Pang Jinju: The Original Contributions of Xi Jinping’s Economic Thought to Marxist Political Economy
Since the 18th CPC National Congress, Xi Jinping has grasped the overall strategic context of the great rejuvenation of the Chinese nation and the world’s profound changes unseen in a century [1]. Responding to the call of the times and practical necessity, and gathering the wisdom of the entire Party and the people of the whole country, he has summarized the practical experiences of China’s economic construction, reform, development, and modernization. Building upon the basic principles of Marxist political economy and the existing achievements of the Sinicization of Marxist political economy, while drawing upon the outstanding achievements of human civilization, he established Xi Jinping’s economic thought. Xi Jinping’s economic thought has made a series of original contributions to Marxist political economy; it is the Marxist political economy of contemporary China and of the 21st century. In the process of implementing the spirit of the 20th CPC National Congress, comprehensively building a modern socialist country, and comprehensively advancing the great rejuvenation of the Chinese nation, we must persist in and develop this thought over the long term.
I. Several Theoretical Premises for Recognizing and Grasping the Original Contributions of Xi Jinping’s Economic Thought
To recognize and grasp the original contributions of Xi Jinping’s economic thought, several theoretical premises must first be clarified.
First is the matter of originality. What constitutes originality? There is a consensus in theoretical circles, but it is not entirely uniform. Regarding originality in the social sciences, the understanding of this article is based on Xi Jinping’s speech at the Symposium on Work in Philosophy and Social Sciences. That is, "centering on what we are currently doing, we must excavate new materials, discover new problems, propose new viewpoints, and construct new theories from the practice of our country’s reform and development, and strengthen the systematic summarization of practical experience in reform, opening up, and socialist modernization." We must "distill new theories with academic rigor and summarize new practices that possess regularity." "Revealing a law is innovation; proposing a doctrine is innovation; elucidating a principle is innovation; and creating a method to solve a problem is also innovation."
Based on this understanding, this article maintains that Xi Jinping’s economic thought is a grand and scientific theoretical system rooted in China, facing the world, and oriented toward the future. It contains both expositions on the reform and development of socialist economic construction with Chinese characteristics in the New Era, and expositions on the direction of development for the world economy and human society amidst profound changes unseen in a century. It reveals both specific laws, such as the laws of economic and social development for socialism with Chinese characteristics, and general laws governing the economic development of human society. It has both proposed new economic doctrines and elucidated new principles; it has grasped the themes of the times and innovated the methodology for solving problems. Taken as a whole, Xi Jinping’s economic thought is the original theoretical system that best embodies the Sinicization and modernization of Marxist political economy in contemporary China.
Second is the relationship between being "of the times" and being "original." The emergence of any scientific thought is adapted to the developmental requirements of the era and is a product of that era’s development. Xi Jinping’s economic thought was established against the historical backdrop of the world facing profound changes unseen in a century and socialism with Chinese characteristics entering a New Era. It was born of the New Era, yet it transcends and leads the New Era. Since the 18th CPC National Congress, a new global technological revolution has been in full swing, economic globalization has encountered counter-currents, and the themes of the times—peace and development—face severe challenges; the world is neither peaceful nor tranquil. The global rampage of the COVID-19 pandemic exacerbated these changes. Domestically, as socialism with Chinese characteristics entered a New Era, the principal contradiction in society evolved into the contradiction between the people’s ever-growing needs for a better life and unbalanced and inadequate development. Comprehensively building a modern socialist country faces both strategic favorable conditions and severe challenges. Strategic favorable conditions include: the strong leadership of the CPC, the marked advantages of the system of socialism with Chinese characteristics, the solid foundation accumulated through sustained and rapid development, a long-term stable social environment, and the spiritual strength of self-confidence and self-improvement among all Chinese people. The severe challenges faced include: the unprecedented weight of tasks in reform, development, and modernization; the unprecedented number of contradictions, risks, and challenges; the unprecedented scale of tests in national governance; and the unprecedentedly profound shifts in the world’s profound changes unseen in a century. Against this epochal background, Xi Jinping led the whole Party and the people of the whole country, persisted in observing general trends, planning for the overall situation, and performing substantive work. He successfully steered the overall situation of China’s economic development and established Xi Jinping’s economic thought. Standing at the forefront of the era’s development, listening to the voice of the times, and responding to the concerns of the people and the requirements of the era’s development, Xi Jinping’s economic thought proposed a series of original new concepts, new thoughts, and new strategies. It systematically answered major questions of the times: what kind of socialism with Chinese characteristics should be maintained and developed in the New Era and how to maintain and develop it; what kind of great modern socialist power should be built and how to build it; why the Party’s comprehensive and unified leadership over economic work must be strengthened and how to strengthen and improve it; and where the world is going. It answered the questions of the era, the world, the people, and practice, making historic contributions to enriching and developing Marxist political economy.
Third is the relationship between inheritance and originality. Any scientific thought is the crystallization of drawing on the wisdom of the people and practical experience on the foundation of inheriting the outstanding achievements of predecessors. In its century of struggle, the CPC has combined the basic principles of Marxism with China’s specific realities, establishing Mao Zedong Thought and Deng Xiaoping Theory, and forming the Theory of Three Represents and the Scientific Outlook on Development during different historical periods. All these thoughts and theories contain rich economic ideas. On the basis of inheriting these economic thoughts contained within the Sinicization of Marxism, Xi Jinping has persisted in combining the basic principles of Marxist political economy with China’s specific realities. He has earnestly summarized the practical experiences of reform, opening up, and socialist modernization over the 70-plus years since the founding of the PRC, the 40-plus years of reform and opening up, and especially since the 18th CPC National Congress. Drawing on the wisdom of the entire Party and the people of the country, he has formed a series of original new thoughts and theories, establishing Xi Jinping’s economic thought. This thought has greatly enriched and developed Marxist political economy, achieving a new leap in the Sinicization and modernization of Marxist political economy, and allowing Marxist political economy to radiate vigorous vitality and demonstrate infinite life force in contemporary China and the 21st century.
