Grasping the Power of Truth and Practical Might of Xi Jinping’s Economic Thought Through the Study of "Das Kapital"
Xi Jinping economic heightens is a major theoretical achievement formed by General Secretary Xi Jinping through the application of the basic principles of Marxist political economy to guide the practice of economic development in the New Era. It serves as a sharp ideological weapon for guiding our country's high-quality development, scientifically responding to major risks and challenges, and comprehensively building a modern socialist country. General Secretary Xi Jinping has pointed out: "Some people believe that Marxist political economy is outdated and that Das Kapital is outdated. This judgment is arbitrary and incorrect." As the representative work of Marxist political economy, the scientific theory and methods of Das Kapital continue to shine with the light of truth despite the changes of the times. Since the occurrence of the international financial crisis, many Western scholars have also returned to studying Marxist political economy and Das Kapital to reflect on the maladies of capitalism. This issue’s "Interview" features Li Yiping, a researcher at the Beijing Research Center for Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, to engage in a discussion focused on how to profoundly recognize the light of truth in Das Kapital and how to deeply understand the power of truth and practical might of Xi Jinping economic thought. —Editor
Das Kapital Still Shines with the Light of Truth Today
Journalist: What kind of economic movement processes and laws of social and economic development does Das Kapital reveal?
Li Yiping: Das Kapital is Marx’s most profound and richest work, hailed as the "Bible of the working class." Das Kapital consists of three volumes. Volume I studies the production process of capital, providing a detailed exposition of the theory of labor value and the theory of surplus value, among others. Volume II studies the circulation process of capital, exploring theories of capital circuit, capital turnover, and the reproduction of total social capital. Volume III discusses the total process of capitalist production, exploring the equalization of profit, the transformation of surplus value into profit, the transformation of value into production price, banking capital, the joint-stock system, and ground rent. Through the study of the system of capitalist relations of production and its development, Das Kapital both discusses the progressive historical role of capitalism and reveals the insurmountable internal contradictions of the capitalist economy—particularly the fundamental internal contradiction between the socialization of production and capitalist private ownership. It reveals the objective laws governing how capitalist society emerges, develops, heads toward decline, and will eventually be replaced by socialist society.
At the same time, it must be noted that Marx analyzed the development process of human society and predicted future society based on the conditions of 19th-century Britain. In the more than 140 years since Marx's death [1], capitalist countries have conducted partial adjustments and reconciliations which, though extending the lifespan of capitalism to a certain extent, cannot fundamentally resolve the basic contradictions of capitalist society, nor can they save capitalism from its historical destiny of inevitable demise. Compared to Marx’s era, the era we live in today has undergone vast and profound changes. However, from the grand perspective of the 500-year history of world socialism [2], we remain in the historical era pointed out by Marxism. For socialist China, we must, under the guidance of the basic principles of Marxist political economy, promote the better alignment of the relations of production with the productive forces, and the superstructure with the economic base through reform. We must continuously liberate and develop social productive forces, boost our economy, and comprehensively build a modern socialist country.
Journalist: Do the research methods and ideological methods of Das Kapital also have important enlightening significance today?
Li Yiping: Yes. Das Kapital is not only clearly problem-oriented and fully utilizes the ideological methods of dialectical materialism and historical materialism, but also explicitly defines the research methods of political economy. It emphasizes that "in the analysis of economic forms, neither microscopes nor chemical reagents are of use. Both must be replaced by the power of abstraction." Abstraction here refers to taking a large amount of collected and observed data, discarding the dross while keeping the essential, discarding the superficial while keeping the internal, and through repeated reflection and processing, forming basic theoretical elements. Then, through induction, deduction, and reasoning, a theoretical system is formed. It was precisely through scientific abstraction that Marx clarified the distinctions and connections between value and exchange value, and between exchange value and use value, and proposed the dual character of labor, making a landmark contribution to the theory of labor value. Abstraction provides the prerequisites for judgment and reasoning; employing the power of abstraction in our work allows us to reflect objective reality more profoundly, correctly, and completely.
