Annual Conference of the Chinese Association for Research on Foreign Economic Theories Discusses Foreign Economic Theories and the New Economic Normal

The 22nd Annual Academic Conference of the Chinese Society for Foreign Economic Theories was recently held at Nanjing Normal University. Over 160 representatives from more than 70 domestic universities and scientific research institutes gathered to conduct in-depth discussions centered on the conference theme, proposing many highly valuable perspectives and policy recommendations.

Guided by the spirit of the Third and Fourth Plenary Sessions of the 18th CPC Central Committee and the series of important speeches by General Secretary Xi Jinping, the conference focused on the theme "Foreign Economic Theories and the New Normal ^[1] of Economic Development." Participants engaged in concentrated discussions on theoretical and practical issues, including new developments in foreign economic theories and the history of economic thought; global inequality in wealth and income and its root causes; new changes in the current world and Asia-Pacific economies; the interrelationship between the roles of the government and the market under deepening reform; and the New Normal of China's economic development. Attendees argued that the world economy, plagued by crises, is in a turbulent period of transition, and that China's economic reform and development are facing a new situation. Only by adhering to scientific Marxist perspectives and methods in economic theoretical research, and by rejecting the blind worship of Western economics—particularly neoliberalism—can China's economic development be maintained on the correct track.

Professor Cheng Enfu, President of the Chinese Society for Foreign Economic Theories, pointed out in his keynote speech that it is the historical mission of Chinese economists to develop the Chinese economy and Chinese economics through the scientific evaluation and critical appropriation of foreign economic theories. The popularity of French economist Thomas Piketty's Capital in the Twenty-First Century profoundly demonstrates that the capitalist economic system can only exacerbate global inequality in wealth and income; however, his policy proposals, limited to reformism, have still been distorted by mainstream Western economics. At present, the development of [China's] mixed-ownership economy ^[2] requires the guidance of Marxism-Leninism and its Sinicized theories, as well as the implementation of the spirit of General Secretary Xi Jinping's speeches on persisting in the strengthening and expansion of state-owned enterprises, thereby fundamentally alleviating the problem of injustice in wealth and income distribution. As China's economy shifts to a New Normal of medium-speed growth, it is essential to dialectically grasp the relationship between the government and the market. While further allowing the market to play a decisive role, we must better leverage the advantages of the basic system of socialism with Chinese characteristics and better exert the role of the government. Professor Hu Minqiang, President of Nanjing Normal University, noted that China is currently in a new period of comprehensively deepening reform, expanding opening-up, and creating an "upgraded version" of the Chinese economy. Economic theoretical research requires a broader field of vision, more innovative thinking, and a more forward-looking perspective to further enhance the depth of research into foreign economic theories. Participating scholars also held in-depth discussions on theoretical and policy issues such as the value orientation of mainstream Western economics, new growth trends and power sources under China's economic New Normal, the theoretical significance of "micro-stimulus" policies ^[3] under the New Normal, the reform and development of the mixed-ownership economy, the construction of a supra-sovereign international currency, and the correlation between the income gap and the structure of property rights.