: Xi Jinping's Economic Thought is a Scientific Theory Rooted in China, Eyeing the World, and Leading the Future
Since the start of the New Era, the Party Central Committee with Comrade Xi Jinping at its core has, with immense political courage, vigorously advanced theoretical exploration and innovation. With an entirely new perspective, it has deepened the understanding of the laws governing the Communist Party's governance, the laws of socialist construction, and the laws of the development of human society, forming Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Economic work is the central task of the Party and the country; doing this work well is a major mission for the Communist Party of China in its governance of the country. Xi Jinping economic thought is an important component of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It is the concentrated manifestation of the Party Central Committee with Comrade Xi Jinping at its core continuously advancing theoretical, practical, and institutional innovation within the economic sphere. In terms of its connotation, Xi Jinping economic thought inherits and develops Marxist political economy; in terms of its denotation, it draws lessons from and transcends Western economics. It is a scientific theory rooted in national conditions, looking toward the world, and leading the future, providing scientific guidance for us to accurately grasp the laws of economic and social development and to advance socialist economic construction. As an authoritative textbook for the whole Party and the people of all ethnic groups to deeply study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially Xi Jinping economic thought, the first volume of Selected Economic Works of Xi Jinping includes the most important and fundamental works of General Secretary Xi Jinping on economic construction from November 2012 to December 2024. It points out the correct direction and provides the fundamental follow-through for doing economic work well in the New Era.
Xi Jinping economic thought inherits and develops Marxist political economy
Marxism is the fundamental guiding ideology upon which the Communist Party of China was established and upon which the Party and the country thrive. Advancing the Sinicization and modernization of Marxism is a process of pursuing, revealing, and practicing truth. In the article "Continuously Opening Up New Realms of Contemporary Chinese Marxist Political Economy," General Secretary Xi Jinping pointed out: "Marx and Engels, based on the worldview and methodology of dialectical materialism and historical materialism, critically inherited the intellectual achievements of economics in history, especially British classical political economy. Through in-depth research into human economic activities, they created Marxist political economy and revealed the laws of economic movement in human society, especially in capitalist society." Marxist political economy is an indispensable part of Marxism. Engels noted that the "entire theory" of a proletarian political party "comes from the study of political economy." Lenin regarded political economy as the "most profound, comprehensive, and detailed proof and application" of Marxist theory. The Communist Party of China has always attached great importance to the study, research, and application of Marxist political economy. Comrade Mao Zedong carried out concentrated study of Capital on four separate occasions and presided over multiple thematic seminars on the Soviet Textbook of Political Economy. Comrade Deng Xiaoping, evaluating the "Decision of the CPC Central Committee on Reform of the Economic Structure," said: "It has produced a preliminary draft of political economy—a political economy that combines the basic principles of Marxism with the practice of Chinese socialism."
Under new historical conditions, Xi Jinping economic thought adheres to the basic principles and methods of Marxist political economy. Based on the great practice since reform and opening up, especially since the start of the New Era, it has developed Marxist political economy in an original way, profoundly answering many major theoretical and practical questions that classical Marxist writers did not address and that our predecessors never encountered.
Among these, one important aspect is the development of Marxist theory of productive forces. Productive forces are the fundamental driving force of human social development and the ultimate cause of all social change and political transformation. The research object of traditional political economy is primarily the relations of production. Although it necessarily connects with productive forces and the superstructure when studying relations of production, it did not establish a complete theoretical system regarding productive forces in an economic sense. It should be recognized that if the research object of political economy is limited to relations of production without entering the realm of productive forces, the scope and field of political economy research will become increasingly narrow, and its explanatory power and guiding role for the Chinese economy will become increasingly diminished. Developing Marxist political economy requires, as an important element, the construction of a new theory of productive forces combined with the requirements of the new era.
As early as 1997, while working in Fujian, Comrade Xi Jinping pointed out in "On the Contemporary Significance of the 'Preface to A Contribution to the Critique of Political Economy'": "The basic principles of historical materialism expounded in this article have always shone with the radiance of truth. For nearly a century and a half, they have been an important ideological weapon for the proletariat and its political party to understand and transform the world and to carry out socialist revolution and construction. Of course, due to the limitations of historical conditions, it was impossible for Marx to expound the basic principles of social development, especially socialist revolution and construction, with absolute perfection. Our current socialist reform is supplementing and perfecting these... While Marx always believed that productive forces are the final decisive force of social development when studying the fundamental laws of social development, his focus was on relations of production when examining the contradiction between productive forces and relations of production."