On the whole, Das Kapital is the primary theoretical achievement of Marx’s economic doctrines and an important sign of the formation of Marxist political economy. Engels said that the "entire theory" of a proletarian political party "comes from the study of political economy." In terms of practice, Lenin regarded political economy as the "profoundest, most comprehensive, and most detailed proof and application" of Marxist theory. Today, our re-reading of Das Kapital is intended both to recognize the maladies of capitalism more profoundly—sensing the immense superiority of socialism with Chinese characteristics through sharp contrast—and to draw upon scientific ideological and research methods to promote the construction of an independent knowledge system for Chinese economics.
Our Party Has Always Valued the Study, Research, and Application of Das Kapital
Journalist: How has our Party applied the research results of Das Kapital to guide socialist economic construction?
Li Yiping: Comrade Mao Zedong conducted intensive studies of Das Kapital multiple times, emphasizing that "studying problems of political economy is of great theoretical and practical significance." During the New Democratic Revolution period [3], he creatively proposed the New Democratic economic program. In the process of exploring the path of socialist construction, he put forward original viewpoints on developing our country's economy. After the Third Plenary Session of the 11th CPC Central Committee [4], our Party integrated the basic principles of Marxist political economy with the new practices of reform and opening up, conducting in-depth exploration and practice on a series of major issues in socialist economic construction. This formed many important theoretical achievements, guiding our country to achieve a historic breakthrough from a state of relatively backward productive forces to having the world's second-largest total economic volume.
Since the 18th CPC National Congress [5], General Secretary Xi Jinping has emphasized the need to "study and use political economy well" and has mentioned Das Kapital on many occasions. For instance, at a study session for provincial and ministerial-level leading officials on implementing the spirit of the Fifth Plenary Session of the 18th CPC Central Committee, he pointed out: "Marx and Engels discussed in detail issues such as world trade, the world market, and world history in works like The German Ideology, The Communist Manifesto, Economic Manuscripts of 1857–1858, and Das Kapital." At the Symposium on Work in Philosophy and Social Sciences, he noted: "Since the occurrence of the international financial crisis, many Western scholars have also returned to studying Marxist political economy and Das Kapital to reflect on the maladies of capitalism." During the fifth group study session of the Political Bureau of the 19th CPC Central Committee, he noted that since the international financial crisis, "research into The Communist Manifesto and Das Kapital has once again become popular." At the conference celebrating the 200th anniversary of Marx's birth, he pointed out: "Engels, combining a series of propositions put forward by Marx in works such as The Communist Manifesto, Critique of the Gotha Programme, and Das Kapital, elucidated that under socialist conditions, society should 'provide healthy and beneficial work for all, provide a plentiful material life and leisure time for all, and provide true and full freedom for all'." The Political Bureau of the CPC Central Committee has held group study sessions specifically around the basic principles and methodology of Marxist political economy. General Secretary Xi Jinping has put forward a series of new concepts, new ideas, and new strategies regarding economic development, forming Xi Jinping economic thought, which embodies the basic positions, viewpoints, and methods of Marxist political economy as represented by Das Kapital.
Das Kapital, as a Classic Work of Marxist Political Economy, is an Important Theoretical Source of Xi Jinping Economic Thought
Journalist: Which core principles of Das Kapital has Xi Jinping economic thought inherited, innovated, and developed?
Li Yiping: Das Kapital is a classic work of Marxist political economy. Grounded in the reality of China in the New Era, Xi Jinping economic thought has inherited, innovated, and developed the core principles of Das Kapital. While guiding and promoting economic work, it has opened up new frontiers for Marxist political economy.