Fourth is the relationship between the "people-centered nature" and originality. History is created by the people. The establishment of any theory is inseparable from the summarization of practical experience, and practice is the practice of the people; practical experience is the crystallization of the people’s wisdom. The practice of reform, development, and socialist economic construction with Chinese characteristics has achieved great success and accumulated precious experience; this is the fundamental source of Xi Jinping’s economic thought. Xi Jinping is undoubtedly the primary contributor to the establishment of Xi Jinping’s economic thought. This thought is the condensation of the theoretical sublimation and the summarization of practical experience he has conducted over a long period, particularly since the 18th CPC National Congress. At the same time, it is the crystallization of the people’s practical experience and the wisdom of the entire Party.
II. The Original Contributions of Xi Jinping’s Economic Thought
Since the Central Economic Work Conference in December 2017 first proposed Xi Jinping’s economic thought on socialism with Chinese characteristics for a New Era and summarized its inner meaning as the "Seven Persists," theoretical circles have continuously made new summarizations in the process of studying and implementing this thought as the era and practice have progressed. In particular, the Study Outline for Xi Jinping’s Economic Thought published in 2022 summarized the scientific inner meaning of this thought into thirteen aspects, reaching a new height. Drawing on these achievements and building upon the author’s previous summarizations and interpretations—and taking the aforementioned theoretical understandings as premises—this article intends to further summarize and interpret the original contributions of Xi Jinping’s economic thought to Marxist political economy.
First, it clearly defines that the leadership of the Party is the most defining feature of socialism with Chinese characteristics and emphasizes strengthening the Party’s unified planning and centralized leadership over economic work. Marx, Engels, and Lenin proposed doctrines on persisting in the leadership of the proletarian party and strengthening the construction of the proletarian party. Existing theoretical achievements of the Sinicization of Marxism also contain theories on strengthening the Party’s leadership.
On the basis of inheriting these doctrines and theories, since the 18th CPC National Congress, Xi Jinping has stated on many occasions: "The defining feature of socialism with Chinese characteristics is the leadership of the Communist Party of China; the greatest strength of the system of socialism with Chinese characteristics is the leadership of the Communist Party of China; the Party is the highest force for political leadership." He emphasized: "We must ensure that the Party leads everything—the Party, the government, the military, society, and education; east, west, south, north, and center. We must resolutely uphold the authority of the CPC Central Committee, improve the system of Party leadership by which the Party exercises overall leadership and coordinates the efforts of all sides, and implement Party leadership in all fields, aspects, and links of national governance." Xi Jinping clearly pointed out: "The system of socialism with Chinese characteristics is a rigorous and complete scientific institutional system. The fundamental, basic, and important institutions play the role of 'four beams and eight pillars' [2], among which the Party leadership system holds the commanding position. The Party leadership system is our country’s fundamental leadership system." "To advance institutional construction in all areas, promote the development of various undertakings, and strengthen and improve work in all aspects, we must persist in the Party’s leadership and consciously implement the fundamental requirement that the Party exercise overall leadership and coordinate the efforts of all sides." At the same time, he proposed that "the Party must manage itself and govern itself with comprehensive strictness," and lead the "great social revolution" through "great self-revolution."
Elevating the strengthening of Party leadership to the status of a defining feature of socialism and the only path for maintaining and developing socialism with Chinese characteristics—and establishing this institutionally—has endowed the Marxist doctrine of the party with new connotations. Simultaneously, proposing the two pathways of strict Party governance/self-revolution and people's supervision to ensure the scientific nature of the Party's leadership, and strengthening the Party’s comprehensive planning and centralized leadership over economic work on this basis, constitutes Xi Jinping’s original contribution to the Marxist doctrine of the party. It provides the fundamental leadership system guarantee for the economic development of socialism with Chinese characteristics and the comprehensive building of a modern socialist country.
Second, it clearly emphasizes a person-centered approach and the gradual realization of common prosperity for all people, strengthening the fundamental stance of the Sinicization of Marxist political economy. Marxist political economy openly declares that it seeks to benefit the proletariat and the broad masses of the people. Since the day of its founding, the CPC has always taken seeking happiness for the Chinese people and rejuvenation for the Chinese nation as its original aspiration and founding mission.
On the basis of inheriting the people-centered thought of Marxism and the CPC, Xi Jinping’s original contributions to the fundamental stance of Marxist political economy lie in:
- Taking the continuous satisfaction of the people’s ever-growing needs for a better life as the goal of struggle in the New Era and as a key aspect of resolving the principal contradiction in society in the New Era, while endowing the "needs for a better life" with new connotations. After being elected General Secretary of the 18th CPC Central Committee, Xi Jinping solemnly declared on behalf of the new central leadership collective: "The people’s aspiration for a better life is our goal." In the report to the 19th CPC National Congress, while explaining the transformation of the principal contradiction in society in the New Era, he pointed out: The people’s ever-growing needs for a better life "not only place higher demands on material and cultural life but also show increasing demands in areas such as democracy, rule of law, fairness, justice, security, and the environment."