In this article, he further pointed out that the great practice of our country's socialist reform and construction has "to a certain extent achieved breakthroughs and innovations in the theoretical system of Marxism, especially regarding some basic principles revealed in the 'Preface'." Among these, new breakthroughs in the understanding of the principle that relations of production must adapt to the development of productive forces are mainly manifested in three aspects: first, a new understanding of the position and role of productive forces in the contradiction between productive forces and relations of production; second, a new breakthrough in the understanding of the internal composition and development priorities of productive forces; third, a new breakthrough in the understanding of the internal structure and changes of socialist relations of production.
Many articles in the first volume of Selected Economic Works of Xi Jinping, combined with the innovative practices of the New Era, summarize the development of Marxist political economy, especially providing a profound discourse on constructing a new theory of productive forces. For example, "Standardizing and Guiding the Healthy Development of Capital in Our Country According to Law, and Giving Play to the Positive Role of Capital as an Important Factor of Production" points out: "Deepen the research on capital theory under the conditions of a socialist market economy, use scientific theory to guide practice, promote the healthy and common development of various types of capital, and give play to its role in developing productive forces, creating social wealth, and improving people's well-being." "What Are New Quality Productive Forces and How to Develop New Quality Productive Forces" summarizes the practice of developing new quality productive forces in the New Era and the corresponding new type of relations of production, emphasizing that for new quality productive forces, "innovation plays the leading role." "Chinese-path Modernization Must Rely on the Modernization of Science and Technology for Support" points out: "Solidly promote the deep integration of scientific and technological innovation with industrial innovation to help develop new quality productive forces." "Ensure the Ship of Our Country's Economy Braving the Wind and Waves and Moving Steadily and Far" points out: "We must coordinate the relationship between cultivating new momentum and updating old momentum, and develop new quality productive forces according to local conditions," and so on.
New quality productive forces are not a mechanical, static concept, nor are they merely several specific industries or specific types of technology. General Secretary Xi Jinping’s important discourse on new quality productive forces reveals how advanced productive forces continuously emerge. Specifically, industry is the carrier for cultivating and developing new quality productive forces, with factors of production such as capital, labor, land, and data as the smallest constituent elements. Given the scientific knowledge available to human society, an economy's endowment of production factors—capital, labor, land, data, etc.—and its structure endogenously determine the industries in which that economy has a comparative advantage, as well as the production structure composed of the technologies used by these industries. The accumulation of production factors and the formation of comparative advantages provide the conditions for carrying out innovative activities, promoting industrial transformation and upgrading and the development of productive forces, thereby driving changes in the relations of production, the perfection of the superstructure, and the development and progress of the entire society. At the same time, it must be seen that as society develops and progresses, the scientific knowledge available to an economy is variable. While the productive forces contained in a given set of available scientific knowledge are being fully utilized by the production structure, it is also necessary to invest production factors such as capital, labor, land, and data to conduct research and exploration into scientific knowledge. This will expand the scope of scientific knowledge and deepen the understanding of science and technology. This process further provides a new possibility frontier for the upgrading of the production structure and the development of new quality productive forces.
In short, General Secretary Xi Jinping’s important discourse on new quality productive forces breaks through and innovates upon the theoretical limitations of traditional political economy—which only discusses adjusting relations of production to release productive forces under a given frontier of productive forces, but does not discuss how to promote the expansion of that frontier. It has formed a theoretical system capable of explaining how the development of an economy's productive forces is determined by its industrial and technological structure, infrastructure structure, and institutional structure. This enriches and develops the Marxist theory of productive forces and is a major theoretical innovation in the Sinicization and modernization of Marxist political economy.
