Global Times: Xi Jinping Thought on Economy a scientific theory rooted in China, with a global perspective, and oriented toward the future: Justin Yifu Lin

Thu, 14 Aug 2025 00:55:00 +0800

BEIJING, Aug. 14, 2025 /PRNewswire/ -- Since the new era, the Communist Party of China (CPC) Central Committee, with Comrade Xi Jinping at its core, has, with great political courage, vigorously promoted theoretical exploration and innovation, and deepened understanding of the ruling laws of Communist parties, as well as the laws of socialist construction and 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 nation, and doing a good job in the economic work is a major task in the CPC's governance of China.

Xi Jinping Thought on Economy is an essential part of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and embodies the sustained drive of the CPC Central Committee, with Comrade Xi at its core, to advance theoretical, practical and institutional innovation in the economic field.

Xi Jinping Thought on Economy upholds and develops Marxist political economics, draws on and goes beyond Western economics, and is a scientific theory rooted in China's national conditions, with a global perspective, and oriented toward the future. It provides scientific guidance for accurately grasping the laws of economic and social development and advancing socialist economic construction.

As an authoritative resource for Party members and the people of all ethnic groups across the nation to deeply study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, particularly Xi Jinping Thought on Economy, the first volume of selected works of Xi Jinping, general secretary of the CPC Central Committee, on economy brings together Xi's most important and fundamental works on economic development from November 2012 to December 2024, pointing out the correct direction and providing fundamental guidance for doing a good job in economic work in the new era.

Upholds, develops Marxist political economics

Marxism is the fundamental guiding ideology upon which the CPC and China are founded and thrive. Marxist political economics is a core component of Marxism. The CPC has always attached great importance to the study, research and application of Marxist political economics.

In the new era, Xi Jinping Thought on Economy upholds the basic principles and methods of Marxist political economics. Based on the major practices since the country's reform and opening-up, particularly in the new era, it has creatively developed Marxist political economics, addressing many major theoretical and practical questions that have not been addressed by classical Marxist writers and that our predecessors had never encountered.

Among them, a key aspect is developing Marxist productivity theory. The research object of traditional political economics is mainly production relations. However, if the research object is limited to production relations without entering the field of productivity, the scope and field of political economics research will become increasingly narrow, which would diminish its explanatory power and guiding role for China's economy.

The first volume of selected works of Xi Jinping on economy contains numerous articles that based on innovative practices in the new era, summarized the development of Marxist political economics, especially making profound discussions on the construction of a new productivity theory. One article stressed developing new quality productive forces according to local conditions.

General Secretary Xi's important discourses on new quality productive forces have made a breakthrough and innovation in the theoretical limitations of traditional political economics. They have formed a theoretical system that can explain how industrial and technological, infrastructure, institutional, and others structures determine the productivity development of an economy, enriched and developed Marxist productivity theory, and is a major theoretical innovation in the sinicization and modernization of Marxist political economics.

Showcasing Chinese characteristics

Xi Jinping Thought on Economy is deeply rooted in China's national conditions and closely aligned with the country's development stage. It not only addresses China's practical development challenges but also offers a new approach to modernization for humanity, showcasing the Chinese characteristics of economic theory. It must be upheld over the long term and continuously enriched and developed.

Developing socialism is a long historical process that needs to be divided into different historical stages. Since the start of the reform and opening-up policies, China's remarkable achievements have been based on a profound understanding of the stages of socialist development. The theoretical framework of Western economics, shaped within relatively mature capitalist market economies, struggles to explain the practice of socialism's development stages and is unable to guide China's reform and development.

For example, modernization in developed Western countries has progressed in a linear sequence. Theories such as "industrialization" and "urbanization" in Western economics are summaries of experience based on a single stage of development.

China's socialist modernization shows a "time-space compression" feature: within just a few decades, it must complete the industrialization and urbanization processes that took developed countries hundreds of years, while simultaneously advancing digital and green transitions; it must resolve the urban-rural dual structure challenge from the shift an agrarian society to an industrial one, while addressing environmental constraints during the transition from industrial to ecological civilization; it must both remedy "weaknesses" in traditional industries and seize "early opportunities" in emerging sectors.

This special stage of overlapping transformations makes China's development tasks far more complex than the single-stage challenges faced by the West.