First is the improvement of the socialist market economy system. In Das Kapital, Marx put forward a market theory primarily consisting of the law of value and the law of capital valorization. His analysis of the laws of the capitalist market economy contains the general laws of market economies. The socialist market economy system is a unique creation of our Party. In the past, people believed there was only one model of market economy; now, everyone fully recognizes that socialist countries can also implement a market economy. Since the New Era began, Xi Jinping economic thought has further deepened the understanding of the socialist market economy, requiring the accelerated construction of a high-level socialist market economy system to form an economic order that is both "dynamic without chaos" and "well-regulated" [6]. This has effectively guided the practice of our country's economic development, driven historic achievements and transformations, and continuously strengthened the momentum for high-quality development.
Second is promoting socio-economic development through innovation. In Das Kapital, Marx described how economy and society develop under the conditions of a capitalist market economy. First, individual enterprises take the lead in obtaining extra surplus value through innovation, breaking the existing equilibrium. On this basis, other enterprises break the new equilibrium to obtain extra surplus value, thereby promoting socio-economic technology to reach a new level. In such an infinite cycle where innovation and elimination coexist, the socio-economy advances. Although this was a study of the capitalist market economy, it contains general laws of market economy operations that are enlightening for us in deeply advancing supply-side structural reform and promoting industrial innovation through scientific and technological innovation. Since the New Era began, under the guidance of Xi Jinping economic thought, we have closely seized the opportunities of the new round of technological revolution and industrial transformation. We have given full play to the role of enterprises as the main subjects of innovation, promoted industrial innovation through tech innovation, met effective demand with high-quality and efficient supply, and led new demand with new industries, new models, and new business forms, writing a new chapter in the "two miracles" of rapid economic growth and long-term social stability.
Third is unswervingly grasping the real economy. Marx wrote at the very beginning of the first volume of Das Kapital: "Whatever the social form of wealth may be, use-values invariably constitute the substance of all wealth." The use-value Marx speaks of here refers to actual products and actual wealth. Proceeding from this, Marx believed that only labor producing material wealth is productive labor, such as agriculture and manufacturing, while other labor is non-productive. Agriculture primarily concerns the question of who will feed us, and manufacturing concerns the question of who will equip us. in Marx's writing, commercial capital and financial capital are both subordinate to industrial capital. Xi Jinping economic thought consistently insists on placing the focus of economic development on the real economy, positioning the development of new quality productive forces in a more prominent strategic position. Through further comprehensively deepening reform, we are accelerating the development of advanced manufacturing and the construction of a modernized industrial system. At the same time, we persist in "storing grain in the ground and in technology" [7], requiring that the rice bowls of the Chinese people be held firmly in our own hands.
Fourth is the solid promotion of common prosperity. In Das Kapital, Marx believed that the future communism would be a society of common prosperity. An important reason why capitalist society must perish is that the objective existence of the basic contradictions of capitalist society makes it impossible to fundamentally and thoroughly resolve many social problems, such as polarization, brought about by the capitalist mode of production. Common prosperity is an essential requirement of socialism with Chinese characteristics. General Secretary Xi Jinping pointed out: "We must strive to promote common prosperity for all people and resolutely prevent polarization." Under the guidance of Xi Jinping economic thought, our deployment of economic work, formulation of economic policies, and promotion of economic development all firmly adhere to the fundamental position of being people-centered, solidly promoting common prosperity for all people.
Journalist: What creative applications of the methodology of Marxist political economy has Xi Jinping economic thought made?
Li Yiping: In the process of writing Das Kapital, Marx advanced theoretical innovation by reflecting on and answering the questions of the era. General Secretary Xi Jinping has pointed out:
"Facing the intricate domestic and international economic situations and the myriad of diverse economic phenomena, studying and comprehending the basic principles and methodology of Marxist political economy helps us master scientific methods of economic analysis, understand the processes of economic movement, grasp the laws of economic development, enhance our capacity to manage the socialist market economy, and accurately answer the theoretical and practical questions of our country's economic development." General Secretary Xi Jinping applies the basic principles of Marxist political economy, inherits its methodology, and identifies, analyzes, and solves problems within the practice of socialist economic construction in the New Era, providing a scientific guide for action to execute our country’s economic work.