Xi Jinping economic thought closely tracks our country's stage of development and highlights the Chinese characteristics of the economic system
General Secretary Xi Jinping pointed out in "Persisting in the Long-Term, Continuously Enriching and Developing Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era" [1] that this thought is "the theoretical crystallization of promoting the practice of our country's economic development, a rational summary of the political economy of socialism with Chinese characteristics using the basic principles of Marxism, and a very precious spiritual wealth of the Party and the state." Xi Jinping economic thought is deeply rooted in the fertile soil of our national conditions and closely tracks our country's stage of development. It both responds to the practical problems of our country's development and contributes a new plan for humanity to achieve modernization. Highlighting the Chinese characteristics of economics, it must be persisted in over the long term and continuously enriched and developed.
Closely tracking our country's stage of development. Developing socialism is a long-term historical process, and it is a process that needs to be divided into different historical stages. The great practice of our country since reform and opening up is based on a profound grasp of the stages of socialist development. The theoretical framework of Western economics was formed in relatively mature capitalist market economies; it is difficult for it to explain the practice of the socialist development stage, much less provide guidance for our country's reform and development.
For example, the modernization process of Western developed countries was a linear advancement, with transitions from agricultural society to industrial society and from industrial civilization to digital civilization unfolding sequentially. Concepts in Western economics such as "industrialization theory" and "urbanization models" are all empirical summaries based on a single stage. The process of Chinese-path socialist modernization exhibits the characteristic of "time-space compression": in just a few decades, we must complete the processes of industrialization and urbanization that took developed countries hundreds of years, while simultaneously promoting digital and green transformations. We must solve the problems of the rural-urban dual structure [2] in the transition from an agricultural to an industrial society while also addressing environmental constraints in the transition from industrial to ecological civilization. We must both make up for the "short planks" [3] of traditional industries and seize the "first mover advantage" in the development of emerging industries. This special stage, where multiple transformations overlap, makes the developmental tasks facing China far more complex than the single stages of the West. Western economics cannot address the practical challenge of China’s "simultaneous advancement of multi-stage tasks."
Xi Jinping economic thought emphasizes solidly promoting new-type industrialization, informatization, urbanization, and agricultural modernization. It integrates the requirements of high-quality development throughout the entire process of new-type industrialization and focuses on accelerating the comprehensive green transformation of economic development while promoting new-type industrialization. This breaks the Western linear dogmas of "pollute first, treat later" and "industrialization first, informatization later," forging a path of leapfrog development.
Furthermore, many theories of Western economics are built on the developmental experiences of small and medium-sized countries, often neglecting the profound impact of national scale on economic development. As an ultra-large-scale country with over 1.4 billion people—a population exceeding the total population of all existing developed countries—any per capita indicator we wish to achieve becomes a massive challenge when multiplied by 1.4 billion. For instance, with the rigid growth in our country's demand for food, the pressure to "hold the Chinese rice bowl firmly" [4] remains significant; with changes in the population structure, greater efforts must be made to create new jobs; and so on. Answers to these ultra-large-scale dilemmas cannot be found in the theoretical storehouse of Western economics.
Rooted in the mobilization of our country's scale advantages, Xi Jinping's economic thought has proposed a series of original concepts: building a new development pattern based on an ultra-large-scale domestic market; releasing the potential of domestic demand by establishing effective systems to expand it; accelerating the cultivation of a complete domestic demand system; strengthening demand-side management; expanding household consumption and upgrading consumption levels so that the construction of an ultra-large-scale domestic market becomes a sustainable historical process; leveraging the advantage of concentrating resources to accomplish major undertakings [5] to achieve breakthroughs in major projects and core technology research; and leveraging the comparative advantages of various regions to promote the rational flow and efficient aggregation of all types of factors, thereby enhancing the momentum of innovative development, accelerating the construction of a power system for high-quality development, and forming a regional economic layout characterized by complementary advantages and high-quality development. These practices have broken through the Western governance dogma of "small government, big market," demonstrating the wisdom of governing a major power. Western economics is unable to comprehend this "logic of major power development," let alone provide solutions for the challenges of ultra-large-scale complexity.
Furthermore, when explaining institutional change, Western economics either advocates for a spontaneous market order or extols radical "shock therapy" reforms. Neither can provide a scientific explanation for our country's historic transition from a highly centralized planned economy to a vibrant socialist market economy. In practice, several countries that blindly copied Western "shock therapy" fell into dire straits, providing a profound lesson.
