Major Theoretical Innovations in the Basic Socialist Economic System since the New Era

I. Introduction

一、引言

Since the 18th National Congress of the CPC, the Party Central Committee with Comrade Xi Jinping at its core has attached great importance to upholding and improving the basic socialist economic system. General Secretary Xi Jinping has pointed out that China’s basic economic system is an important pillar of the system of socialism with Chinese characteristics and also the foundation of the socialist market economy system. The basic socialist economic system is the most fundamental and pillar-like system within China’s economic system, constituting the institutional environment that other economic systems follow in their generation and evolution. It is the meta-system in the field of economic institutions and also an important economic base for the superstructure of politics, law, and ideology. The report of the 15th National Congress of the CPC regarded the ownership form of “public ownership as the mainstay and diverse forms of ownership developing together” as the basic economic system. With the development of reform practice and theory, the Fourth Plenary Session of the 19th Central Committee of the CPC [1]1 The Fourth Plenary Session of the 19th Central Committee of the CPC was held in October 2019, focusing on upholding and improving the system of socialism with Chinese characteristics and advancing the modernization of the national governance system and governance capacity. made a new summary of the basic socialist economic system, taking the three systems of “public ownership as the mainstay and diverse forms of ownership developing together,” “distribution according to work as the mainstay and multiple modes of distribution coexisting,” and “the socialist market economy system” as the basic socialist economic system, forming a three-in-one basic economic system encompassing ownership, distribution system, and market economy system. Since the New Era, the expansion of the connotation of the basic socialist economic system is a major theoretical achievement of Xi Jinping’s economic thought, a major theme in the study of socialist political economy with Chinese characteristics, an important component in constructing an independent knowledge system of Chinese economics, and contains major theoretical innovations.

党的十八大以来，以习近平同志为核心的党中央高度重视坚持和完善社会主义基本经济制度。习近平总书记指出，我国基本经济制度是中国特色社会主义制度的重要支柱，也是社会主义市场经济体制的根基。社会主义基本经济制度是我国经济制度系统中最为基础和支柱性的制度，构成了其他经济制度生成和演变共同遵循的制度环境，是经济制度领域的元制度，也是政治、法律和意识形态等上层建筑的重要经济基础。党的十五大报告将“公有制为主体、多种所有制经济共同发展”的所有制形式视为基本经济制度。随着改革实践和理论的发展，党的十九届四中全会对社会主义基本经济制度做出了新概括，将“公有制为主体、多种所有制经济共同发展”“按劳分配为主体、多种分配方式并存”“社会主义市场经济体制”三项制度作为社会主义基本经济制度，形成了所有制、分配制度和市场经济体制三位一体的基本经济制度体系。新时代以来，社会主义基本经济制度内涵的拓展是习近平经济思想的重大理论成果，是中国特色社会主义政治经济学研究的重大主题，是建构中国经济学自主知识体系的重要内容，蕴含着重大的理论创新。

Currently, research on the basic socialist economic system since the New Era is mainly concentrated in the following three areas: First, the development of the connotation of the basic socialist economic system and the internal logical relationships among the three systems it comprises. Many studies argue that as China has entered the New Era, the principal contradiction in society has changed, and the connotation of the basic socialist economic system has undergone new development. This is a historical requirement for liberating and developing productive forces, fully reflecting the essential requirements of socialism—“liberating and developing productive forces, eliminating exploitation, removing polarization, and ultimately achieving common prosperity”—and embodying the superiority of the socialist system. It is an important innovation and development of Xi Jinping’s economic thought for the New Era, possessing a scientific theoretical foundation, extensive practical foundation, and deep mass foundation, marking the increasing maturity of the basic socialist economic system. Regarding the logical relationships among the ownership system, distribution system, and market economy system, many scholars believe that these three are not isolated, simply juxtaposed relationships, but rather a “three-in-one” organic whole with mutual connections, mutual influences, and dialectical unity. Following the basic principles of Marxist political economy, many scholars point out that relations of production determine relations of distribution and exchange, and the nature of ownership of the means of production determines the nature of relations of production, which in turn determines the nature of relations of distribution and exchange. Within the basic economic system, ownership holds a foundational status and decisive role, meaning that the ownership structure of “public ownership as the mainstay and diverse forms of ownership developing together” determines the distribution system of “distribution according to work as the mainstay and multiple modes of distribution coexisting” and also determines that China’s market economy system is essentially a socialist market system. Correspondingly, the distribution system and market economy system also act upon the ownership system, coordinating to adapt to the development of productive forces. Huang Taiyan [2]2 Huang Taiyan is a Chinese economist and professor at Renmin University of China, known for his research on socialist political economy with Chinese characteristics. argues that “public ownership as the mainstay and diverse forms of ownership developing together” is the foundation of the distribution system and market economy system, “distribution according to work as the mainstay and multiple modes of distribution coexisting” is the concrete realization of the ownership system and market economy system, and “the socialist market economy system” is the realization mechanism of the ownership system and distribution system. Second, the logic of the formation and evolution of the basic socialist economic system. Many studies show that the evolution of the basic socialist economic system follows the law of contradictory movement between productive forces and relations of production, and between the economic base and superstructure. It is based on the basic national conditions, development tasks, and development conditions of different periods, reforming a series of interconnected links and aspects in the relations of production and superstructure that are incompatible with the development of productive forces. Through unremitting exploration, comparison, selection, and testing in reform practice, it is an open and dynamic historical development process. Gao Fan [3]3 Gao Fan is a Chinese economist and professor at Fudan University, specializing in institutional economics and development economics. attempts to characterize the evolutionary logic of the basic economic system from the integration of three dimensions: the interaction between productive forces and relations of production, the “linkage” between fundamental systems and specific economic systems, and the “combination” of the general nature of institutions and the characteristics of China’s national conditions. Third, the institutional advantages and important impacts of the basic socialist economic system. The advantage at the ownership level is manifested in adhering to public ownership as the mainstay and diverse forms of ownership developing together, which is conducive both to promoting the development of the public sector economy and to mobilizing the enthusiasm of various forms of ownership economies, effectively stimulating the vitality and creativity of various market entities, and further promoting competition and cooperation among all types of ownership. The advantage at the distribution system level is manifested in adhering to distribution according to work as the mainstay and multiple modes of distribution coexisting, reflecting the organic unity of fairness and efficiency. It both recognizes the dominant position of labor in income distribution, helping to avoid polarization and achieve common prosperity, and allows other factors of production to participate in distribution, greatly mobilizing enthusiasm in all aspects and further releasing the development potential of productive forces. The advantage at the market economy system level is manifested in breaking down the ideological dogma of the opposition between socialism and the market economy, combining effective market mechanisms with moderate macro-control. The basic socialist economic system is the foundation of the system of socialism with Chinese characteristics. It plays an important role in promoting the modernization of the national governance system and governance capacity, determines the governance system and governance effectiveness, and its improvement process is also a process of high-quality economic development, providing the institutional foundation, institutional guarantee, and institutional impetus for achieving common prosperity.

