The 16th issue of the magazine "Seeking Truth," published on August 16, will feature an important speech titled "Continuously Opening Up New Frontiers in Contemporary Chinese Marxist Political Economy," delivered by Xi Jinping, General Secretary of the CPC Central Committee, President of China, and Chairman of the Central Military Commission, during the 28th collective study session of the 18th Central Politburo in November 2015.

　　The speech emphasized that Marxist political economy is a vital component of Marxism and an essential course we must master to uphold and develop the Marxist tradition. Marxist political economy elucidates the laws governing economic development in human societies, particularly in capitalist systems. Thus, the foundation of our political economy can only be Marxist political economy—not any other economic theory. For Marxist political economy to remain dynamic and relevant, it must evolve with the times. We must ground ourselves firmly in China’s unique national conditions and our own development practices, deeply analyzing the new challenges and emerging trends in both the global and Chinese economies. By doing so, we can uncover fresh characteristics and underlying patterns, distill and synthesize the systematic insights derived from China’s economic growth experiences, and elevate these practical lessons into a comprehensive economic theory. In this way, we will continually push forward the frontiers of contemporary Chinese Marxism in political economy, opening up new horizons for its theoretical and practical application.

　　The speech emphasized that our Party has always attached great importance to the study, research, and application of Marxist political economy. Since the Third Plenary Session of the 11th Central Committee, our Party has seamlessly integrated the fundamental principles of Marxist political economy with the new practices of reform and opening-up, continuously enriching and advancing the field. As a result, we have produced numerous significant theoretical achievements in contemporary Chinese Marxist political economy—ideas that neither the classical Marxist authors had previously articulated nor were we familiar with prior to the reform and opening-up era. These groundbreaking theories are perfectly tailored to China’s unique national conditions and the characteristics of our times, effectively guiding China’s economic development while simultaneously opening up entirely new frontiers in Marxist political economy.

　　The speech emphasized that, in the ever-changing currents of the global economy, successfully steering China’s economic "ship" represents a major test for our Party. Faced with an exceptionally complex domestic and international economic landscape—and confronted with a wide array of intricate economic phenomena—studying the fundamental principles and methodological approaches of Marxist political economy will equip us with robust tools for conducting rigorous economic analysis. This, in turn, will help us better understand the dynamics of economic activity, grasp the underlying laws governing social and economic development, and enhance our ability to manage the socialist market economy effectively. Ultimately, this knowledge will enable us to provide more insightful answers to both theoretical and practical questions surrounding China’s economic growth and development.

　　The speech emphasized the need to adhere firmly to a development philosophy centered on the people. "Development is for the people"—this is the fundamental stance of Marxist political economy. As such, we must always uphold this core principle when planning economic strategies, formulating economic policies, and driving economic growth forward. Moreover, the development concepts of innovation, coordination, green growth, openness, and shared prosperity resonate deeply with many principles of Marxist political economy. We must consistently use these new development ideas to guide and propel China’s economic progress, continuously addressing challenges in economic development and paving the way for a fresh, dynamic economic landscape.

　　The speech emphasized that the ownership of means of production lies at the heart of production relations, fundamentally shaping the basic nature and developmental direction of society. It is essential to unswervingly consolidate and develop the public sector economy, while equally unwaveringly encouraging, supporting, and guiding the growth of the non-public sector. Together, these sectors should complement each other’s strengths, fostering mutual advancement and shared development. At the same time, the dominant position of the public sector must remain intact, as must the leading role of the state-owned economy. Moreover, we must pay close attention to several pressing issues in China’s income distribution system. To address these challenges effectively, we need to continuously refine our institutional frameworks and specific policies, adjust the national income distribution pattern, steadily boost incomes for both urban and rural residents, and relentlessly narrow the gap between different income groups. Finally, we must uphold the reform direction of the socialist market economy, persistently working to integrate the fundamental socialist system with market mechanisms—leveraging the unique advantages of both approaches to achieve optimal outcomes.

　　The speech emphasized the need to uphold the basic national policy of opening up to the world, adeptly balancing domestic and international priorities, and effectively leveraging both global and domestic markets as well as diverse resources. This approach aims to foster a higher-level open economy, actively engage in global economic governance, and promote the evolution of the international economic order toward greater equality, fairness, and mutually beneficial cooperation. At the same time, we must firmly safeguard our country’s development interests, proactively manage various risks, and ensure national economic security.