Xi Jinping's economic thought emphasizes the necessity of combining top-level design with "crossing the river by feeling the stones" [6], the necessity of advancing reform within the framework of the rule of law, and the necessity of correctly handling the relationship between reform, development, and stability. This has guided our country in successfully writing a new chapter of the "two miracles"—rapid economic development and long-term social stability—while avoiding the social risks that may arise during the process of perfecting institutional mechanisms.
It highlights the Chinese characteristics of the economic system. An economic system is the institutional reflection of economic relations, and the basic socialist economic system is the institutional manifestation of our country's relations of production. The development miracle created by our country since reform and opening up, and especially in the New Era, stems from the self-improvement and development of the socialist economic system. The "code" of this miracle lies in the profound grasping, persistence, and development of the Chinese characteristics of the economic system. On the basis of upholding the fundamentals and breaking new ground, Xi Jinping's economic thought adheres to and improves the basic socialist economic system, highlighting the Chinese characteristics of the economic system.
In terms of ownership structure, the Chinese characteristics of the economic system are reflected in the dominance of public ownership alongside the common development of diverse ownership forms. Xi Jinping's economic thought emphasizes that our country is so large with such a massive population, and is in and will long remain in the primary stage of socialism; to boost economic and social development, all parties must work together with unified purpose—"when everyone gathers firewood, the flames rise high" [7]. Both the public and non-public sectors are important components of the socialist market economy and important foundations for our country's economic and social development. We must unswervingly consolidate and develop the public sector, and unswervingly encourage, support, and guide the development of the non-public sector.
In practice, our country has promoted the formation of a pattern where the state-owned economy and the private economy complement each other and develop together. State-owned enterprises (SOEs) play the role of "ballast stone" in important industries and key fields related to national security and the lifelines of the national economy, bearing primary responsibility for implementing major strategies and providing public services. Private enterprises have demonstrated great vitality in innovation, job creation, and market invigoration, becoming an important force driving economic growth. From deepening SOE reform to enhance the control of state capital, to tax and fee reductions to support private sector development; from mixed-ownership reform promoting cross-shareholding of different types of capital, to the introduction and implementation of the Private Economy Promotion Law—these creative practices have promoted the complementary advantages and common development of various ownership forms. This has broken the dogma in Western economics that "public ownership and the market economy are antithetical," as well as the misconception that views public ownership as "inefficient" or even excludes it from the theoretical framework of the market economy. When responding to major risks and challenges, the advantages of this diverse ownership structure are particularly salient. SOEs took the lead in epidemic prevention and control and disaster relief, while private enterprises took active initiatives in stabilizing industrial chains and guaranteeing the supply of people's livelihoods. Together, they formed a powerful synergy to overcome difficulties—an institutional efficacy that is difficult to achieve in Western economic systems dominated by private ownership.
Regarding resource allocation, the Chinese characteristics of the economic system are reflected in promoting a better combination of an effective market and a proactive government. Xi Jinping's economic thought emphasizes letting the market play the decisive role in resource allocation while giving better play to the role of the government. This has formed a unique resource allocation mechanism that combines an effective market with a proactive government, avoiding both the drawbacks of market failure and the inefficiency of government intervention. This institutional innovation has demonstrated strong vitality in practice. At the micro level, through deepening price reform and promoting the market-based allocation of factors, market signals guide resources toward high-efficiency sectors, stimulating the vitality of various business entities. At the meso level, through the precise guidance of industrial and regional policies, industrial upgrading and coordinated regional development are promoted. At the macro level, through counter-cyclical and cross-cyclical adjustments of fiscal and monetary policies, systemic risks are prevented, and stable economic operation is maintained.
From leveraging the strategic guiding role of national development planning to strengthening anti-monopoly and anti-unfair competition measures to maintain market order; from establishing the Science and Technology Innovation Board (STAR Market) to support technological innovation to implementing the rural revitalization strategy to shore up development weaknesses—these pioneering practices have broken the long-standing binary opposition between "market fundamentalism" and "government intervention theory" and the "either-or" mindset regarding market and government found in Western economics. They have solved the compatibility problem between market efficiency and the role of government that Western economics failed to resolve. Particularly in winning the battle against poverty, we coordinated the roles of government and market. We enhanced the targeted nature of poverty alleviation through government-led "precision poverty alleviation" strategies, while simultaneously stimulating the endogenous drive of impoverished areas through market mechanisms. This improved the overall efficacy of poverty alleviation and ensured the quality of the outcome, ultimately achieving the miracle of lifting the entire impoverished population out of poverty—a developmental achievement unattainable by Western singular modes of resource allocation.