当前，对新时代以来社会主义基本经济制度的研究主要集中在以下三个方面：一是，社会主义基本经济制度内涵发展及其所包含的三项制度的内在逻辑关系。许多研究认为，随着我国进入新时代，社会主要矛盾发生了变化，社会主义基本经济制度内涵有了新的发展，是解放和发展生产力的历史要求，充分反映了“解放生产力，发展生产力，消灭剥削，消除两极分化，最终达到共同富裕”的社会主义本质要求，体现了社会主义制度的优越性，是习近平新时代中国特色社会主义经济思想的重要创新和发展，具有科学的理论基础、广泛的实践基础、深厚的群众基础，标志着社会主义基本经济制度更加成熟。针对所有制、分配制度和市场经济体制的逻辑关系，许多学者都认为，这三者不是单独割裂、简单并列的关系，而是具有相互联系、相互影响和辩证统一关系的“三位一体”的有机整体。按照马克思主义政治经济学的基本原理，许多学者指出，生产关系决定分配关系和交换关系，生产资料所有制的性质决定了生产关系的性质，进而决定了分配关系和交换关系的性质，在基本经济制度体系中，所有制具有基础性地位和决定性作用，即“公有制为主体、多种所有制共同发展”的所有制结构决定了“按劳分配为主体、多种分配方式并存”的分配制度，也决定了我国市场经济体制是社会主义市场体制的本质属性。相应地，分配制度和市场经济体制也会作用于所有制，协同适应生产力发展。黄泰岩认为，“公有制为主体、多种所有制经济共同发展”是分配制度和市场经济体制的基础，“按劳分配为主体、多种分配方式并存”是所有制和市场经济体制的具体实现，“社会主义市场经济体制”是所有制和分配制度的实现机制。二是，社会主义基本经济制度的形成和演变逻辑。许多研究表明，社会主义基本经济制度的演进是遵循生产力与生产关系、经济基础与上层建筑相互作用的矛盾运动规律，立足于不同时期的基本国情、发展任务和发展条件，通过改革生产关系和上层建筑中不适应生产力发展的一系列相互联系的环节和方面，在改革的实践中不懈探索、比较、选择和检验，是一个开放、动态的历史发展过程。高帆尝试从生产力和生产关系的互动、根本制度和具体经济制度的“链接”、制度一般性质和中国国情特征的“结合”等三个维度的融合来刻画基本经济制度的演变逻辑。三是，社会主义基本经济制度的制度优势和重要影响。所有制层面的优势表现为，坚持公有制为主体、多种所有制经济共同发展既有利于促进公有制经济发展，又有利于调动各种所有制经济的积极性，有效激发各类市场主体活力和创造力，进一步促进各类所有制的竞争与合作。分配制度层面的优势表现为，坚持按劳分配为主体、多种分配方式并存体现了公平与效率的有机统一，既承认劳动在收入分配中的主体地位，有利于避免两极分化，实现共同富裕，又允许其他生产要素参与分配，极大地调动了各方面积极性，进一步释放生产力的发展潜能。市场经济体制层面的优势表现为，破除了社会主义和市场经济对立的思想教条，把有效的市场机制和有度的宏观调控结合起来。社会主义基本经济制度是中国特色社会主义制度的根基，在推动国家治理体系和治理能力现代化方面有着重要作用，决定治理体系与治理效能，其完善过程也是经济高质量发展的过程，为实现共同富裕提供制度基础、制度保障和制度动力。

Since the New Era, the expansion of the connotation of the basic socialist economic system has both reflected the essential socialist attributes of public ownership as the mainstay, distribution according to work as the mainstay, and better playing the role of the government, and fully unleashed the incentive function of the market in resource allocation and factor distribution, promoting the organic integration of socialism and the market economy. This is a major theoretical innovation of Xi Jinping’s economic thought. Following the logic of the organic integration of socialism and the market economy, this paper attempts to further deeply study and elucidate three major innovative theories contained in the basic socialist economic system since the New Era: First, at the ownership level, the theoretical innovation of combining an ownership structure with public ownership as the mainstay with the market economy. This is the core issue of the organic integration of socialism and the market economy. It both breaks through the traditional Marxist political economy dogma that a public ownership economy does not involve a commodity economy and breaks through the tenet of mainstream Western economics that a market economy can only be based on a private ownership economy. Second, at the distribution system level, the theoretical innovation of combining adherence to the labor theory of value with regulating and guiding the healthy development of capital. This advances the study of capital theory under the conditions of the New Era, providing a scientific theoretical basis for promoting the benign and common development of various types of capital. Third, at the market economy system level, the theoretical innovation of combining an effective market with a competent government. This transcends the understanding of the functions and relationships of the market and government in mainstream Western economics, providing theoretical support for building a high-level socialist market economy system. Through in-depth study and elucidation of the theoretical innovation logic of these three combinations, unifying seemingly contradictory and opposing theoretical logics, it helps to promote the theoretical development of socialist political economy with Chinese characteristics and the construction of an independent knowledge system of Chinese economics.

新时代以来，社会主义基本经济制度内涵的拓展既体现了公有制为主体、按劳分配为主体和更好发挥政府作用的社会主义本质属性，又充分发挥了市场在资源配置和要素分配上的激励功能，推动了社会主义与市场经济的有机结合，是习近平经济思想的重大理论创新。沿着社会主义与市场经济有机结合的理路，本文尝试进一步深入研究阐释新时代以来社会主义基本经济制度蕴含的三个重大创新理论：一是，在所有制层面，以公有制为主体的所有制结构与市场经济结合的理论创新。这是社会主义与市场经济有机结合的核心问题，既破除了传统马克思主义政治经济学固守的公有制经济不存在商品经济的理论藩篱，也破除了西方主流经济学所认为的市场经济只能建立在私有制经济基础上的信条。二是，在分配制度层面，坚持劳动价值论与规范和引导资本健康发展结合的理论创新。这推动了新的时代条件下资本理论研究，为促进各类资本良性发展、共同发展提供了科学理论依据。三是，在市场经济体制层面上，有效市场和有为政府结合的理论创新。这超越了西方主流经济学对市场和政府功能与关系的认知，为构建高水平社会主义市场经济体制提供了理论支撑。通过深入研究阐释这三个结合的理论创新逻辑，将看似矛盾和对立的理论逻辑统一起来，有助于推动中国特色社会主义政治经济学的理论发展和中国经济学自主知识体系的建构。

II. The Combination of an Ownership Structure with Public Ownership as the Mainstay and the Market Economy

二、公有制为主体的所有制结构与市场经济的结合

General Secretary Xi Jinping has pointed out that developing a market economy under socialist conditions is a great creation of our Party. A key factor in the great success of China’s economic development is that we have given play to both the strengths of the market economy and the superiority of the socialist system. Our socialist market economy is built on the foundation of a basic economic system in which public ownership is dominant and diverse forms of ownership develop together. The integration of a public-ownership-dominant ownership structure with the market economy is a great innovative practice of China’s reform and opening up, an important theoretical proposition of socialist political economy with Chinese characteristics, and contains major theoretical innovations.

习近平总书记指出，在社会主义条件下发展市场经济，是我们党的一个伟大创举。我国经济发展获得巨大成功的一个关键因素，就是我们既发挥了市场经济的长处，又发挥了社会主义制度的优越性。我国社会主义市场经济是建立在公有制为主体、多种所有制经济共同发展的基本经济制度基础上，公有制为主体的所有制结构与市场经济的结合是我国改革开放的伟大创新实践，是中国特色社会主义政治经济学的重要理论命题，蕴含着重大理论创新。

(I) Clarifying the Relationship between Ownership and the Market Economy

（一）厘清所有制与市场经济的关系

Traditional Marxist economics holds that public ownership and the market economy are incompatible. Under public ownership in the higher stage of communism, because productive forces are highly developed, workers are fully developed, labor tools are extremely advanced, and means of labor are abundant, the situation in which individuals are slavishly subordinated to the division of labor has disappeared. Under public ownership of the means of production, workers can produce autonomously according to their own will or in free association with other subjects, and directly obtain advanced means of production as owners to produce products—what Marx called the “direct union of the worker with the means of production.” At this point, labor is no longer merely a means of making a living but has itself become life’s primary need. Producers do not need to exchange their products to meet their needs; instead, they practice “from each according to his ability, to each according to his needs.” The labor expended on products does not manifest as value. As Engels said, “Once society has taken possession of the means of production, commodity production will be eliminated, and with it the domination of the product over the producer.” In the lower stage of communism, because productive forces are not as developed as in the higher stage, labor has not yet transformed from a means of making a living into life’s primary need, and consumer goods for workers are distributed according to the principle of “to each according to his labor.” Since individual labor can be directly expressed as a component of total social labor, and the proportion of individual labor’s social contribution can be accurately measured, distribution according to labor, after deducting the products needed to maintain the social reproduction process and meet common needs, distributes consumer goods in proportion to the amount of labor contributed by each individual worker. Labor becomes the sole measure for distributing consumer goods, and the contribution to total social labor can be directly measured without needing to be indirectly measured through the market value mechanism. The opposition between individual labor and social labor disappears, and commodity-money relations also vanish. Therefore, whether in the lower or higher stage of communism, public ownership does not involve a commodity economy, let alone a market economy, which is a highly developed form of commodity economy.