　　Continuously pioneering contemporary Chinese Marxism

　　A New Frontier in Political Economy※

　　Xi Jinping

　　Today, the Central Political Bureau held its 28th collective study session, focusing on the fundamental principles and methodological approaches of Marxist political economy. The purpose of organizing this session is to deepen our understanding and mastery of Marxism's core tenets. Previously, we already conducted studies on topics related to historical materialism and dialectical materialism. This time, by revisiting Marxist political economy, we aim to further refine our grasp of the laws governing economic development, thereby enhancing our ability and capacity to lead China’s economic growth effectively.

　　Now, let me share a few insights.

　　Marxist political economy is a vital component of Marxism—and it is an essential course we must study to both uphold and advance the Marxist tradition. Drawing on the dialectical and historical materialist worldviews and methodologies, Marx and Engels critically inherited the intellectual achievements of past economic thought, particularly those of classical British political economy. Through their profound analysis of human economic activities, they laid the foundation for Marxist political economy, unveiling the underlying laws governing economic development in human societies, especially within capitalist systems. As Engels noted, the entire theoretical framework of the proletarian political party “is derived from the study of political economy.” Meanwhile, Lenin regarded political economy as the “most profound, comprehensive, and detailed proof and application” of Marxist theory. Today, while a wide array of economic theories abound, the bedrock of our political economy can only be Marxist political economy—not any other economic doctrine.

　　Some people argue that Marxist political economy—and even *Das Kapital* itself—are outdated. Yet this claim is both arbitrary and incorrect. Take, for instance, the recent global financial crisis: many capitalist economies have continued to struggle, grappling with soaring unemployment, deepening wealth polarization, and intensifying social tensions. These realities clearly demonstrate that the inherent contradiction between the socialization of production and the private ownership of the means of production—central to capitalism—still exists, though its manifestations and underlying dynamics have evolved in new ways. In fact, following the international financial crisis, numerous Western scholars have begun revisiting Marxist political economy and re-examining *Das Kapital*, using these works as a lens to critically analyze the flaws of contemporary capitalism. Last year, French economist Thomas Piketty’s groundbreaking book, *Capital in the Twenty-First Century*, sparked widespread debate within academic circles worldwide. Drawing on meticulous data, Piketty convincingly showed that inequality in Western countries like the U.S. has now reached—or even surpassed—historical peaks. He argues that unchecked capitalism has not only exacerbated wealth disparities but also threatens to make them even worse in the future. While Piketty’s analysis primarily focuses on issues of distribution, sidestepping deeper questions about the fundamental nature of property ownership, his conclusions nonetheless compel us to pause and reflect carefully.

　　Our Party has always placed great importance on studying, researching, and applying Marxist political economy. Comrade Mao Zedong personally engaged in four intensive readings of *Das Kapital* and chaired numerous specialized seminars focused on the Soviet Union’s *Textbook of Political Economy*, emphasizing that "studying issues in political economy carries both significant theoretical and practical implications." During the New Democratic period, Comrade Mao creatively proposed the New Democratic economic program. Moreover, as he explored the path of socialist construction, he put forward groundbreaking ideas for developing China’s economy—such as articulating the theory of basic contradictions in socialist society, advocating for comprehensive planning and balanced development, and stressing the importance of prioritizing agriculture while driving industrial growth in a coordinated manner among agriculture, light industry, and heavy industry. These contributions represent the Communist Party of China’s innovative advancement of Marxist political economy.

　　Since the Third Plenary Session of the 11th Party Congress, our Party has seamlessly integrated the fundamental principles of Marxist political economy with the new practices of reform and opening-up, continuously enriching and advancing this vital economic theory. Following the adoption of the "Decision of the CPC Central Committee on Economic System Reform" in October 1984, Comrade Deng Xiaoping remarked: "This document presents an initial draft of a political economy—one that combines the basic tenets of Marxism with China's socialist practice." Over the past three decades, as reform and opening-up have deepened further, we have developed numerous significant theoretical achievements in contemporary Chinese Marxist political economy. These include groundbreaking ideas such as the theory on the essence of socialism, the theory on the basic economic system of socialism at its primary stage, the theory on fostering and implementing the development philosophy of innovation, coordination, green growth, openness, and shared prosperity, the theory on developing a socialist market economy—emphasizing the decisive role of the market in resource allocation while simultaneously enhancing the government's ability to play a more effective role—and the theory on China’s economy entering a "new normal" of growth. Additionally, there’s the theory on promoting coordinated development among new industrialization, informatization, urbanization, and agricultural modernization; the theory on farmers' contracted land holding ownership, contract rights, and operational management rights simultaneously; and the theory on effectively leveraging both domestic and international markets and resources. These theoretical breakthroughs, unprecedented in the works of classical Marxist authors and entirely absent from our pre-reform practices and understandings, represent a distinctly contemporary political economy tailored to China’s unique national conditions and the demands of our era. Not only have they provided robust guidance for China’s economic development, but they’ve also opened up entirely new frontiers in Marxist political economy, paving the way for its continued evolution and relevance in today’s world.