- Taking the person-centered approach as the fundamental guiding ideology for comprehensively deepening reform, accelerating development, and comprehensively promoting socialist modernization in the New Era. Xi Jinping emphasized: "Seeking happiness for the people and rejuvenation for the nation is both the starting point and the ultimate goal of our Party’s leadership in modernization, and it is the 'root' and 'soul' of the new development philosophy. Only by persisting in the people-centered development philosophy—ensuring development is for the people, relies on the people, and its fruits are shared by the people—can we have a correct view of development and modernization." He has repeatedly emphasized that the highest standard must always be to realize, safeguard, and develop the fundamental interests of the broadest possible range of people. He leads the people in creating a better life, allowing the fruits of reform and development to benefit all people more equitably and extensively, making the people’s sense of gain, happiness, and security more substantial, better guaranteed, and more sustainable, and continuously moving toward the realization of common prosperity for all.
- Emphasizing that development must be for the people and rely on the people. "We must always persist in the people’s stance, uphold the principal position of the people, learn modestly from the people, listen to the people’s voice, and draw upon the people's wisdom. We must take the people's support, approval, happiness, and consent as the fundamental standard for measuring the success or failure of all our work. We must strive to solve the most pressing, direct, and practical interest issues for the people, allowing all Chinese people and the sons and daughters of the Chinese nation to share in happiness and glory in the historical process of achieving the great rejuvenation of the Chinese nation!"
Xi Jinping’s original contributions regarding the person-centered approach and the people’s stance have provided a fundamental guide for the reform, development, and socialist modernization of socialism with Chinese characteristics in the New Era.
Third, by clarifying the grand objectives of comprehensively building a modern socialist country, becoming a great modern socialist power, and realizing the Chinese dream of national rejuvenation, he has opened a new path for comprehensively building socialist modernization. Marx and Engels analyzed the basic contradictions exposed during the process of capitalist modernization and proposed principled conceptions for socialist construction, but they did not provide a detailed discourse on socialist modernization. The theoretical achievements of the Sinicization of Marxism prior to the 18th CPC National Congress [3] proposed modernization objectives and measures suited to China's actual conditions at that time.
Building upon these theoretical achievements, since the 18th CPC National Congress, Xi Jinping has provided concentrated answers to the questions of the era: what kind of socialism with Chinese characteristics should we uphold and develop, and how should we uphold and develop it? What kind of modern socialist country should we build, and how should we build it? Xi Jinping clearly stated that socialism with Chinese characteristics has been the theme of all the Party's theory and practice since the reform and opening-up [4], and that socialism with Chinese characteristics is the only path to realizing the great rejuvenation of the Chinese nation. He noted that the general task of upholding and developing socialism with Chinese characteristics is to realize socialist modernization and the great rejuvenation of the Chinese nation. On the basis of having built a moderately prosperous society in all respects [5], we are to move in two steps to build China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful by the middle of this century, thereby realizing the great rejuvenation of the Chinese nation. Simultaneously, he clearly proposed that the overall layout of the cause of socialism with Chinese characteristics is the "Five-Sphere Integrated Plan" and the strategic layout is the "Four Comprehensives," thereby establishing a clear orientation, strategic goals, and strategic measures for China’s economic development as a whole. Regarding socialist modernization, Xi Jinping pointed out: "Our task is to build a modern socialist country in all respects; naturally, the modernization we build must possess Chinese characteristics and fit China’s actual conditions." Regarding the path of socialist modernization, Xi Jinping noted: "Our country's modernization is significantly different from that of Western developed countries. The Western developed countries followed a 'series-style' development process, with industrialization, urbanization, agricultural modernization, and informatization developing sequentially—reaching their current levels over more than two hundred years. We must catch up from behind and reclaim the 'lost two hundred years,' which dictates that our development must necessarily be a 'parallel-style' process, where industrialization, informatization, urbanization, and agricultural modernization develop in an overlaid manner." Regarding the great significance of the path of Chinese-path modernization, Xi Jinping emphasized: "As we uphold and develop socialism with Chinese characteristics and promote the coordinated development of material, political, cultural-ethical, social, and ecological civilizations, we have created a new path of Chinese-path modernization and created a new form of human advancement." In the report to the 20th CPC National Congress, it was further proposed: "To advance the great rejuvenation of the Chinese nation on all fronts through Chinese-path modernization." "Chinese-path modernization is socialist modernization led by the CPC. It contains elements that are common to the modernization processes of all countries, but it is more characterized by features that are unique to the Chinese context." "Chinese-path modernization is the modernization of a huge population, of common prosperity for all, of material and cultural-ethical advancement, of harmony between humanity and nature, and of peaceful development. The essential requirements of Chinese-path modernization are: upholding the leadership of the Communist Party of China, adhering to socialism with Chinese characteristics, achieving high-quality development, developing whole-process people's democracy, enriching the people's cultural-ethical world, achieving common prosperity for all, promoting harmony between humanity and nature, promoting the building of a community with a shared future for humanity, and creating a new form of human advancement."
Xi Jinping’s economic thought closely integrates the upholding of socialism with Chinese characteristics with the comprehensive building of a modern socialist country and the realization of the great rejuvenation of the Chinese nation. It tightly links the goals of Chinese-path modernization with the path of Chinese-path modernization, providing an original discourse that enriches and develops Marxist political economy. This serves as a theoretical guide for our country to persist in the path of socialism with Chinese characteristics, build a great modern socialist power in all respects, and realize the great rejuvenation of the Chinese nation.