传统马克思主义经济学认为公有制与市场经济是不兼容的。在共产主义高级阶段的公有制，由于生产力高度发展，劳动者得到全面的发展，劳动工具也极为先进，劳动资料十分丰富，迫使个人奴隶般地服从分工的情形已经消失。在生产资料公有制下，劳动者可以根据自身的意愿自主或与其他主体自由联合生产，并以所有者身份直接获得先进的生产资料进行产品生产，即马克思所谈的“劳动者与生产资料的直接结合”。这时劳动已经不仅仅是谋生手段而是本身成了生活的第一需要，生产者不用通过交换自己的产品来满足自己需求，而是“各尽所能，按需分配”，用在产品上的劳动也不表现为价值，正如恩格斯说的“一旦社会占有了生产资料，商品生产就将被消除，而产品对生产者的统治也将随之消除”。在共产主义低级阶段，由于生产力不像高级阶段那样发达，劳动还没有从人们的谋生手段变成生活的第一需要，对于劳动者的消费资料采取“按劳分配”。由于个人劳动能够直接表现为社会总劳动的构成部分，并且能够准确计量个人劳动社会贡献比例，按劳分配在扣除为了维持社会的再生产过程和满足共同需要等目的所需的产品后，可以根据劳动者个人所提供的劳动量比例分配消费资料。劳动成为消费资料分配的唯一尺度，而且对社会总劳动的贡献可以直接度量，不需要通过市场价值机制来间接度量，个人劳动与社会劳动的对立消失，商品货币关系也消亡。因此，无论共产主义初级阶段还是高级阶段，公有制都不存在商品经济，更不存在商品经济高度发达的市场经济。

Mainstream Western economics holds that the precondition of a market economy is private ownership of the means of production. Adam Smith believed that the division of labor is an important pathway for promoting technological progress and improving labor productivity. Because of labor and specialized division of labor, producers cannot be self-sufficient and need to exchange products to meet their needs; the division of labor inevitably leads to a demand for exchange. Therefore, Adam Smith emphasized that the level of division of labor is limited by the size of the market; the larger the market, the higher the level of specialized division of labor. Expanding the market requires an institutional system that makes savings and capital accumulation safer, and requires the protection of property rights. Neoclassical economics further analyzed how, under an exogenously given pattern of division of labor and a clearly defined system of private property rights, resources are efficiently allocated through the market price mechanism, supply-demand mechanism, and competition mechanism. Adhering to individualist methodology and assuming zero transaction costs—meaning that defining and exchanging property rights incurs no cost—neoclassical economics holds that property rights being clearly defined to individuals and strictly and completely protected is a precondition for market exchange.

西方主流经济学认为，市场经济的前提是生产资料的私有制。亚当·斯密认为，劳动分工是推动技术进步和提高劳动生产效率的重要途径。由于劳动和专业化分工，生产者不能自给自足，需要通过交换产品来满足需求，分工必然引致对交易的需求。因此，亚当·斯密强调，劳动分工水平受限于市场规模，市场规模越大专业化分工水平越高，市场规模的扩大需要使储蓄和资本累积更为安全的制度体系，需要对财产权的保护。新古典经济学进一步分析了在外生给定的分工格局和清晰界定的私有产权制度下，资源是如何在市场价格机制、供求机制和竞争机制下得到有效配置的。由于秉承个体主义方法论，又假定交易成本为零，产权界定和交易是没有成本的，新古典经济学认为产权被清晰界定到个人并得到严格和完备的保护，是市场交易的前提。

The practical and theoretical exploration of China’s basic socialist economic system has broken through the understanding of the relationship between ownership and the market economy in both traditional Marxist political economy and mainstream Western economics. From a higher logical perspective, it has unified seemingly conflicting and opposing relationships, clearing the theoretical obstacles to combining public ownership with the market economy at the source. First, China’s socialist public ownership is public ownership in the primary stage of socialism. The public-ownership economy in the primary stage of socialism has a dual nature: non-commodity and commodity. The non-commodity nature manifests as the direct social character of labor—that is, labor production directly meets social needs without passing through market exchange. The commodity nature manifests as follows: because the division of labor exists, socialist workers do not relate to the means of production merely as co-owners of the means of production; they must use labor as their means of making a living and realize the combination with public means of production as workers. Moreover, because the social contribution of individual labor cannot be directly measured, it must be measured through the market value mechanism to achieve equal exchange of labor and obtain corresponding remuneration. The non-commodity nature of socialist public ownership is in opposition to the market economy, while the commodity nature is unified with it. Because the public-ownership economy in the primary stage of socialism has the dual nature of commodity and non-commodity, the relationship between public ownership and the market economy is not entirely opposed and incompatible, as traditional Marxist political economy inferred, but rather shows a certain degree of unity with the market economy; the two are in a relationship of “unity of opposites.” As Zhang Yu pointed out, the organic combination of the two must both follow the laws of the market economy and embody the requirements of public ownership; it must both give play to the strengths of the market economy and highlight the superiority of the socialist system. Second, the most essential attribute of a market economy is that market entities operating autonomously and assuming sole responsibility for their profits and losses engage in commodity transactions through market prices while following market rules. As long as the rights of all parties to a transaction regarding commodity exchange are clear and they possess the right to trade commodities, the market mechanism can operate. The market economy does not presuppose private ownership of the means of production. A market economy based on private ownership of the means of production is a capitalist market economy, one form of the market economy. The socialist market economy is another type of market economy, one in which public ownership is dominant and diverse forms of ownership are allowed to develop together. Property rights can be distinguished into specific rights stipulated by contract and residual rights not stipulated by contract; ownership is regarded as residual rights or residual control rights. At the level of ownership, as long as the power to exercise the residual control rights attached to ownership can be allocated to specific decision-making subjects, the specific subject exercising ownership is clear. At the level of specific rights, all specific rights can be clearly defined between transacting subjects through contracts, and the subject exercising specific rights is also clear. Therefore, even if the ownership of the means of production is public, as long as the subjects exercising residual control rights and specific rights are clear, the rights to trade are clear, and the market can operate. The socialist market economy allows enterprises of different types of ownership to participate in fair market competition and develop together.

我国社会主义基本经济制度的实践和理论探索突破了传统马克思主义政治经济学和西方主流经济学对所有制和市场经济关系的认识，从一个更为高阶的逻辑视角把看似冲突和对立的关系统一起来，在理论源头上扫清了公有制与市场经济相结合的障碍。其一，我国社会主义公有制是社会主义初级阶段的公有制，社会主义初级阶段的公有制经济具有非商品性和商品性的二重属性。非商品性表现为劳动的直接社会性，即劳动生产不需要通过市场交换而是直接满足社会的需要。商品性表现为，由于存在分工，社会主义社会的劳动者并不是单纯以生产资料共有者身份与生产资料发生实际联系，必须把劳动作为自己的谋生手段，以劳动者身份实现与公共生产资料的结合，而且由于无法直接计量个人劳动的社会贡献，必须通过市场价值机制来实现等量劳动交换获得相应的报酬。社会主义公有制的非商品属性与市场经济呈现对立状态，商品属性则是与市场经济相统一。由于社会主义初级阶段的公有制经济所具有商品性和非商品性的二重属性，公有制与市场经济关系既不是如传统马克思主义政治经济学所推断的完全对立和不兼容，而是与市场经济呈现出一定程度的统一性，两者是“对立统一”的关系。正如张宇指出的，两者的有机结合既要遵循市场经济规律，又要体现公有制的要求，既要发挥市场经济的长处，又要彰显社会主义制度的优越性。其二，市场经济最为本质的属性是，自主经营和自负盈亏的市场主体在遵循市场规则下通过市场价格进行商品交易。只要确保交易各方对商品交易的权利明晰，对商品拥有交易权利，市场机制就可以运行，市场经济并不以生产资料私有制为前提。生产资料私有制的市场经济是资本主义市场经济，是市场经济的一种形式。社会主义市场经济是以公有制为主体，并允许多种形式的所有制共同发展的、另一种类型的市场经济。产权可以被区分为由合约规定好的具体权利和合约没有规定好的剩余权利，所有权被视为是剩余的权利或剩余控制权。在所有权层面，只要能够将所有权所附着的剩余控制权的行使权力配置给具体的决策主体，所有权的具体行使主体就是清晰的。在具体权利层面，所有具体权利都能够以合约的方式在交易主体之间清晰界定，具体权利的行使主体也是清晰的。因此，即便生产资料所有权是公有的，只要剩余控制权和具体权利的行使主体明确，交易权利就是明晰的，市场就能够运行。社会主义市场经济允许不同类型的所有制企业参与公平的市场竞争、共同发展。

(II) The Realization Mechanism for the Organic Combination of the Two

（二）两者有机结合的实现机制

While adhering to the dominant position of public ownership and giving play to the decisive role of the market in resource allocation, it is necessary to achieve the organic combination of public ownership and the market economy. Moreover, in the market competition among diverse forms of ownership, it is also necessary to effectively enhance the competitiveness, innovation, control, influence, and risk-resistance capacity of the state-owned economy. How to achieve the organic combination of the two is both an important practical issue and a major theoretical issue. The following attempts to reveal three important realization mechanisms in theory, based on China’s reform practice.