Regarding the value orientation of development goals, the Chinese characteristics of the economic system are reflected in adhering to a people-centered approach. Xi Jinping's economic thought adheres to the people-centered development philosophy, taking the "people first" stance as its fundamental position. It treats the promotion of common prosperity for all as the focus of seeking happiness for the people, emphasizing the strengthening of basic, inclusive, and "bottom-line" [8] livelihood construction, reflecting the inherent requirements of the socialist economic system. In contrast, Western economics, born of the soil of capitalist private ownership—whether the "rational man" assumption of neoclassical economics or the "clear property rights" theory of neoliberalism—serves the institutional logic of maintaining the absolute dominance of private ownership. Its concepts are permeated with the "law of the jungle" where the weak are prey to the strong, making it difficult to resolve the issue of fairness in development and leading many Western countries into the trap of wealth polarization. Conversely, looking at our country's economic development practice—from the path of allowing some people to get rich first while emphasizing that those who get rich first should lead and help others later, to building a basic institutional system coordinating primary distribution, redistribution, and "third-party distribution" [9]; from promoting the equalization of basic public services to improving the social security system; from implementing regional coordinated development strategies to perfecting the mechanisms for integrated urban-rural development—our country has always taken the correct handling of the relationship between fairness and efficiency as a vital direction for institutional improvement. While promoting high-quality development, we have built the world's largest education, social security, and healthcare systems, refuting the assertion in Western economics that "efficiency and fairness cannot be achieved simultaneously." This has ensured that the people's sense of gain, happiness, and security is more substantial, better guaranteed, and more sustainable. Common prosperity continues to achieve new results, becoming a concentrated manifestation of the value advantages of our country's economic system.
The historic leap of the Chinese economy from a stage of high-speed growth to a stage of high-quality development fully proves that the Chinese characteristics of the economic system determine the uniqueness of its theoretical guidance. Building an independent knowledge system for Chinese economics is not about denying the rational components of Western economics, but about breaking free from dogmatic constraints and innovating theory by summarizing laws based on the reality of China's economic system.
Xi Jinping's economic thought is both rooted in the soil of the Chinese system and responsive to humanity's exploration for better developmental institutions, contributing Chinese wisdom and Chinese solutions to world economic development.
Xi Jinping's Economic Thought Guides the Great Practice of Comprehensively Advancing Chinese-Path Modernization Through High-Quality Development
Since the 18th CPC National Congress, under the guidance of Xi Jinping's economic thought, our country's economic strength has achieved a historic leap. GDP has continually reached new heights, exceeding 130 trillion yuan in 2024, firmly ranking second in the world. Per capita GDP rose from $6,300 in 2012 to over $13,000 in 2024, approaching the threshold for high-income countries, laying a solid foundation for advancing and expanding Chinese-path modernization.
In this process, General Secretary Xi Jinping has adhered to a problem-oriented approach, focusing on deep-seated contradictions and issues in our country's economic development, and has formed a methodological system that advances with the times. For example, in "Comprehensively Advancing the Great Cause of Building a Strong Country and National Rejuvenation Through Chinese-Path Modernization," he points out the need to "persist in placing the development of the country and the nation on the basis of our own strength." In "On Building a New Development Pattern," he notes the effort to "build independent, controllable, secure, and efficient industrial and supply chains." In "Accelerating the Construction of a New Development Pattern and Striving to Promote High-Quality Development," he emphasizes "organically combining the strategy of expanding domestic demand with deepening supply-side structural reform, enhancing the endogenous momentum and reliability of the domestic grand circulation, and improving the quality and level of international circulation," providing scientific guidance for us to promote sustained and healthy economic development under complex and volatile domestic and international situations.