Fourth, by clarifying the new connotations of the basic socialist economic system of socialism with Chinese characteristics, he has provided a theoretical guide and laid a solid institutional foundation for development, reform, and socialist modernization in the New Era. Marx and Engels once made predictions regarding socialism built upon the foundation of highly developed capitalist productive forces, proposing conceptions such as the ownership of the means of production by the whole of society, social production carried out according to a plan, and the distribution of individual consumer goods according to work. The achievements of the Sinicization of Marxism before the 18th CPC National Congress proposed the theory of maintaining public ownership as the mainstay while allowing multiple forms of ownership to develop together, and provided separate elaborations on the distribution system and the socialist market economy system.
Building on these theories, since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping at its core has proposed that the basic socialist economic systems—including maintaining public ownership as the mainstay while allowing multiple forms of ownership to develop together, maintaining distribution according to work as the mainstay while allowing multiple modes of distribution to coexist, and the socialist market economy system—both embody the superiority of the socialist system and adapt to the level of development of the productive forces in the primary stage of socialism [6] in our country. They are a great creation of the Party and the people. We must uphold the basic socialist economic system, give full play to the decisive role of the market in resource allocation, and better play the role of the government. We must fully implement the new development philosophy, adhere to supply-side structural reform as the main line, and accelerate the construction of a modern economic system. We must unswervingly consolidate and develop the public sector, and unswervingly encourage, support, and guide the development of the non-public sector; we must persist in distribution according to work as the mainstay with multiple modes of distribution coexisting, and accelerate the improvement of the socialist market economy system.
Codifying public ownership as the mainstay alongside multiple forms of ownership, distribution according to work alongside multiple modes of distribution, and the socialist market economy system all as "basic socialist economic systems" reflects that the Party's understanding of the basic socialist economic system has reached a new height. This has laid a scientific theoretical foundation for development, reform, and modernization in the New Era.
Fifth, by clarifying that socialism with Chinese characteristics has entered a New Era and a new stage of development, he has enriched and developed the Marxist doctrine on the stages of socialist development, laying a solid foundation for formulating correct lines, principles, and policies. Within the achievements already attained by Marx, Engels, and the Sinicized Marxist political economy, there are theories regarding how socialism can be divided into stages. However, will the primary stage of socialism manifest or need to be divided into specific developmental stages during its progression? This is a major new question raised by the practice of China's modernization. Exploration of this issue has, in fact, been undertaken unremittingly since the 18th CPC National Congress. Based on the reality of China's economic and social development and changes in the global situation, Xi Jinping first proposed while inspecting Henan in May 2014 that China's economic development had entered a "new normal" [7]. In the report to the 19th CPC National Congress, Xi Jinping proposed that socialism with Chinese characteristics had entered a New Era and the national economy had entered a stage of high-quality development. The Fifth Plenary Session of the 19th CPC Central Committee further proposed that our country has entered a new development stage—a new journey toward comprehensively building a modern socialist country and marching toward the Second Centenary Goal [8]. Regarding this new development stage, Xi Jinping pointed out: "The new development stage is a stage within the primary stage of socialism; it is a stage that has stood at a new starting point after decades of accumulation. The new development stage is a new stage in which our Party leads the people to usher in a historic leap from standing up and becoming prosperous to becoming strong." He simultaneously emphasized: "The primary stage of socialism is not a static, immutable, or stagnant stage, nor is it a spontaneous, passive stage that can be naturally crossed without much effort. Rather, it is a dynamic, proactive process full of vigor and vitality; it is a process of stepwise progression, continuous development and improvement, and the accumulation of quantitative changes that increasingly approach a qualitative leap."
Xi Jinping’s theory on socialism with Chinese characteristics entering a New Era and a new development stage, along with his profound interpretation of the new development stage, organically combines the theory of continuous socialist development with the theory of developmental stages. This marks the creation and formation of our country's theory that the primary stage of socialism includes specific developmental stages. It is a major achievement of Xi Jinping’s economic thought and an innovative development of the Marxist theory on the stages of socialist development. It provides the fundamental basis and guide for correctly understanding the historical coordinates and developmental stage of the cause of the Party and the people, and for clarifying new goals and tasks and formulating lines, principles, and policies.
Sixth, by clarifying the direction, goals, and paths for comprehensively deepening reform in the New Era, he has innovatively developed the Marxist theory on the motive forces of socialist development and the Sinicized Marxist theory of reform. Classical Marxist writers all believed that socialism is a developing society and that reform is a powerful motive force for socialist development. Starting in 1978, China's reform and opening-up "crossed the river by feeling the stones" [9], determining the purpose, direction, nature, and major measures of our country's reform through the integration of theory and practice, opening up a new period of reform, opening-up, and socialist modernization.
Since the 18th CPC National Congress, building on the results achieved through China’s long-term exploration, Xi Jinping has made original contributions to the Marxist theory of reform: First, he further emphasized that reform and opening-up is the "critical move" [10] that determines China’s fate, as well as the critical move to realize the Two Centenary Goals and the great rejuvenation of the Chinese nation. Reform and opening-up is always "in the present continuous tense," with no final completion. Second, he proposed that the overall goal of comprehensively deepening reform in the New Era is to improve and develop the system of socialism with Chinese characteristics and to promote the modernization of the national governance system and governance capacity. We must resolutely break down all outdated ideas, concepts, and institutional defects, break through the barriers of entrenched interests, absorb the beneficial achievements of human civilization, and build a system that is comprehensive, scientific, standardized, and effective in operation, giving full play to the superiority of our country's socialist system. Third, he adheres to the direction of socialist market economy reform, letting the market play the decisive role in resource allocation while better playing the role of the government, and resolutely clearing away institutional and mechanistic obstacles to economic development. Fourth, with economic reform as the focus and the relationship between the government and the market as the core, he has comprehensively planned the ideas and measures for comprehensively deepening reform. All of these points have further clarified the direction, goals, and tasks for our country's reform in the New Era, ensuring the smooth progress and historical achievements of China’s reform and opening-up in the New Era, and enriching the Marxist doctrine on socialist reform.