坚持公有制为主体的前提下发挥市场在资源配置中决定性作用，必须做好公有制与市场经济的有机结合，而且在多种所有制经济的市场竞争中，还必须切实增强国有经济竞争力、创新力、控制力、影响力和抗风险力。如何实现两者有机结合既是重要的实践问题，也是重大的理论问题。以下结合我国的改革实践尝试在理论上揭示三个重要实现机制。

First, deepening the reform of state-owned enterprises and transforming them into competitive market entities. General Secretary Xi Jinping has pointed out that we must uphold and improve the basic socialist economic system, further deepen the reform of state-owned assets and state-owned enterprises, and enhance the competitiveness of state-owned enterprises. As enterprises owned by the whole people, state-owned enterprises are an important component and concrete form of realization of the public-ownership economy. Deepening reform to enable state-owned enterprises to adapt to the operational rules of the market economy is an important mechanism for realizing the organic integration of public ownership and the market economy. The reform of state-owned enterprises includes both internal governance reform and external governance reform. Internal governance reform includes adopting the form of mixed ownership to optimize the enterprise’s equity structure and improve the corporate governance structure of the legal person. External governance reform mainly involves optimizing the regulatory mechanism of the principal-agent relationship between the government and state-owned enterprises. The so-called “separation of government functions from enterprise management” means that the government cannot interfere with the enterprise’s independent operation and assumption of sole responsibility for its profits or losses, and still less can it disrupt the rules of fair competition through direct intervention in the market. However, as the representative of the investor, the government must fulfill the investor’s regulatory responsibilities over state-owned assets, achieving both non-interference in the daily operational activities of state-owned enterprises and effective supervision over the optimization of the layout, standardized operation, and preservation and appreciation of state-owned capital. The focus of state-owned enterprise reform is, in terms of internal governance, to build state-owned enterprises into a modern enterprise system with Chinese characteristics that upholds the leadership of the Party, has clear property rights, well-defined powers and responsibilities, separates government functions from enterprise management, adopts scientific management, and achieves effective governance. In terms of external governance, it is to construct a state-owned assets regulatory system centered on managing capital, promote the optimization of the state-owned capital layout and structural adjustment, and enhance the allocation efficiency of state-owned assets. As mentioned above, the public-ownership economy in the primary stage of socialism possesses the dual attributes of commodity nature and non-commodity nature. On the one hand, state-owned enterprises must pursue market economic interests like private enterprises, which is determined by the commodity nature of the public-ownership economy. On the other hand, in areas such as innovation leadership, enhancing the level of industrial and supply chains, safeguarding social welfare and people’s livelihoods, responding to major challenges, and maintaining national economic security, they must also bear important social responsibilities, which is determined by the non-commodity nature and direct social nature of public capital. Therefore, state-owned enterprises must not only achieve efficiency at the micro level of the enterprise but also pursue efficiency at the macro social level.

一是，深化国有企业改革，将国有企业改造成为具有竞争力的市场主体。习近平总书记指出，要坚持和完善社会主义基本经济制度，进一步深化国资国企改革，提高国企竞争力。作为全民所有制企业，国有企业是公有制经济的重要组成部分和具体实现形式，通过深化改革促使国有企业适应市场经济运行规则是公有制与市场经济有机结合的重要实现机制。国有企业改革包含内部治理改革和外部治理改革。内部治理改革包括采用混合所有制的形式优化企业股权结构和健全公司法人治理结构。外部治理改革主要涉及优化政府与国有企业委托代理的监管机制。所谓的“政企分开”是指政府不能干预企业的自主经营和自负盈亏，更不能通过直接干预市场来破坏公平竞争的市场规则。但是，作为出资方的代表，政府必须履行出资人对国有资产的监管职责，做到既不干预国有企业日常经营活动，又要对国有资本的布局优化、规范运作、保值增值等做出有效监管。国有企业改革的重点就是在内部治理上将国有企业建设成为坚持党的领导、产权清晰、权责明确、政企分开、管理科学、治理有效的中国特色的现代企业制度，在外部治理上构建以管资本为主的国有资产监管体制，推进国有资本布局优化和结构调整，提升国有资产的配置效率。如上所述，社会主义初级阶段公有制经济具有商品性和非商品性的二重属性，国有企业一方面要像私营企业一样追求市场的经济利益，这是由公有制度经济的商品性所决定的，另一方面在创新引领、提升产业链供应链水平、保障社会民生、应对重大挑战、维护国家经济安全等领域也要担负重要的社会责任，这是由公有资本的非商品性和直接社会性所决定的。因此，国有企业不仅要实现企业微观层面的效率，也要追求宏观社会层面的效率。

Second, deepening the reform of the rural collective property rights system and innovating effective forms of realizing rural collective ownership. General Secretary Xi Jinping has pointed out that the focus of the reform of the rural collective property rights system is to adapt to the requirements of the socialist market economy and construct an operational mechanism with clear property rights relationships, a scientific governance structure, stable management methods, and reasonable income distribution. The integration of collective ownership with the market economy is achieved mainly through reforms in three aspects: First, for important collective resource assets such as land, the idea of separating property rights is innovatively adopted. While adhering to the premise of unchanged collective ownership, other economic rights such as management rights and use rights are defined for members of the collective economic organization, and the functions and tradable scope of these rights are gradually expanded to enhance the level of market-based allocation of land factors. Agricultural land has evolved from the household contract responsibility system to the separation of ownership rights, contract rights, and management rights. The transfer of management rights has also been relaxed from being limited to transactions among members within the collective to allowing transactions with economic entities outside the collective. The reform of homestead land is also being carried out under the idea of separating ownership rights, qualification rights, and use rights. The use rights of rural collective operational construction land have also been reformed from not being allowed to enter the market to being allowed to enter the market directly, accelerating the formation of a unified urban and rural construction land market. Second, for collective operational assets, with the focus on clarifying income distribution rights, the assets are confirmed to households and quantified to the members of the collective in the form of shares or quotas, serving as the basic basis for their participation in the distribution of collective income. This reform of the joint-stock cooperative system under collective ownership differs from the joint-stock system reform of industrial and commercial enterprises; equity is dependent on the status of collective membership, and equity transactions can only be conducted within the collective. Third, clarifying the market entity status of rural collective economic organizations. As market entities for the operation and management of collective assets, rural collective economic organizations play an important role in managing collective assets, developing collective resources, growing the collective economy, and serving collective members. They are the main form of realization of the rural collective economy. The “Law of the People’s Republic of China on Rural Collective Economic Organizations” has legally clarified that rural collective economic organizations registered according to law obtain special legal person status, engage in civil activities commensurate with their functions according to law, and allow rural collective economic organizations to invest in or participate in the establishment of market entities such as companies and specialized farmer cooperatives according to law, bearing debt liability to the extent of their capital contribution to the market entities they establish or participate in. Therefore, although the internal equity of collective economic organizations is closed, they can achieve deep cooperation with external market entities by investing in or taking equity stakes in other economic entities, adopting flexible organizational forms to participate in market competition.

二是，深化农村集体产权制度改革，创新农村集体所有制有效实现形式。习近平总书记指出，农村集体产权制度改革重点是适应社会主义市场经济要求，构建产权关系明晰、治理架构科学、经营方式稳健、收益分配合理的运行机制。主要通过三个方面的改革来实现集体所有制与市场经济的结合：其一，对于像土地这样重要的集体资源性资产，创新性地采用产权分置的思想，在坚持集体所有权不变的前提下，将其他诸如经营权和使用权等经济权利界定给集体经济组织成员，并逐步扩大这些权利的权能和可交易范围，提升土地要素的市场化配置水平。农地从家庭承包制到所有权、承包权和经营权的三权分置，经营权也从仅限于集体内成员间的流转放开到可以向集体外经济主体流转。宅基地改革也在所有权、资格权和使用权的三权分置思想下展开。农村集体经营性建设用地的使用权也从不允许入市改革到可以直接入市，加快形成城乡统一建设用地市场。其二，对于集体经营性资产，以明晰收益分配权为重点，将资产确权到户，以股份或者份额形式量化到本集体成员，作为其参加集体收益分配的基本依据。这种集体所有制下的股份合作制的改革不同于工商企业的股份制改造，股权是依赖于集体成员身份，股权交易只能在集体内部进行。其三，明确农村集体经济组织的市场主体地位。作为集体资产经营管理的市场主体，农村集体经济组织在管理集体资产、开发集体资源、发展集体经济、服务集体成员等方面发挥重要的功能，是农村集体经济的主要实现形式。《中华人民共和国农村集体经济组织法》已在法律层面上明确了依法登记的农村集体经济组织取得特别法人资格，依法从事与其履行职能相适应的民事活动，允许农村集体经济组织可以依法出资设立或者参与设立公司、农民专业合作社等市场主体，以其出资为限对其设立或者参与设立的市场主体的债务承担责任。因此，尽管集体经济组织内部股权是封闭的，但是可以通过出资设立或者参股其他经济主体，实现与外部市场主体的深度合作，采用灵活的组织形式参与市场竞争。