Xi Jinping's economic thought provides a clear path and method for promoting high-quality development. As the primary task in comprehensively building a modern socialist country, high-quality development is development that embodies the New Development Philosophy [10]. It is an inevitable requirement for resolving the principal contradiction in our society [11] and the key for our country to win the strategic initiative in fierce international competition. With the New Development Philosophy as its core content, Xi Jinping's economic thought points out a clear path and method for promoting high-quality development.
In terms of innovative development, Xi Jinping's economic thought places innovation at the heart of the overall national development, emphasizing that innovation is the primary driver of development and that achieving high-quality development depends on fostering new momentum through scientific and technological innovation. Our country has continuously increased investment in R&D, with research intensity reaching 2.68% in 2024. Scientific and technological innovation capabilities have steadily improved, and major achievements have emerged in succession: the "Chang'e" lunar missions, the "Tianwen-1" Mars probe, and the "Fendouzhe" deep-sea manned submersible have achieved breakthrough results. Technologies such as 5G communication, high-speed rail, and ultra-high voltage power transmission have reached world-leading levels. The dominant position of enterprises as innovators has been continuously strengthened, the number of high-tech enterprises has grown rapidly, and clusters of innovative enterprises are accelerating their formation.
In terms of coordinated development, Xi Jinping's economic thought focuses on promoting coordinated development between urban and rural areas and between regions, as well as the coordinated development of the economy and society. Our country has vigorously implemented the rural revitalization strategy, making significant progress in the modernization of agriculture and rural areas. Rural infrastructure and public services have continuously improved, the living environment in rural areas has notably bettered, and the income gap between urban and rural residents has continued to narrow. We have deeply advanced regional coordinated development strategies, strengthening regional cooperation and synergy, and promoting the complementary advantages and common development of the eastern, central, western, and northeastern regions, with the coordination and balance of regional development constantly increasing.
In terms of green development, Xi Jinping's economic thought emphasizes that protecting the ecological environment is protecting productive forces, and improving the ecological environment is developing productive forces. It requires the coordinated promotion of carbon reduction, pollution control, green expansion, and economic growth. Our country unswervingly follows the path of ecological priority and green development, accelerating the construction of an ecological civilization. We have continuously optimized the energy structure, with the proportion of clean energy consumption rising and the share of coal consumption falling. The quality of the ecological environment has continuously improved, with a steady increase in the ratio of days with good air quality, generally good surface water quality, and a rising forest coverage rate. Green industries are booming, and fields such as energy conservation, environmental protection, new energy, and ecological restoration have become new highlights of economic growth.
In terms of open development, Xi Jinping's economic thought emphasizes that China's door to the world will not close but will only open wider. It advocates for the construction of an open world economic system and promotes the reform and improvement of the global economic governance system. Our country has actively expanded foreign economic and trade cooperation, fostering closer trade ties with countries worldwide. The trade structure has been continuously optimized, and the pattern of diversifying trade partners has been further consolidated, forming a new pattern of comprehensive opening up. We continue to create a market-oriented, law-based, and internationalized first-class business environment, with the scale of attracted foreign investment expanding and the quality and level of foreign capital utilization significantly improving. We actively participate in global economic governance, promoting the reform and improvement of the multilateral trade system and firmly safeguarding free trade.
Regarding shared development, Xi Jinping’s economic thought adheres to the people-centered development philosophy, taking the satisfaction of the people’s new expectations for a better life as the starting point and ultimate goal of development. While promoting high-quality development, China has continuously increased investment in the realm of people’s livelihoods. The levels of social security in education, healthcare, and elderly care have consistently improved; the scale of employment has continued to expand while its quality has steadily risen; and the battle against poverty has achieved a complete victory, historically resolving the problem of absolute poverty. The people's sense of fulfillment, happiness, and security has been continuously strengthened.
Xi Jinping’s economic thought provides the fundamental compliance [12] for advancing and expanding Chinese-path modernization. Chinese-path modernization possesses the common characteristics of modernization found in all countries, but even more so, it possesses Chinese characteristics based on our own national conditions. Chinese-path modernization is the modernization of a vast population, the modernization of common prosperity for all, the modernization of harmony between material and spiritual civilizations [13], the modernization of harmonious coexistence between humanity and nature, and the modernization of following the path of peaceful development. It is the golden boulevard [14] for advancing the great undertaking of building a powerful nation and achieving national rejuvenation. As a sharp ideological weapon for promoting high-quality development, scientifically responding to major risks and challenges, and comprehensively building a modern socialist country, Xi Jinping’s economic thought provides the fundamental compliance for advancing and expanding Chinese-path modernization.