First, he persists in using dialectical materialism to analyze the practice of economic construction. For example, at the macro level, he perceives the present and plans for the future based on the objective baseline that our country is still in, and will long remain in, the primary stage of socialism [8]; he also adapts to changes in the international and domestic environments, dialectically analyzes the staged characteristics of our country’s economic development, and determines work policies according to actual conditions. At the meso level, he proposed a dialectic for promoting coordinated regional development in China, emphasizing that one cannot simply demand all regions reach the same level of economic development; rather, based on the conditions of each region, we must follow a path of rational division of labor and optimized development, promoting relative balance through the course of development. Only by using dialectical materialism to enhance the capacities for dialectical and strategic thinking—and by grasping the relationships between phenomenon and essence, form and content, cause and effect, contingency and necessity, possibility and reality, internal and external factors, and commonality and individuality in practical work—can we manage economic work more effectively.
Second, he persists in combining goal-orientation with problem-orientation. Goals represent the direction of struggle, while problems are the "voice of the times." Xi Jinping economic thought requires focusing on goals by working hard on overall planning and top-level design, while also focusing on problems by continuously exerting effort to patch shortboards [9] and strengthen weak links. For example, by emphasizing counter-cyclical and cross-cyclical adjustments in macro-policy, he ensures rapid intervention to stabilize the economic situation when short-term fluctuations occur, while also improving the stability, foresight, and persistence of policies through the formulation of long-term development plans and policy systems. The two cooperate to ensure that short-term policy adjustments harmonize with long-term development goals, forming a scientific and effective macro-control system.
Third, he persists in a systems-conception. Marx pointed out in Capital: "The present society is no solid crystal, but an organism capable of change, and is constantly engaged in a process of change." General Secretary Xi Jinping regards the systems-conception as a foundational method for thought and work, applying it to all fields and processes of state governance. For instance, at the second plenary session of the 20th Central Committee of the CPC, he required that "all regions and departments must persist in the systems-conception, act consciously with the big picture in mind, and play 'the whole country as one chessboard' [10]." Persisting in the systems-conception requires keeping the overall situation in mind and firmly establishing the idea of the whole country as one chessboard, while simultaneously basing actions on one’s own stage of development to explore differentiated and specialized development paths.
Xi Jinping Economic Thought is Contemporary Chinese Marxist Political Economy and 21st-Century Marxist Political Economy
Reporter: Since the 18th National Congress of the CPC, what original contributions has General Secretary Xi Jinping made to Marxist political economy?
Li Yiping: General Secretary Xi Jinping persists in and applies the basic principles and methods of Marxist political economy to analyze and grasp the basic characteristics and laws of our country's economic development in the New Era and a new stage. In the process of adapting to new situations, solving new problems, and responding to new challenges, he has formed a series of theoretical achievements with distinct epochal and creative qualities, which centrally embody our Party’s profound insights into the laws of economic development, especially the laws of socialist economic construction.
For example, he creatively proposed the major theoretical viewpoint of strengthening the Party's comprehensive leadership over economic work, profoundly elucidating the dialectical relationship of the high unity between economics and politics under socialist conditions, which enriched and developed the Marxist political economy theory on the relationship between economics and politics. He creatively proposed establishing and persisting in the new development philosophy of innovation, coordination, green development, openness, and sharing, profoundly elucidating major political issues such as the political stance, value orientation, development model, and development path of development, which enriched and developed the Marxist political economy theory on the principles of economic development. He creatively proposed the construction of the dual circulation development paradigm, providing a brand-new explanation centered on achieving the smooth flow of our country’s economic cycle [11], and profoundly elucidating the dialectical relationship between autonomy and openness, development and security, and the domestic and international economic cycles, which enriched and developed the Marxist political economy theory on social reproduction. He creatively proposed developing new quality productive forces according to local conditions, emphasizing the use of scientific and technological innovation to drive industrial innovation, and insisting on both promoting the transformation and upgrading of traditional industries and opening "new tracks" for strategic emerging and future industries, which enriched and developed the Marxist theory of productive forces. He creatively proposed organically combining the strategy of expanding domestic demand with deepening supply-side structural reform, enhancing the suitability and balance between supply and demand, leading new supply with new demand, and creating new demand with new supply, which enriched and developed the Marxist theory of economic structures; and so forth.