Third, upholding and implementing the “Two Unswervinglys” [4]4 The “Two Unswervinglys” (两个毫不动摇) refer to the Party’s policy of unswervingly consolidating and developing the public sector of the economy, and unswervingly encouraging, supporting, and guiding the development of the non-public sector. and providing a legal and institutional environment for fair development. The integration of public ownership with the market economy can further consolidate and develop the public-ownership economy. It is not opposed to promoting the development of the non-public-ownership economy but is organically unified with it. The relationship between various forms of ownership is not one of mutual opposition or one rising while the other falls, but one of complementary advantages and mutual promotion. The common development of the public-ownership economy and the non-public-ownership economy is an important requirement of the basic socialist economic system. General Secretary Xi Jinping has emphasized that the Party and the state uphold and improve the basic socialist economic system, unswervingly consolidate and develop the public-ownership economy, and unswervingly encourage, support, and guide the development of the non-public-ownership economy. The Party and the state ensure that all forms of ownership use factors of production equally according to law, participate in market competition fairly, and receive equal legal protection, promoting the complementary advantages and common development of various forms of ownership, and promoting the healthy development of the non-public-ownership economy and the healthy growth of those working in it. The “Two Unswervinglys” negates both the planned economy under a single public-ownership form and the market economy under complete privatization, organically combining the public-ownership economy with the non-public-ownership economy. It fully affirms the importance of the public-ownership economy for China’s strategic security, industrial leadership, national welfare and people’s livelihoods, social fairness, and common prosperity, and also fully affirms the important role of the non-public-ownership economy in stabilizing growth, promoting innovation, increasing employment, and improving people’s livelihoods. The state-owned economy plays an important strategic supporting role in high-quality development. The private economy has become an indispensable force driving China’s development, a vital force in advancing Chinese-path modernization, and an important foundation for high-quality development. It is necessary to further optimize the development environment for private enterprises, promote private enterprises to become stronger, better, and larger, and promote the growth and expansion of the private economy. The integration of public ownership with the market economy is intended to introduce the vitality and impetus of market resource allocation into the development of the state-owned economy. It must not damage the fair market environment. It is necessary to ensure that the state-owned economy and the private economy enjoy equal subject status in terms of property rights protection, market access, market opportunities, market competition, and market supervision. State-owned enterprises, private enterprises, and other types of market entities must all compete under fair market rules, thereby enhancing the endogenous driving force and innovation vitality of economic development. Therefore, market rules cannot contain ownership discrimination. Both state-owned enterprises and private enterprises are equal market entities that follow established rules of the game. This requires upholding and implementing the “Two Unswervinglys” policy at the legal and institutional levels, implementing the requirement for equal treatment of state-owned and private enterprises, promoting state-owned capital and state-owned enterprises to become stronger, better, and larger, encouraging and supporting the growth and expansion of the private economy and private enterprises, and constructing a legal and institutional environment that fully stimulates the endogenous driving force and innovation vitality of all types of business entities.

三是，坚持和落实“两个毫不动摇”，提供公平发展的法律和制度环境。公有制与市场经济的结合能够进一步巩固好、发展好公有制经济，它同促进非公有制经济发展不是对立的，而是有机统一的。各种所有制经济不是相互对立、此消彼长的关系，而是优势互补、相互促进的关系，公有制经济和非公有制经济共同发展是社会主义基本经济制度的重要要求。习近平总书记强调，党和国家坚持和完善社会主义基本经济制度，毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展；党和国家保证各种所有制经济依法平等使用生产要素、公平参与市场竞争、同等受到法律保护，促进各种所有制经济优势互补、共同发展，促进非公有制经济健康发展和非公有制经济人士健康成长。“两个毫不动摇”既否定了单一公有制形式的计划经济，也否定了完全私有化的市场经济，将公有制经济与非公有制经济有机结合起来，既充分肯定公有制经济对我国战略安全、产业引领、国计民生、社会公平和共同富裕等的重要性，也充分肯定非公有制经济在稳定增长、促进创新、增加就业、改善民生等方面发挥的重要作用。国有经济在高质量发展中发挥着重要战略支撑作用，民营经济已经成为推动我国发展不可或缺的力量，是推进中国式现代化的生力军，是高质量发展的重要基础。必须进一步优化民营企业发展环境，推动民营企业做强做优做大，促进民营经济发展壮大。公有制与市场经济的结合是为了将市场配置资源的活力和动力引入国有经济发展中，不能损害公平的市场环境，必须确保国有经济和民营经济在产权保护、市场准入、市场机会、市场竞争和市场监管等方面享有公平的主体地位，国有企业与民营企业等各类市场主体都必须在公平的市场规则下进行竞争，进而增强经济发展的内生动力和创新活力。因此，市场规则不能够带有所有制歧视，无论是国有企业还是民营企业都是遵循既定博弈规则的平等市场主体。这需要在法律和制度层面上坚持和落实“两个毫不动摇”方针政策，把对国企民企平等对待的要求落下来，推动国有资本和国有企业做强做优做大，鼓励支持民营经济和民营企业发展壮大，构建充分激发各类经营主体内生动力和创新活力的法律和制度环境。

III. Combining the Adherence to the Labor Theory of Value with the Regulation and Guidance of the Healthy Development of Capital

三、坚持劳动价值论与规范和引导资本健康发展的结合

General Secretary Xi Jinping has pointed out that over the more than 40 years of China’s reform and opening up, capital, together with such factors of production as land, labor, technology, and data, has contributed to the flourishing development of the socialist market economy, and the positive role of various forms of capital must be fully affirmed. He has stressed the need to strengthen research on the theory of capital under the new historical conditions, and to study how to regulate and guide the healthy development of capital under the socialist system. This is a major theoretical and practical issue that Marxist political economy in the New Era must study and resolve. The basic socialist economic system implements a distribution system in which “distribution according to work is dominant and multiple forms of distribution coexist,” and capital, as a factor of production, also participates in distribution. The labor theory of value is the logical starting point of Marxist political economy. On the premise of adhering to the labor theory of value, scientifically revealing the logic of capital’s participation in distribution, and distinguishing in theoretical principle between the reasonable and unreasonable returns of capital, can both give capital a “reassurance” [5]5 “定心丸” (dìngxīn wán) is a Chinese idiom meaning a “reassurance” or “something that sets one’s mind at ease,” literally a “heart-settling pill.” for its reasonable development and provide theoretical support for preventing the disorderly expansion of capital, thereby guiding the healthy development of capital. This is of great significance for promoting the benign and common development of all types of capital.

习近平总书记指出，我国改革开放40多年来，资本同土地、劳动力、技术、数据等生产要素共同为社会主义市场经济繁荣发展作出了贡献，各类资本的积极作用必须充分肯定，强调要加强新的时代条件下资本理论研究，在社会主义制度下如何规范和引导资本健康发展，这是新时代马克思主义政治经济学必须研究解决的重大理论和实践问题。社会主义基本经济制度实行“按劳分配为主、多种分配方式并存”的分配制度，资本作为生产要素也参与分配。劳动价值论是马克思主义政治经济学的逻辑起点，在坚持劳动价值论的前提下科学揭示资本参与分配的逻辑，在学理上区分资本的合理收益和不合理收益，既能够让资本合理发展吃下“定心丸”，又为防止资本无序扩张提供学理支撑，引导资本健康发展，对于促进各类资本良性发展、共同发展具有重要的意义。

(I) Clarifying the Relationship between Value Creation and Value Distribution

（一）厘清价值创造与价值分配的关系

Western economics holds that the factors that participate in value distribution are also the sources of value creation. Adam Smith believed that the value of a commodity is composed of three types of income: wages, profit, and rent—the famous “Smithian dogma.” Jean-Baptiste Say also proposed that the value of a commodity is created jointly by three factors: labor, capital, and land—the famous “trinity formula.” Marx criticized the “Smithian dogma” and Say’s “trinity formula,” arguing that they confuse the issue of value creation with that of value distribution, using the equal relationship of each getting its due in the sphere of distribution to conceal the essence of exploitation that occurs in the sphere of production.