　　Now, in the ever-changing currents of the global economy, whether we can steer China’s economic "ship" effectively stands as a major test for our Party. Faced with an exceptionally complex domestic and international economic landscape—and confronted by a wide array of intricate economic phenomena—studying the fundamental principles and methodological approaches of Marxist political economy will help us master scientific methods of economic analysis, gain a deeper understanding of economic dynamics, grasp the underlying laws governing social and economic development, and ultimately enhance our ability to manage the socialist market economy. This, in turn, will enable us to better address both the theoretical and practical challenges shaping China’s economic growth.

　　Studying Marxist political economy is essential to better guide China's economic development practices. We must not only uphold its fundamental principles and methodological approaches but also closely integrate them with China's actual economic conditions, continuously generating new theoretical insights along the way.

　　First, we must steadfastly uphold the development philosophy centered on the people. Development is for the people—this is the fundamental stance of Marxist political economy. Marx and Engels emphasized: "The proletarian movement is the independent movement of the immense majority, aiming at the interests of the immense majority." They envisioned that in a future society, "production will be organized with the goal of ensuring prosperity for all." Comrade Deng Xiaoping once noted that the essence of socialism lies in liberating and developing productive forces, abolishing exploitation, eliminating polarization, and ultimately achieving common prosperity. The Fifth Plenary Session of the 18th Central Committee of the Communist Party of China clearly affirmed the need to adhere to a people-centered development philosophy, making it the starting point and ultimate goal of economic growth—to enhance people’s well-being, promote holistic human development, and steadily advance toward common prosperity. This principle must never be forgotten; whenever we plan economic policies or drive economic development, we must firmly keep this core perspective in mind.

　　Second, we must adhere to the new development philosophy. In response to the new changes occurring in China’s economic development environment, conditions, tasks, and requirements, the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China proposed establishing and upholding the development concepts of innovation, coordination, green growth, openness, and shared prosperity. These five major development principles were formulated based on a profound reflection on both domestic and international development experiences and lessons, as well as an in-depth analysis of global development trends. They embody our Party’s fresh understanding of the laws governing China’s economic growth and resonate closely with many core ideas of Marxist political economy. For instance, Marx and Engels envisioned a future society where "all people collectively enjoy the benefits created by everyone," where "human beings remain directly tied to nature," and where "the histories of nature and humanity mutually constrain each other." At the same time, these five development concepts represent a refined distillation of the practical insights we’ve gained while driving economic progress—a theoretical synthesis drawn from our hands-on experience in fostering economic growth. Moving forward, we must steadfastly use this new development philosophy to guide and propel China’s economic growth, continuously addressing the challenges that lie ahead and paving the way for a new era of dynamic and sustainable economic development.

　　Third, we must uphold and improve the basic socialist economic system. According to Marxist political economy, the ownership of the means of production lies at the heart of production relations, fundamentally shaping the nature and direction of societal development. Since the reform and opening-up policy, our Party has drawn lessons from both successes and setbacks, establishing the basic economic system for the primary stage of socialism. We have emphasized adhering to public ownership as the mainstay while fostering the common development of diverse forms of ownership. Importantly, both the public sector and the non-public sector are recognized as vital components of the socialist market economy—and as critical foundations for China’s economic and social progress. We must unswervingly consolidate and develop the public sector, while equally resolutely encouraging, supporting, and guiding the growth of the non-public sector. Together, these sectors should complement each other’s strengths, foster mutual advancement, and achieve shared, sustainable development. At the same time, it is crucially clear that China’s basic economic system serves as a cornerstone of the socialist system with Chinese characteristics, laying the very foundation for the socialist market economy. The central role of public ownership must remain unshakable, as must the leading function of the state-owned economy. This ensures that all ethnic groups in China can collectively enjoy the fruits of development—while also providing a robust institutional safeguard for strengthening the ruling party’s position and upholding the socialist system itself.

　　Fourth, we must uphold and improve the basic socialist distribution system. According to Marxist political economy, distribution is determined by production yet simultaneously exerts a feedback effect on it—indeed, "the most effective way to boost production is through a distribution system that enables all members of society to fully develop, maintain, and showcase their respective abilities." Grounded in China's unique realities, we have established a distribution framework centered on labor-based pay, while allowing for the coexistence of multiple distribution methods. Experience has shown that this institutional arrangement effectively motivates stakeholders at all levels and strikes a healthy balance between efficiency and equity. However, due to various factors, several prominent issues persist in China’s current income distribution system. These include widening income disparities, a relatively low share of labor compensation in primary distribution, and an insufficient proportion of household income in the overall national income distribution. In response, we must take these challenges seriously and strive to ensure that residents’ incomes grow in tandem with economic growth, while also aligning rising wages with improved labor productivity. To address these imbalances, we will continue refining our institutional mechanisms and policy frameworks, adjust the national income distribution structure, steadily increase incomes for both urban and rural residents, and work tirelessly to narrow income gaps over time.