Seventh, by clarifying that the New Era must be guided by the new development philosophy to build a modern economic system, he has made an original contribution to the Marxist concept of development.
Marxism contains a wealth of doctrine on development. On the basis of inheriting the Marxist doctrine on development, the CPC has led the people to profoundly answer major questions such as what development is, what kind of development China needs, and how to achieve it, innovatively forming the theory of development for socialism with Chinese characteristics. Building on these theories, since the 18th CPC National Congress, Xi Jinping has established the doctrine of leading development through the new development philosophy of innovation, coordination, green development, openness, and sharing. In October 2015, at the Fifth Plenary Session of the 18th CPC Central Committee, Xi Jinping proposed this new development philosophy, "emphasizing that innovative development focuses on the motive force of development; coordinated development focuses on the problem of unbalanced development; green development focuses on the problem of harmony between humanity and nature; open development focuses on the problem of internal and external linkage; and shared development focuses on the problem of social fairness and justice. He emphasized that adhering to the new development philosophy is a profound transformation involving the overall situation of our country's development." At the Fifth Plenary Session of the 19th CPC Central Committee, Xi Jinping further stated: "The new development philosophy is a systematic theoretical system. It answers a series of theoretical and practical questions regarding the purpose, motive force, mode, and path of development. It elucidates major political issues such as our Party’s political stance, value orientation, development model, and development path. The whole Party must implement the new development philosophy completely, accurately, and comprehensively." "Development is the foundation and key to solving all of our country's problems. Development must be scientific development, and we must unswervingly implement the development philosophy of innovation, coordination, green development, openness, and sharing." The new development philosophy is the core content of Xi Jinping’s economic thought and a concentrated reflection of the deepening of the Party's understanding of the laws of economic and social development.
Eighth, by clearly proposing that in the New Era and new stage, our country’s economic development must take high-quality development as the theme, supply-side structural reform as the main line, and innovation as the primary motive force. In the New Era and new stage, what kind of theme and main line our country's economic development should adhere to under the guidance of the new development philosophy, and how to persist in innovation-driven development, are major subjects that were not resolved by our predecessors.
Since the 18th National Congress of the CPC, Xi Jinping has conducted a comprehensive analysis of the long cycles of the world economy and the periodic characteristics of China's development, as well as their interactions. With a profound grasp of changes in the global and national situations, he opportunely proposed that China's economy has entered a "new normal," and that adapting to, grasping, and leading this new normal constitutes the overarching logic of China's economic development for the present and the foreseeable future. The report to the 19th National Congress further proposed that China's economy has transitioned from a stage of high-speed growth to a stage of high-quality development. It is currently in a critical period for transforming the mode of development, optimizing the economic structure, and shifting the drivers of growth. Building a modernized economic system is both an urgent requirement for crossing this threshold and a strategic goal for China's development. It was posited that we must adhere to the principle of "quality first and efficiency as the priority," taking supply-side structural reform as the main line to promote changes in the quality, efficiency, and drivers of economic development. We must improve total factor productivity and strive to accelerate the construction of an industrial system characterized by the coordinated development of the real economy, technological innovation, modern finance, and human resources. We must work to build an economic system in which market mechanisms are effective, micro-entities are full of vitality, and macro-regulation is moderate, thereby continuously enhancing the innovative capacity and competitiveness of China's economy. The ultimate goal of supply-side structural reform is to meet demand; its main direction is to improve the quality of supply; and its fundamental path is the deepening of reform. Simultaneously, it was proposed that high-quality development is the theme of China's economic development during the "14th Five-Year Plan" period and for an even longer duration. "High-quality development is development that can well meet the people's ever-growing needs for a better life; it is development that embodies the New Development Philosophy." [11]
To achieve high-quality development and advance supply-side structural reform based on the new developments of the global technological revolution, Xi Jinping proposed that innovation is the primary driver leading development. Innovation is the accelerator of development and the methodology of reform. Adhering to innovation-driven development means placing innovation at the core of the overall national development outlook, allowing innovation to permeate all aspects of national work and become a widespread practice throughout society. "Science and technology are the great tools of the state; the nation relies on them to be strong, enterprises rely on them to win, and the people rely on them for a better life. For China to be strong and for the lives of the Chinese people to be good, we must have powerful science and technology. The new era, new situation, and new tasks require us to have new concepts, new designs, and new strategies in technological innovation." To achieve the "Two Centenary Goals" and the Chinese Dream of the great rejuvenation of the Chinese nation, we must persist in the path of independent innovation with Chinese characteristics. We must face the frontiers of global science and technology, the main battlefield of the economy, and the major needs of the country, accelerating technological innovation in all fields to seize the initiative in global technological competition. This is the starting point for our proposal to build a world power in science and technology. "Never before have science and technology so profoundly affected the future and destiny of the nation as they do today; never before have they so profoundly affected the happiness and well-being of the people. China's economic and social development needs scientific and technological solutions and the enhancement of innovation as the primary driver more than at any time in the past." At the same time, Xi Jinping proposed to "strengthen, optimize, and expand the digital economy." Xi Jinping's perspectives on the theme, main line, and primary driver of China's economic development have made original contributions to Marxist theory on how to develop. They not only provide theoretical guidance for China's development but also offer beneficial references for the development of late-developing countries.