西方经济学认为参与价值分配的要素也是价值创造的源泉。亚当·斯密认为，商品的价值是由工资、利润和地租三种收入构成的，即著名的“斯密教条”。萨伊也提出，商品的价值是由劳动、资本和土地三种要素协同创造的，即著名的“三位一体公式”。马克思对“斯密教条”和萨伊“三位一体公式”进行批判，认为他们把价值创造和价值分配问题混淆了，以分配领域内各得其所的平等关系来掩盖发生在生产领域内的剥削实质。

The labor theory of value is the theoretical starting point and basic paradigm of Marxist political economy. To adhere to Marxism, one must uphold Marx’s monistic labor theory of value, i.e., value is the congealed, undifferentiated general human labor in a commodity, labor is the sole substance of value, and only living labor can create value. Means of production, including capital, merely transfer their original value as they are consumed in production; they can be called objectified labor or old value. The value of a commodity is composed of the old value formed by objectified labor and the new value formed by living labor. The labor theory of value is the core and basic paradigm of Marxist political economy and the fundamental hallmark that distinguishes it from other schools of economics. Therefore, to adhere to Marxism, one must acknowledge that the source of value is labor. So, if the value of a commodity is created by living labor, can other factors of production, such as capital, participate in distribution? In the *Critique of the Gotha Programme*, Marx clearly states: “Any distribution of the means of consumption is only a consequence of the distribution of the conditions of production themselves. The latter distribution, however, is a feature of the mode of production itself.” [6]6 This is a direct quotation from Marx’s *Critique of the Gotha Programme* (1875). Therefore, the Marxist view is that distribution relations are determined by the ownership of the means of production. There is no necessary connection between value creation and value distribution. Value creation belongs to the category of productive forces, while value distribution belongs to the category of relations of production; distribution relations are determined by the ownership relations of the means of production.

劳动价值论是马克思主义政治经济学的理论起点和基本范式，坚持马克思主义就必须坚持马克思劳动价值的一元论，即价值是凝结在商品中的无差别的一般人类劳动，劳动是价值的唯一实体，只有活劳动才能创造价值。包括资本在内的生产资料只是随着生产中的耗费转移其原有的价值，可称之为物化劳动或旧价值，商品价值是由物化劳动形成的旧价值和活劳动形成的新价值共同构成的。劳动价值论是马克思主义政治经济学的内核和基本范式，是其区别于其他经济学流派的根本标志。因此，坚持马克思主义就必须承认价值的源泉是劳动。那么，商品的价值是由活劳动创造的，资本等其他生产要素是否可以参与分配？在《哥达纲领批判》中，马克思明确指出，“消费资料的任何一种分配,都不过是生产条件本身分配的结果；而生产条件的分配，则表现生产方式本身的性质”。因此，马克思主义的观点是分配关系由生产资料所有制决定。价值创造与价值分配没有必然的联系，价值创造属于生产力范畴，价值分配属于生产关系范畴，分配关系由生产资料所有制关系决定。

Because value creation requires the combination of labor and means of production, although capital does not create value, it plays an important role in value creation and is an important material condition for congealing labor. In addition, Marx distinguished between value creation and wealth creation. Marx believed that labor is the sole source of value, but not the sole source of wealth. Wealth refers to material wealth and spiritual-cultural wealth composed of use-values. Labor and means of production, including capital, are both necessary conditions for producing wealth. In a private ownership economy, capital is owned privately, and the capital owner can obtain the right to distribute value by threatening to deny workers access to the means of production. The bargaining position of labor and capital over value distribution depends on the external options of both sides. When workers possess only their own labor power and no means of production, they have no other external options and are in an extremely unfavorable bargaining position, allowing the capital owner to maximize the extraction of surplus value. In a socialist public ownership economy, capital is owned by the workers. The agents of state-owned capital cannot, like private capital owners, obtain the right to distribute value by threatening to prevent workers from using the means of production. Instead, they prioritize the distribution of value on the grounds of various necessary deductions for maintaining social reproduction and meeting common needs. The value obtained by state-owned enterprises does not belong to any individual but is capital needed for common development and common interests.

由于价值创造需要劳动与生产资料结合，尽管资本不创造价值，但是它对价值创造具有重要的作用，是凝结劳动的重要物质条件。此外，马克思区分了价值创造和财富创造。马克思认为，劳动是价值的唯一源泉，但不是财富的唯一源泉，财富是指由使用价值构成的物质财富和精神文化财富，劳动和包括资本在内的生产资料都是生产财富的必要条件。在私有制经济中，资本归私人所有，资本所有者能够以拒绝劳动者使用生产资料为由而获得价值分配权。劳资双方就价值分配的谈判地位取决于双方的外部选择权。当劳动者仅仅拥有自身劳动而不拥有任何生产资料时，劳动者没有其他外部选择权，处于极度不利的谈判地位，资本所有者将最大化攫取剩余价值。在社会主义公有制经济中，资本归劳动者所有，国有资本的代理人不能像私有资本所有者那样，以威胁不让劳动者使用生产资料而获得价值分配权，而是以为了维持社会再生产和满足共同需要等目的的各项必要扣除为由优先分配价值，国有企业获得的价值不归任何个人所有，而是为了满足共同发展和共同利益所需的资本。

The value in which capital participates in distribution all originates from the value created by labor; capital itself does not create value. Depending on the different types of ownership of the means of production, the attribution of capital returns also differs. The value obtained by state-owned capital belongs to the whole people, the value obtained by collectively owned capital belongs jointly to the members of the collective economic organization, and the value obtained by private capital belongs to the capital owner.

资本参与分配的价值都是源自劳动创造的价值，资本自身不创造价值。根据生产资料所有制的不同，资本收益归属也不同，国有资本获得的价值归全民所有，集体资本获得的价值归集体经济组织成员共同拥有，私有资本获得的价值归资本所有者所有。

(II) The Logic of Capital’s Participation in Distribution

（二）资本参与分配的逻辑

Since reform and opening up, the Party Central Committee’s understanding and practice of capital’s participation in distribution have continuously deepened. The Third Plenary Session of the 14th Central Committee [7]7 The Third Plenary Session of the 14th Central Committee of the CPC was held in 1993. explicitly stated that “personal capital and other factors of production are allowed to participate in the distribution of income,” and capital’s right to participate in distribution as a factor of production was formally recognized by the Party Central Committee. The report of the 15th National Congress of the CPC [8]8 The 15th National Congress of the CPC was held in 1997. further proposed “adhering to the system in which distribution according to work is dominant and multiple forms of distribution coexist,” and pointed out that “capital, technology, and other factors of production are allowed and encouraged to participate in the distribution of income.” Therefore, compared with the Third Plenary Session of the 14th Central Committee, the report of the 15th National Congress of the CPC not only “allowed” but also “encouraged” capital to participate in income distribution. The report of the 16th National Congress of the CPC [9]9 The 16th National Congress of the CPC was held in 2002. proposed “establishing the principle of distribution according to contribution for factors such as labor, capital, technology, and management, and improving the distribution system in which distribution according to work is dominant and multiple forms of distribution coexist.” On the premise of adhering to and improving the distribution system of “distribution according to work as the main form and multiple forms of distribution coexisting,” it further emphasized establishing the principle of capital and other factors of production participating in distribution. The report of the 17th National Congress of the CPC [10]10 The 17th National Congress of the CPC was held in 2007. proposed “upholding and improving the distribution system in which distribution according to work is dominant and multiple forms of distribution coexist, and perfecting the system of distribution according to contribution for factors such as labor, capital, technology, and management,” evolving from the previously established principle of capital and other factors of production participating in distribution to perfecting the system of capital and other factors of production participating in distribution. The Third Plenary Session of the 18th Central Committee [11]11 The Third Plenary Session of the 18th Central Committee of the CPC was held in 2013. pointed out “perfecting the remuneration mechanism determined by factor markets for capital, knowledge, technology, management, etc.,” clearly stating that the principle and system for capital and other factors of production to participate in distribution is a remuneration mechanism determined by the market, i.e., the income distribution of capital and other factors of production is determined by the market. The Fourth Plenary Session of the 19th Central Committee [12]12 The Fourth Plenary Session of the 19th Central Committee of the CPC was held in 2019. pointed out “perfecting the mechanism by which the market evaluates the contribution of factors of production such as labor, capital, land, knowledge, technology, management, and data, and determines remuneration according to contribution,” providing a more detailed explanation that the distribution principle and mechanism for capital and other factors of production is “the market evaluates the contribution, and remuneration is determined according to the contribution,” making it one of the most fundamental, foundational, and pillar systems of the economic system.