　　Fifth, we must uphold the reform direction of the socialist market economy. Developing a market economy under socialist conditions has been a groundbreaking initiative of our Party. A key factor behind China’s remarkable economic success is our ability to leverage both the strengths of the market economy and the inherent advantages of the socialist system. We are advancing the market economy under the overarching framework of the leadership of the Communist Party of China and the socialist system—something we must never lose sight of, especially when emphasizing the "socialist" qualifier. The term "socialist market economy" underscores our commitment to preserving the unique advantages of our system while effectively addressing the pitfalls associated with capitalist market economies. We must remain committed to dialectical thinking and a balanced approach, continually refining the integration of the fundamental socialist system with the market economy. By doing so, we can fully harness the strengths of both systems: fostering an "efficient market" while ensuring an "active government." Through persistent innovation and practical efforts, we aim to tackle this globally challenging economic puzzle head-on.

　　Sixth, we must uphold the basic national policy of opening up to the outside world. Marxist political economy holds that human society will ultimately transition from a history shaped by individual nations toward a truly globalized world history. Today, China’s interconnectedness with the rest of the world has reached unprecedented levels—both the extent to which our economy influences the global economy and the degree to which the global economy impacts ours are unmatched in scale. In the context of deepening economic globalization, it is simply impossible for us to pursue development behind closed doors. Instead, we must adeptly manage both domestic and international priorities, making full use of the vast opportunities offered by both global and domestic markets as well as diverse resources. We must align ourselves with the trend of China’s economy becoming increasingly integrated into the global economy, fostering a higher-level open economy while actively participating in global economic governance. Our goal is to promote the evolution of the international economic order toward greater equity, fairness, and win-win cooperation. At the same time, we must firmly safeguard China’s developmental interests, proactively address various risks, and ensure national economic security. Of course, there remain numerous theoretical and practical challenges in this process that require thorough exploration and research.

　　In short, we adhere to the fundamental principles and methodological approaches of Marxist political economy while remaining open to incorporating the rational elements of foreign economic theories. Western economics offers valuable insights into areas such as finance, pricing, currency, markets, competition, trade, exchange rates, industries, enterprises, growth, and management—insights that reflect the general laws governing large-scale social production and market economies, and thus deserve careful consideration and adaptation. At the same time, when engaging with foreign, particularly Western, economic thought, we must rigorously distinguish between the useful and the irrelevant, discarding the superficial while preserving the authentic. Above all, we should remain true to our own core principles and apply them in a way that serves our national interests. We must avoid uncritically adopting ideas that embody the inherent attributes or ideological underpinnings of capitalism, especially those carrying overtly Western ideological overtones. After all, although economics deals with economic issues, it cannot be entirely divorced from society and politics—it is inherently intertwined with them. In our economics education, we must resist the temptation to simply swallow foreign ideas whole; instead, we should continue to emphasize Marxist political economy and give prominent attention to contemporary Chinese socialist political economy, ensuring that it remains at the forefront of academic discourse rather than being marginalized.

　　For Marxist political economy to remain vibrant, it must evolve with the times. Practice is the wellspring of theory. Over the past few decades, our country has traversed in record time a development trajectory that took developed nations centuries to achieve. As a result, China’s economic growth has been nothing short of remarkable—its achievements have captured global attention—and this extraordinary journey has unleashed tremendous momentum, dynamism, and untapped potential for theoretical innovation. Today, both the global economy and China’s economy face numerous new and critical challenges that demand thoughtful, scientifically grounded theoretical responses. Grounded in China’s unique national conditions and our own development practices, we must delve deeply into the emerging trends and pressing issues confronting the global and Chinese economies. By doing so, we can uncover fresh characteristics and underlying patterns, distill and synthesize the systematic insights derived from China’s economic development experience, and elevate these practical lessons into a coherent and comprehensive economic framework. In this way, we can continually push forward the frontiers of contemporary Chinese Marxist political economy, contributing Chinese wisdom to the innovative evolution of Marxist political economy on a global scale.

　　※This is the speech delivered by General Secretary Xi Jinping on November 23, 2015, during the 28th collective study session of the 18th Central Political Bureau.

　　Source: Xinhua News Agency, Qiushi Online

 

 

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