Xi Jinping economic thought persists in using the "arrow" of Marxist political economy to shoot the "target" [12] of economic development in New Era China. It profoundly answers many major theoretical and practical problems that classical Marxist writers did not discuss, that our predecessors never encountered, and that Western economic theories have consistently been unable to solve, opening a new realm for political economy with Chinese characteristics.
Reporter: Under the guidance of Xi Jinping economic thought, what achievements has China’s economic development made in the New Era?
Li Yiping: Xi Jinping economic thought focuses on the problem of unbalanced and inadequate development in our country, as well as the profound and complex changes in the international and domestic environments and the risks and challenges facing our country's economic operations. It profoundly answers a series of major practical questions concerning China’s economic development in the New Era, providing a guide for action to solve development difficulties, enhance development momentum, cultivate development advantages, and promote high-quality development. Under the scientific guidance of Xi Jinping economic thought, our country's economic construction during the "14th Five-Year Plan" period [13] has achieved major successes. The balance, coordination, and sustainability of development have significantly increased, leading us onto a path of development that is higher quality, more efficient, more equitable, more sustainable, and more secure, fully demonstrating the truth-power and practical might of Xi Jinping economic thought.
For example, economic strength has significantly increased. During the 14th Five-Year Plan period, our country's total economic volume achieved a "four-fold jump," surpassing 140 trillion yuan, with an average annual growth of 5.4%, far exceeding the world average and serving as the main engine for world economic growth. People's livelihoods are solidly and steadily protected; the average annual real growth of per capita disposable income nationwide was 5.4%, synchronized with economic growth, and the growth rate of rural residents' income continued to be higher than that of urban residents. This fully embodies the people-centered stance in Capital and is a vivid practice of the people-centered development philosophy inherent in Xi Jinping economic thought. Furthermore, scientific and technological strength has significantly increased. During the 14th Five-Year Plan period, total societal R&D investment grew at an average annual rate of 10%, with R&D intensity reaching 2.8% in 2025, surpassing the average level of OECD countries for the first time. Scientific and technological innovation is driving industries to continuously transform and upgrade toward the middle and high ends; many fields are accelerating the transition from quantitative change to qualitative change, from low-to-middle end to middle-to-high end, and from being a "follower" to a "leader." This is precisely the vivid practice of implementing General Secretary Xi Jinping’s important discourse that "Chinese-path modernization must rely on the modernization of science and technology for support," and it confirms the profound insights in Capital regarding the laws of economic development from a practical dimension.
In science, there is no smooth road; only those who do not dread the fatiguing climb of its steep paths have a chance of gaining its luminous summits. Rereading the classics is not only for the sake of reviewing the old (wengū), but even more for the sake of understanding the new (zhīxīn) [14]. Xi Jinping economic thought is a model of mastering the basic principles and the stance, viewpoints, and methods of Marxist political economy, and continuously innovating and developing them in combination with specific practices and epochal problems. We must study and apply this contemporary Chinese Marxist political economy and 21st-century Marxist political economy well, to ensure that high-quality development during the "15th Five-Year Plan" period achieves significant results.
(People's Daily reporters Zheng Yanbing, Chen Bingxu, Yin Peng) Source: People's Daily (February 4, 2026) Editor: Huihui