Ninth, clearly implementing major development strategies and originally opening a new path for socialist modernization.
In the report to the 19th National Congress, Xi Jinping proposed: "Closely following the changes in the principal contradiction in Chinese society, we must resolutely implement the strategy for invigorating China through science and education, the strategy on developing a quality workforce, the innovation-driven development strategy, the rural revitalization strategy, the coordinated regional development strategy, the sustainable development strategy, and the military-civilian integration strategy. We must focus on key areas, strengthen weak links, and shore up deficiencies, particularly by resolutely fighting the 'three tough battles' of preventing and defusing major risks, targeted poverty alleviation, and pollution prevention and control, so that the goal of building a moderately prosperous society in all respects earns the people's approval and stands the test of history." [12] He attaches great importance to coordinated regional development, proposing: "We must give play to the comparative advantages of each region, promote the optimization of the layout of productive forces, and focus on implementing the three major strategies of the 'Belt and Road' Initiative, the coordinated development of the Beijing-Tianjin-Hebei region, and the development of the Yangtze River Economic Belt. We must support the accelerated development of old revolutionary base areas, ethnic minority areas, border areas, and impoverished areas, and build a multi-center, networked, and open regional development pattern that connects the east, middle, and west and links the north and south, continuously narrowing regional development gaps." "We must adhere to the principles of industry nurturing agriculture and cities supporting the countryside, as well as the policy of 'giving more, taking less, and liberalizing.' We must promote the balanced allocation of public resources between urban and rural areas and accelerate the formation of a new type of urban-rural relationship characterized by industry promoting agriculture, cities leading the countryside, mutual benefit between industry and agriculture, and urban-rural integration, so as to continuously narrow the urban-rural gap." He originally proposed the theory of persisting in making the "three rural issues" (agriculture, rural areas, and farmers) the top priority of the whole Party's work. Xi Jinping pays special attention to the issue of farmers shaking off poverty and becoming prosperous, having repeatedly pointed out: "If one does not understand the countryside, the impoverished areas, and the farmers—especially the poor farmers—one will not truly understand China, truly comprehend China, and certainly will not be able to govern China well. Leading officials at all levels must go more frequently to the countryside and impoverished areas to understand the real situation, performing poverty alleviation and development work with deep emotion. They must grasp this work with the utmost urgency and implement it with the utmost pragmatism, truly ensuring that the masses in impoverished areas receive real benefits." When China’s battle against poverty achieved a decisive victory, Xi Jinping further proposed: "We must effectively link the consolidation of poverty alleviation outcomes with rural revitalization. Shaking off poverty is not the finish line, but the starting point of a new life and a new struggle. In response to changes in the principal contradiction, we must clarify our thinking, promote the smooth transition of poverty reduction strategies and work systems, integrate them into the rural revitalization strategy, and establish institutional mechanisms that combine short-term and long-term measures to address both symptoms and root causes."
These original theories of Xi Jinping, proceeding from China's national conditions, have enriched and developed Marxist political economy regarding regional economic development and the theory of the "three rural issues," providing strategic guidance for China to build a great modern socialist country and realize the great rejuvenation of the Chinese nation.
Tenth, clearly proposing the theory of constructing a new development pattern centered on smoothing the circulation of the national economy, which innovatively develops Marx’s theories of capital circulation, turnover, and social reproduction.
Marx’s theories of capital circulation, turnover, and large-scale socialized production provided the theoretical foundation for modernized production. Building upon the basic principles of Marxism and facing the great changes unseen in a century in the world, as well as the new opportunities and challenges facing China's economic and social development, since 2020 Xi Jinping has proposed and repeatedly emphasized the need to accelerate the construction of a new development pattern with domestic dual circulation as the mainstay and domestic and international dual circulation reinforcing each other. He pointed out: "Building a new development pattern is a strategic choice to improve the level of China's economic development in a way that advances with the times, and a strategic choice to forge new advantages in international economic cooperation and competition." "To build a new development pattern, we must adhere to the strategic basis of expanding domestic demand, so that production, distribution, circulation, and consumption rely more on the domestic market, forming a virtuous cycle of the national economy. We must persist in the strategic direction of supply-side structural reform, improving the adaptability of the supply system to domestic demand, clearing bottlenecks in economic circulation, and enhancing the integrity of industrial and supply chains, so that the domestic market becomes the main source of final demand, forming a higher-level dynamic balance where demand pulls supply and supply creates demand. The new development pattern is by no means a closed domestic cycle, but an open domestic and international dual circulation. By promoting the formation of a massive and smooth domestic economic cycle, we can better attract global resources and factors, meeting domestic demand while simultaneously raising the level of China's industrial and technological development, forging new advantages in participating in international economic cooperation and competition."
Accelerating the construction of a new development pattern represents a major adjustment and refinement of China's economic development strategy and path for a long period to come. It is a major strategic deployment aimed at long-term development and lasting peace and stability. It will have an important and profound impact on achieving development that is of higher quality, more efficient, fairer, more sustainable, and more secure, as well as on promoting global economic prosperity.