Xi Jinping Thought on Economy stresses steadily advancing new industrialization, informatization, urbanization, and agricultural modernization, integrating the pursuit of high-quality development throughout the process of new industrialization, and promoting a comprehensive green transition alongside industrialization. This breaks away from the Western linear dogma of "pollute first, clean up later" and "industrialize first, digitize later," charting a path of leapfrog development.

Xi Jinping Thought on Economy highlights the distinctive features of China's economic system. The development miracle that China has achieved since reform and opening-up, especially in the new era, stem from the self-improvement and evolution of this system. The secret to this miracle lies in a profound understanding, adherence to, and development of the economic system with Chinese characteristics. Xi Jinping Thought on Economy, based on upholding the fundamental principles of socialism and innovating, upholds and improves the basic socialist economic system, highlighting the Chinese characteristics of the economic system.

The Chinese characteristics are embodied in the people-centered development philosophy. In contrast, Western economics, rooted in capitalist private ownership system, serves to uphold the dominance of private ownership, reflecting a "survival of the fittest" logic that struggles to address fairness in development, leading many Western countries to widening wealth gaps.

China's historic shift from high-speed growth to high-quality development fully demonstrates that the Chinese characteristics of its economic system determine the uniqueness of its theoretical guidance. Building an independent Chinese economic knowledge system does not mean rejecting the rational elements of Western economics, but breaking free from dogmatic constraints, drawing lessons from China's own economic system, and innovating theory.

Xi Jinping Thought on Economy is rooted in China's institutional foundations, while also responding to humanity's pursuit of better development systems, contributing Chinese wisdom and Chinese solutions to global economic development.

Guiding Chinese modernization

Since the 18th CPC National Congress, guided by Xi Jinping Thought on Economy, China's economic strength has achieved a historic leap. GDP has reached new heights, exceeding 130 trillion yuan ($18.11 trillion) in 2024, maintaining its position as the world's second-largest economy. The per capita GDP has risen from $6,300 in 2012 to over $13,000 in 2024, nearing the threshold of high-income countries, laying a solid foundation for advancing and expanding the Chinese modernization.

Xi Jinping Thought on Economy 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 embodies the new development philosophy, is an inevitable requirement for resolving the principal contradictions in Chinese society, and is key to securing a strategic advantage in intense international competition.

In terms of innovation, Xi Jinping Thought on Economy prioritizes innovation in national development. It emphasizes that innovation is the primary driving force for development. China's R&D investment reached 2.68 percent of GDP in 2024 and its scientific and technological innovation capabilities is continuously improving.

In terms of coordinated development, it emphasizes promoting the integrated development of urban and rural areas. In terms of green development, it emphasizes that protecting the ecological environment is protecting productivity, and improving the ecological environment is developing productivity. In terms of open development, it emphasizes that China will not close its door to the world, and it will only become more and more open.

As for shared development, Xi Jinping Thought on Economy insists the philosophy of people-centered development. In this regard, while promoting high-quality economic development, China has increased investment in public welfare, improving education, healthcare, and pension systems. In terms of modernization for the common prosperity of all people, it stresses promoting common prosperity in the pursuit of high-quality development, and China continuously improves its income distribution system, while strengthening the social security system.

In terms of modernization characterized by harmonious coexistence between humans and nature, Xi Jinping Thought on Economy emphasizes that ecological and environmental security is an important part of national security, as well as an important guarantee to achieve sustainable and healthy development of the Chinese economy and society. In terms of modernization along the path of peaceful development, it stresses that in building a community with a shared future for mankind, the goal is to build an open, inclusive, clean and beautiful world of lasting peace, universal security and shared prosperity.

Xi Jinping Thought on Economy, the latest achievement in the sinicization and modernization of Marxist political economics, represents a scientific summary and theoretical refinement of China's economic development practices in the new era. Currently, China's economic operations still face many risks and challenges. We must thoroughly study and implement Xi Jinping Thought on Economy, capitalize on development opportunities, potential, and advantages, consolidate and expand the upward momentum of the economy, continuously promote new achievements in high-quality development, and solidly advance and expand Chinese modernization, striving unremittingly to realize the Chinese dream of the great rejuvenation of the Chinese nation.

https://www.globaltimes.cn/page/202508/1340808.shtml