改革开放以来，党中央对资本参与分配的认识和实践不断深化。党的十四届三中全会明确提出“允许属于个人的资本等生产要素参与收益分配”，资本作为生产要素参与分配的权利得到党中央的正式认可。党的十五大报告进一步提出“坚持按劳分配为主体、多种分配方式并存的制度”，指出“允许和鼓励资本、技术等生产要素参与收益分配”。因此，较之于党的十四届三中全会，党的十五大报告不仅“允许”还“鼓励”资本参与收益分配。党的十六大报告提出“确立劳动、资本、技术和管理等生产要素按贡献参与分配的原则，完善按劳分配为主体、多种分配方式并存的分配制度”，在坚持完善“按劳分配为主体、多种分配方式并存”分配制度的前提下，进一步强调确立资本等生产要素参与分配的原则。党的十七大报告提出“要坚持和完善按劳分配为主体、多种分配方式并存的分配制度，健全劳动、资本、技术、管理等生产要素按贡献参与分配的制度”，从之前确立资本等生产要素参与分配的原则演进为健全资本等生产要素参与分配的制度。党的十八届三中全会指出“健全资本、知识、技术、管理等由要素市场决定的报酬机制”，明确指出资本等要素参与分配的原则和制度是由市场决定的报酬机制，即资本等生产要素的收益分配由市场来决定。党的十九届四中全会指出“健全劳动、资本、土地、知识、技术、管理、数据等生产要素由市场评价贡献、按贡献决定报酬的机制”，更加详细地阐释了资本等生产要素的分配原则和分配机制是“由市场评价贡献，按贡献决定报酬”，成为经济制度的最为基础、具有根基性和支柱性的制度之一。

It is necessary to scientifically distinguish between the reasonable and unreasonable returns on capital. If the owner of capital, by virtue of the monopoly power to control the conditions of labor, appropriates labor value without compensation, such returns on capital are unreasonable. Although capital in the production process merely transfers value in form and does not create new value, capital value may bear risks in the process of value realization. Returns on capital are not necessarily the uncompensated appropriation of value; rather, they may originate from the contribution of bearing risks in the process of value realization. The returns on capital are a kind of market compensation for the risks it bears, and this constitutes the reasonable returns on capital. Risks can be divided into those that are identifiable, measurable, and contractible, and those that are unidentifiable, unmeasurable, and non-contractible. The former are risks for which the probability of loss can be described and for which the corresponding compensatory returns can be determined through risk pricing models. The latter are fundamental uncertainties in the Knightian sense, which cannot be described or priced through probability models; compensation for such risks is primarily provided through residual profits. Huang Kainan and Lin Yifu refer to unidentifiable, unmeasurable, and non-contractible risks as "residual risks," that is, the risks remaining after deducting identifiable and measurable risks from total risk, risks arising from fundamental uncertainty. For residual risks, only equity capital can bear them, receiving corresponding residual profits as risk compensation. Debt capital can only bear identifiable and relatively low risks. Therefore, because risks and uncertainties may exist in the process of value realization, capital may bear varying degrees of risk in that process. To incentivize capital owners to invest capital, corresponding compensation needs to be provided in the distribution of value; this portion of risk compensation returns constitutes the reasonable returns on capital. For example, for identifiable and measurable risks, the reasonable returns on capital are the risk compensation returns determined by risk pricing models. However, if capital returns exceed the risk compensation returns, the excess portion constitutes the uncompensated appropriation of value and is unreasonable returns. For unidentifiable and unmeasurable residual risks, the reasonable returns on capital are the remaining returns after deducting labor income and returns on identifiable risks. If this portion of residual profits comes from bearing residual risks, it is reasonable; if it comes from monopoly over the conditions of labor resulting in excess profits, it is unreasonable.

必须科学区分资本的合理收益和不合理收益。如果资本所有者因为控制劳动条件的垄断权而无偿占有劳动价值，这种资本收益就是不合理的。尽管资本在生产过程中只是价值形态的转移，并不创造新的价值，但是资本价值在实现过程中可能承担了风险，资本收益不一定是无偿占有价值，而是源自其对价值实现过程中承担风险的贡献，资本的收益是来自其承担风险的一种市场补偿，这是资本的合理收益。风险可以区分为可识别、可计量、可缔约的风险以及不可识别、不可计量、不可缔约的风险。前者是可以通过概率描述损失可能性的风险，能够通过风险定价模型确定相应的补偿收益。后者是奈特意义上的根本不确定性，无法通过概率模型来描述和定价，对于这种风险的补偿主要是通过剩余利润。黄凯南和林毅夫将不可识别、不可计量和不可缔约的风险称为“剩余风险”，即风险中扣除可识别、可计量风险后剩余的风险，是由根本不确定性引起的风险。对于剩余风险，只有股权资本能够承担，并以获得相应的剩余利润给予风险补偿。债权资本只能够承担可识别和相对较低的风险。因此，由于价值实现过程中可能存在风险和不确定性，资本在价值实现过程中可能承担了不同程度的风险，为了激励资本所有者的资本投入，需要在价值分配中给予相应的补偿，这部分风险补偿收益是资本的合理收益。例如，对于可识别和可计量风险，资本合理收益是由风险定价模型确定的风险补偿收益，但是如果资本收益超过风险补偿收益，超过的部分就属于无偿占有价值，就是不合理收益。对于不可识别和不可计量的剩余风险，资本的合理收益是扣除劳动者收入、可识别风险的收益之后剩余的收益，这部分剩余利润如果是来自承担的剩余风险就是合理的，如果是由于对劳动条件垄断而获得的超额利润就是不合理的。

(III) Regulating and Guiding the Healthy Development of Capital

（三）规范和引导资本健康发展

Capital not only serves as the condition of labor in the process of labor creating value but may also bear varying degrees of risk in the process of value realization. Capital accumulation plays an important positive role in economic growth. Of course, capital also has negative effects such as blindness, speculation, greed, and adventurism. Capital itself is a contradictory entity that is both creative and destructive, both historically progressive and limited. Hu Huaiguo points out that the profit-seeking, fluid, and expansive nature of the capital factor under market economy conditions endows it with an important role in optimizing resource allocation and promoting economic development, but at the same time makes it an important source of disturbance in economic development and macro-instability. Under any social conditions, the role of capital has a dual character. Under the socialist system, it is necessary to both fully leverage the positive role of capital and to limit and avoid its negative role as much as possible, requiring the regulation and guidance of the healthy development of capital.

资本不仅在劳动创造价值过程中充当了劳动条件，也可能在价值实现过程中承担不同程度的风险，资本积累对经济增长具有重要的积极作用。当然，资本也具有盲目性、投机性、贪婪性和冒险性等消极作用。资本本身就是一个兼具创造性与破坏性、历史进步性与局限性的矛盾体。胡怀国指出，资本要素在市场经济条件下的逐利性、流动性和扩张性赋予其优化资源配置、推动经济发展的重要作用，但同时也使之成为经济发展中的扰动因素和宏观不稳定的重要根源。在任何社会条件下，资本的作用都具有双重性。在社会主义制度下，既要充分发挥好资本的积极作用，也要尽量限制和规避资本的消极作用，需要规范和引导资本健康发展。

First, returns on capital are a distribution of the value created by labor; capital must take serving the real economy as its fundamental purpose. If it departs from the value created by labor in the real economy, the returns on capital lose their basis for distribution. Of course, value may be created by current labor or by future labor. The future cash flows on which asset securitization depends must be supported by value created by future labor; otherwise, asset bubbles will arise. Excessive virtualization and financialization of capital can create economic bubbles and pose a huge threat to the sustainable and stable development of the entire economy and society. No matter in which financial market capital circulates, it must ultimately enter the real economy, forming fixed assets, current assets, and intangible assets through industrial investment. The financial market is essentially formed by various capital supply-and-demand contracts. The lower the transaction costs in the financial market, the higher the efficiency of capital allocation. The development of the financial market must aim at the efficient entry of capital into the real economy.

首先，资本收益是对劳动创造出价值的分配，资本必须以服务实体经济为根本宗旨。如果离开了实体经济中劳动创造的价值，资本收益就失去了分配的基础。当然，价值可能是由当前的劳动创造，也可能是由未来的劳动创造。资产证券化所依赖的未来现金流必须是以未来劳动创造的价值为支撑，否则将产生资产泡沫。资本过度虚拟化和金融化，会制造出经济泡沫，并给整个经济社会的可持续稳定发展带来了巨大威胁。资本无论在何种金融市场流通，最终都要进入实体经济，经过产业投资形成固定资产、流动资产和无形资产。金融市场本质上是由各类资金供需契约联结而成的，金融市场交易成本越低，资金配置效率越高，金融市场的发展必须以资金高效率进入实体经济为目标。

Second, reasonable returns on capital should be encouraged and protected. While actively promoting the reasonable expansion of capital, it is necessary to strengthen anti-monopoly and anti-unfair competition, be vigilant against capital owners obtaining monopoly power over the conditions of labor, limit the possibility of capital obtaining unreasonable returns, and prevent the disorderly expansion of capital. The disorderly expansion of capital includes both the formation of monopoly power by capital in the process of expansion to extract excess profits, and capital shifting from the real to the virtual, flowing from the real industrial sector to the financial sector with inflated profit margins. The excess profits obtained by capital through such disorderly expansion exacerbate inequality in wealth distribution. Therefore, it is necessary to crack down on monopolistic and unfair practices such as the abuse of market dominance in accordance with the law, promote financial innovation and development on the track of marketization and the rule of law, strengthen financial regulation, and standardize reasonable profit margins in the financial industry.