Eleventh, clearly stating that we must persist in the harmonious coexistence of man and nature and strengthen the building of an ecological civilization, which innovatively develops Marxist thought on ecological civilization.
The classical Marxist writers had important thoughts on the relationship between man and nature, and previous achievements in the Sinicization of Marxism also contained rich discourses on environmental and ecological civilization construction. Building upon these ideas, since the 18th National Congress of the CPC, Xi Jinping has organically integrated environmental protection and the strengthening of ecological civilization with economic construction, raising them to an unprecedented height and forming Xi Jinping Thought on Ecological Civilization. Its originality is manifested in several ways: First, it emphasizes that economic development must respect not only economic laws but also natural laws and the laws of social development. Second, it proposes that building an ecological civilization is a plan of fundamental importance for the eternal development of the Chinese nation, and it identifies building a "Beautiful China" as an important goal for becoming a great modern socialist country. Third, it proposes that achieving carbon peak and carbon neutrality is a broad and profound systemic economic and social change. We must incorporate carbon peak and carbon neutrality into the overall layout of ecological civilization construction, exhibiting the "spirit of leaving iron marks on the tracks" [13] to achieve the goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060 as scheduled. This will contribute more to China's modernization characterized by the harmonious coexistence of man and nature and to the maintenance of global ecological security.
Twelfth, clearly proposing the persistence in the basic state policy of opening up, promoting the in-depth development of economic globalization, and the theory of building a community with a shared future for humanity, thereby creating a theory of opening up for the New Era.
Marx analyzed the formation of the world market under capitalist conditions, laying the foundation for the theory of economic globalization. The achievements of the Sinicization of Marxism also contain rich theories on opening up and the world economy. On the basis of inheriting these achievements, Xi Jinping has proceeded from the reality of the New Era to propose a series of original new ideas. First is the better coordination of both domestic and international situations, utilizing both domestic and international markets and resources to develop a higher-level open economy. Second is actively participating in global economic governance while resolutely safeguarding China’s development interests, actively preventing various risks, and ensuring national economic security. Third is constructing a new type of international relations centered on win-win cooperation, building a community with a shared future for humanity, pursuing new concepts of "win-win, multi-win, and all-win," and proposing the Global Development Initiative and the Global Security Initiative to pursue development prospects characterized by openness, innovation, inclusiveness, and mutual benefit. Fourth is unswervingly following the path of peaceful development, pursuing an open strategy of mutual benefit and win-win results, adhering to a correct concept of justice and interests, and establishing a new security concept that is common, comprehensive, cooperative, and sustainable. We seek development prospects of openness and innovation, promote cultural exchanges characterized by "harmony in diversity" and inclusiveness, construct an ecological system that respects nature and green development, and always act as a builder of world peace, a contributor to global development, and a defender of the international order. These important thoughts provide vital guidance for China to move further into the world and promote global peace and development.
Thirteenth, clearly insisting on the coordination of security and development, which enriches and develops Marxist security theory.
As socialism with Chinese characteristics entered the New Era and a new stage, and in response to the major trends of domestic and international development, on May 29, 2015, while presiding over the 23rd collective study session of the Political Bureau of the CPC Central Committee, Xi Jinping emphasized the need to firmly establish the concept of secure development. On January 18, 2016, at a study session for provincial and ministerial-level leading officials, he analyzed the risks and challenges facing our pursuit of open development from four aspects. On January 5, 2018, at a study session for newly elected members and alternate members of the Central Committee and provincial and ministerial-level officials, he listed 16 risks across 8 aspects that required high attention. On January 21, 2019, a special study session for provincial and ministerial-level leading officials was held on "adhering to bottom-line thinking and focusing on preventing and defusing major risks." In his opening speech, he analyzed the need to prevent and defuse major risks in eight fields—politics, ideology, the economy, the trade struggle with the U.S., science and technology, society, foreign affairs, and the Party itself—and set forth clear requirements. He emphasized that we must always maintain high vigilance, being alert to "black swan" events while also preventing "gray rhino" events. [14] Particularly in the report to the 19th National Congress, Xi Jinping emphasized: "Coordinating development and security and strengthening the awareness of potential dangers to prepared for adversity in times of peace is a major principle of our Party's governance. We must persist in the supremacy of national interests, take people's security as the purpose and political security as the foundation, and coordinate external security and internal security, territorial security and citizen security, traditional security and non-traditional security, and self-security and common security. We must improve the national security system, strengthen national security capabilities, and resolutely safeguard national sovereignty, security, and development interests." Xi Jinping's thought on coordinating security and development is a major original contribution to Marxism under new historical conditions.
Fourteenth, it clarifies that the New Era must adhere to a scientific methodology, thereby enriching and developing the Marxist worldview and methodology. Dialectical materialism and historical materialism constitute the fundamental worldview and methodology of Marxism. On the basis of adhering to a scientific methodology, Xi Jinping has innovated and developed these principles while resolving major issues raised by the times and practical experience.