Regarding the modernization of a vast population, Xi Jinping’s economic thought emphasizes that China’s current population and labor force scale remain sufficiently large, and the comprehensive "population dividend" [15] still possesses clear advantages. We must create high-quality human resources through the high-quality development of the population, accelerate the construction of the new development pattern, and focus on promoting high-quality development. China has closely integrated "investing in things" with "investing in people," establishing a sound population service system covering all groups across the entire life cycle. We have continuously increased investment in education, developed modern vocational education, and promoted the intensive development [16] of higher education, cultivating a large number of high-quality talents who provide strong support for economic and social development. Simultaneously, we are actively responding to the aging population, perfecting the elderly care service system, developing the "silver economy," and promoting long-term balanced population development.
Regarding the modernization of common prosperity for all, Xi Jinping’s economic thought places the promotion of common prosperity for all people in a more prominent position, emphasizing the promotion of common prosperity within high-quality development. China is continuously improving the income distribution system, constructing a basic institutional arrangement in which primary distribution, redistribution, and tertiary distribution [17] are coordinated and integrated. We are increasing the intensity and precision of regulation through taxation, social security, and transfer payments, expanding the size of the middle-income group, and promoting a more fair and reasonable income distribution. Simultaneously, we are strengthening the construction of the social security system and promoting the equalization of basic public services, so that the fruits of development benefit all people more extensively and equitably.
Regarding the modernization of harmony between material and spiritual civilizations, Xi Jinping’s economic thought emphasizes that Chinese-path modernization requires both immense material wealth and immense spiritual wealth, as well as self-confidence and self-reliance in thought and culture. We must promote the mutual coordination and reinforcement of material and spiritual civilizations, persisting in "grasping with both hands, where both hands must be firm" [18]. While promoting economic development, China is vigorously strengthening the building of socialist spiritual civilization, cultivating and practicing the socialist core values, inheriting and promoting fine traditional Chinese culture, developing advanced socialist culture, improving the level of civilization across society, and enriching the people's spiritual and cultural lives.
Regarding the modernization of harmonious coexistence between humanity and nature, Xi Jinping’s economic thought emphasizes that ecological environmental security is an integral part of national security and an important guarantee for the sustainable and healthy development of the economy and society, providing ideological guidance and a practical path for building a Beautiful China. China adheres to the principles of prioritizing conservation, prioritizing protection, and taking natural restoration as the primary method. We are strengthening ecological environmental protection and restoration, unswervingly following a path of civilized development characterized by productive development, prosperous lives, and sound ecosystems, building a beautiful homeland where one can "see the mountains, see the water, and remember their nostalgia for home" [19].
Regarding the modernization of following the path of peaceful development, Xi Jinping’s economic thought advocates for building a community with a shared future for humanity and promoting the construction of a world characterized by lasting peace, universal security, common prosperity, openness, inclusiveness, cleanliness, and beauty. China adheres to an independent foreign policy of peace, actively participates in the reform and construction of the global governance system, promotes multilateral cooperation, and makes important contributions to world peace and development. In international economic cooperation, we uphold the principle of extensive consultation, joint contribution, and shared benefits, promoting the high-quality development of the Belt and Road Initiative to achieve mutual benefit, win-win outcomes, and common development with participating countries.
As the latest achievement in the Sinicization and modernization of Marxist political economy, Xi Jinping’s economic thought is the scientific synthesis and theoretical sublimation of China’s practical experience in economic development in the New Era. Currently, China's economic operation still faces many risks and challenges. We must deeply study and implement Xi Jinping’s economic thought, make good use of development opportunities, potential, and advantages, consolidate and expand the momentum of economic recovery, continuously promote new results in high-quality development, and solidly advance and expand Chinese-path modernization, struggling tirelessly to realize the Chinese Dream of the great rejuvenation of the Chinese nation.
(This article is an output of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) General Office research project "Theoretical Research on Xi Jinping's Economic Thought")
Source: People's Daily, August 12, 2025, Page 9 Online Editor: Tongxin