Xi Jinping has proposed that in the process of the Sinicization of Marxism, we must adhere to the integration of the basic tenets of Marxism with China’s specific realities while simultaneously adhering to their integration with fine traditional Chinese culture [15]. This has greatly enriched and developed the Sinicization of Marxism in terms of methodology. At the same time, integrating contemporary Chinese reality, he has originally proposed a methodology for reform and specific methods for economic work. Regarding the methodology of reform, Xi Jinping proposed combining "crossing the river by feeling the stones" [16] with top-level design, combining breakthroughs at key points with comprehensively deepening reform, respecting the pioneering spirit of the masses, and recognizing that "reform is always on the road" [17]. Regarding the methodology for practical economic work, he pointed out that dialectical materialism is the worldview and methodology of Chinese Communists. For our Party to unite and lead the people in coordinately advancing the Four Comprehensives, realizing the Two Centenary Goals [18], and achieving the Chinese Dream of the great rejuvenation of the Chinese nation, we must constantly receive nourishment from the wisdom of Marxist philosophy. We must more consciously adhere to and apply the dialectical materialist worldview and methodology, enhance our capacity for dialectical thinking and strategic thinking, and strive to improve our ability to solve fundamental problems in China’s reform and development. By adhering to seeking truth from facts, adhering to the principle of seeking progress while maintaining stability, adhering to a systems concept, adhering to a problem-oriented approach, strengthening strategic resolve, and adhering to bottom-line thinking [19], he has grasped the general trend of world affairs, seized opportunities, acted in accordance with the trend, and established strategic goals and measures for all aspects of Party and state work under new historical conditions. In the report to the 20th CPC National Congress, it was further proposed that to continue advancing theoretical innovation based on practice, we must first master the worldview and methodology of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and persist in and apply the stances, viewpoints, and methods that run through it. We must persist in putting the people first, maintain self-confidence and self-reliance, uphold the fundamentals and break new ground, maintain a problem-oriented approach, apply a systems concept, and maintain a global vision [20].
Based on adhering to the methodology of dialectical materialism and historical materialism, the innovative proposal of new ideological and working methods for the comprehensive building of a modern socialist country is a concentrated expression of Xi Jinping's skillful use of dialectical and historical materialism to observe, analyze, and solve major economic problems through strategic thinking and masterly art. This provides an important guarantee for realizing the Two Centenary Goals and the Chinese Dream of the great rejuvenation of the Chinese nation.
Fifteenth, it explicitly proposes adhering to the major principles of Socialist Political Economy with Chinese Characteristics, and constructing and continuously improving this field of study.
Political economy is an important component of Marxist theory. Constructing the disciplinary, theoretical, and discourse systems of Socialist Political Economy with Chinese Characteristics is a distinct proposition of Xi Jinping. In 2014, Xi Jinping proposed that Party committees and governments at all levels should study and use political economy well. In 2015, while presiding over the 28th collective study session of the Political Bureau of the CPC Central Committee, Xi Jinping emphasized the need to base ourselves on our national conditions and our developmental practice, reveal new characteristics and laws, refine and summarize the rhythmic achievements of China’s economic development practice, elevate practical experience into systematic economic theory, and constantly open up new horizons for contemporary Chinese Marxist political economy. At the 2015 Central Economic Work Conference, he emphasized the need to adhere to the major principles of Socialist Political Economy with Chinese Characteristics. In 2020, at a symposium with experts in economic and social fields, he further emphasized: "Start from national conditions, come from Chinese practice and go back to Chinese practice, write papers on the motherland's soil [21], ensure that innovations in theory and policy conform to Chinese reality and possess Chinese characteristics, and continuously develop Socialist Political Economy and Sociology with Chinese Characteristics." We must "conduct in-depth research, investigate the actual situation, offer practical moves, fully reflect the actual conditions, and ensure that innovations in theory and policy are well-founded and reasonable." We must "grasp the laws, adhere to Marxist stances, viewpoints, and methods, see through phenomena to the essence, investigate long-term trends from short-term fluctuations, and ensure that theoretical and policy innovations fully embody advancement and scientific rigor." We must "establish an international perspective, explore common issues facing humanity from the connection and interaction between China and the world, and contribute Chinese wisdom and Chinese solutions to the building of a community with a shared future for humanity." Xi Jinping’s economic thought not only provides a theoretical guide for the construction and development of Socialist Political Economy with Chinese Characteristics but also constitutes its essential content.
Proposing and personally practicing the construction and development of Socialist Political Economy with Chinese Characteristics is Xi Jinping's original contribution to Marxist political economy, opening up new horizons for contemporary Chinese Marxist political economy and 21st-century Marxist political economy.
III. Persisting in and Developing Xi Jinping’s Economic Thought over the Long Term
The fifteen aspects summarized above regarding Xi Jinping’s economic thought and its original contributions to Marxist political economy are preliminary. These fifteen original contributions contain two theoretical essences and are threaded together by a single main line. The two theoretical essences are: first, a people-centered approach to satisfy the people’s needs for a better life; and second, the New Development Philosophy of innovation, coordination, green development, openness, and sharing. These two essences merge to form the consistent main line of Xi Jinping’s economic thought: namely, adhering to the guidance of the New Development Philosophy to achieve high-quality development and continuously satisfy the people’s growing needs for a better life.
Xi Jinping’s economic thought is an open and developing theoretical system. With the development of the times and practice, Xi Jinping’s economic thought will be further enriched and developed. The significance and vitality of a theory lie in its origin from practice, its guidance of practice, and its testing and development within practice. In the great journey toward comprehensively building a modern socialist powerhouse and comprehensively advancing the great rejuvenation of the Chinese nation, China possesses many favorable strategic conditions but also faces severe challenges, both those that have already emerged and those yet to come. To realize the grand goals established by the 20th CPC National Congress and ensure the smooth progress of the cause of building socialism with Chinese characteristics, we must persist in and comprehensively implement Xi Jinping’s economic thought over the long term, and continue to enrich and develop it as the times and practice advance, so that it may forever shine with the light of truth.
(Author: Pang Jinju is a Chair Professor and former Vice President of Nankai University)