其次，资本的合理收益要得到鼓励和保护，在积极推动资本合理扩张的同时要强化反垄断和反不正当竞争，警惕资本所有者掌握劳动条件的垄断权，限制资本可能获取不合理收益，防止资本无序扩张。资本的无序扩张既包括资本在扩张过程中形成垄断权力以攫取超额利润，也包括资本脱实向虚，从实体产业流向利润率虚高的金融行业。资本这种无序扩张获取的超额利润，会加剧财富分配的不平等。因此，要依法打击滥用市场支配地位等垄断和不正当行为，在市场化法治化轨道上推进金融创新发展，加强金融监管，规范金融行业合理利润率。

Finally, different types of capital have different capacities for bearing risks, and correspondingly different risk returns. It is necessary to construct investment and financing mechanisms that adapt to different risk characteristics, fully leverage the positive role of capital in risk allocation, and reduce the degree of risk mismatch. For different stages of development of startup enterprises, according to their risk characteristics, encourage and regulate the development of angel investment in the seed stage, venture capital in the growth stage, and private equity investment in the mature stage, and regulate the development of different types of capital to meet financing needs at different stages. For projects with long-term investment returns and relatively high risks, it is necessary to improve the policy environment for medium- and long-term funds to enter the market, and develop patient capital focused on long-term investment. According to the risk characteristics of different financing needs, develop diversified equity financing and multi-tiered bond markets, and optimize the proportions of direct financing and indirect financing, as well as the proportions of equity financing and debt financing. Since different types of capital have different capacities for bearing risks, risk mismatch should be reduced in the process of capital allocation, avoiding low-risk capital bearing excessively high risks. For example, debt capital cannot bear the risks of equity capital, including the prohibition of credit funds entering the stock market; the financial innovation model of investment-loan linkage needs to ensure the isolation of equity investment risk from debt credit risk. It is also necessary to avoid maturity mismatches of short-term borrowing for long-term investment, "disguised equity as debt" where debt investment is conducted under the name of equity investment, and the use of short-term commercial credit to invest in long-term, low-return infrastructure construction.

最后，不同类型的资本风险承担的能力不同，相应的风险收益也不同，必须构建适应不同风险特征的投融资机制，充分发挥资本在风险配置中的积极作用，降低风险错配程度。针对创业企业的不同发展阶段，根据其风险特征，鼓励和规范发展种子期的天使投资、成长期的风险投资和成熟期的私募股权投资，规范发展不同类型的资本以满足不同阶段的融资需求。针对投资回报有较长期限而且具有较高风险的项目，必须健全中长期资金入市的政策环境，发展专注于长期投资的耐心资本。根据不同融资需求的风险特征，发展多元股权融资和多层次债券市场，优化直接融资和间接融资的比重以及股权融资和债权融资的比重。由于不同类型的资本承担风险的能力不同，在资本配置过程中要降低风险错配，避免让低风险的资本承担过高的风险。例如，债权资本不能去承担股权资本的风险，包括信贷资金严禁进入股市，投贷联动的金融创新模式需要做好股权投资风险与债权信贷风险的隔离。也要避免短借长投的期限错配、以股权投资名义进行债权投资的“明股实债”、用短期的商业信贷投资长期低回报的基础设施建设等问题。

IV. The Combination of an Effective Market and a Proactive Government

四、有效市场和有为政府的结合

General Secretary Xi Jinping pointed out that it is necessary to coordinate the relationship between an effective market and a proactive government, forming an economic order that is both "able to let go" and "able to manage well." As one of the basic socialist economic systems, a high-level socialist market economy system is an important guarantee for Chinese-path modernization. Building a high-level socialist market economy system requires handling the relationship between the market and the government. The combination of an effective market and a proactive government is not only a major practical exploration in China's construction of a socialist market economy system but also contains major theoretical innovation.

习近平总书记指出，必须统筹好有效市场和有为政府的关系，形成既“放得活”又“管得住”的经济秩序。作为社会主义基本经济制度之一，高水平社会主义市场经济体制是中国式现代化的重要保障。构建高水平社会主义市场经济体制需要处理好市场与政府的关系。有效市场与有为政府的结合既是我国建设社会主义市场经济体制的重大实践探索，也蕴含着重大理论创新。

(I) Transcending the Cognition of the Relationship between Market and Government in Western Mainstream Economics

（一）超越西方主流经济学对市场与政府关系的认知

Western mainstream economics generally holds that the boundary between the market and the government is clear: the market is effective in most cases, but "market failure" can also occur, and the government's functions are strictly limited to correcting "market failure"; beyond this, the government must not intervene in the market in any form. "Market failure" may exist simultaneously in both the micro and macro spheres. In the micro sphere, neoclassical economics argues that private goods with clearly defined property rights are efficiently allocated by the market, and it assumes that the property rights system, transaction system, and regulatory system required for market operation are mature, complete, and exogenously given, focusing its research on the relationship between market structure and the efficiency of resource allocation by the market, regarding perfectly competitive markets as the market structure that most efficiently allocates resources. Because it takes the clear definition of private property rights as a prerequisite for market transactions, neoclassical economics acknowledges that the market cannot provide effective incentives for the allocation of public goods with externalities such as non-rivalry and non-excludability; that market allocation in the sphere of public goods suffers from failure; and it directly presupposes that the government is effective in allocating public goods, limiting the government's main functions to the supply of public goods. Therefore, in the view of neoclassical economics, the market and the government have a division of labor in resource allocation, with clear boundaries between the two: the market is responsible for the allocation of private goods, and the government is responsible for the allocation of public goods. Since monopolies can harm market efficiency, the government also bears the responsibility of maintaining market order, such as anti-monopoly and anti-unfair competition measures. Maintaining market order can also be regarded as a broad form of public goods supply. In the macro sphere, due to price and wage stickiness, "market failure" may exist; supply cannot automatically create demand, and there are situations of insufficient effective demand, such as involuntary unemployment and overcapacity. Keynesianism argues that the government needs to use fiscal policy and monetary policy for macroeconomic regulation, compensating for the market's insufficient effective demand through means such as expanding investment and lowering interest rates. With the emergence of "stagflation," the rational expectations school argues that, due to rational expectations, monetary policy is ineffective, advocating that the fewer measures the government takes to intervene in the economy, the better.

西方主流经济学普遍认为市场与政府的边界是清晰的，市场在大多数情况下有效，但也会存在“市场失灵”，政府的职能被严格限定在纠正“市场失灵”的范围内，除此之外，政府不能对市场进行任何形式的干预。“市场失灵”可能同时存在于微观领域和宏观领域。在微观领域，新古典经济学认为，产权清晰的私人物品由市场来配置是有效率的，并假定市场运行所需的产权制度、交易制度和监管制度都是成熟完善和外生给定的，集中研究市场结构与市场资源配置效率的关系，将完全竞争市场视为最有效配置资源的市场结构。由于将私有产权的清晰界定作为市场交易的前提，新古典经济学承认市场无法对于非竞争性、非排他性等具有外部性的公共物品的配置提供有效激励，市场在公共物品领域的配置存在失灵，并且直接预设政府在公共物品配置中是有效的，将政府的主要职能限定在公共物品的供给上。因此，在新古典经济学看来，市场与政府在资源配置中有所分工，两者界限分明，市场负责私人物品的配置，政府负责公共物品的配置。由于垄断会损害市场效率，政府还承担反垄断和反不正当竞争等维护市场秩序的职责。维护市场秩序也可视为一种广义的公共物品供给。在宏观领域，由于价格和工资粘性可能存在“市场失灵”，供给不能自动创造需求，存在非自愿失业和产能过剩等有效需求不足的情况。凯恩斯主义认为，政府需要运用财政政策和货币政策进行宏观调控，通过扩大投资和降低利率等手段弥补市场的有效需求不足。随着“滞涨”现象的出现，理性预期学派认为，由于存在理性预期，货币政策是无效的，主张政府干预经济的措施越少越好。

The above Western mainstream economics mainly insists on an effective market and a limited government. With the deepening of reform practice and the development of the Party's innovative theory, the Fifth Plenary Session of the 19th Central Committee of the CPC [14]14 The Fifth Plenary Session of the 19th Central Committee of the CPC was held in October 2020 and adopted the "Recommendations of the Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035." proposed: uphold and improve the basic socialist economic system, give full play to the decisive role of the market in resource allocation, better play the role of the government, and promote a better combination of an effective market and a promising government. This understanding of the relationship between the market and the government has risen to a new height, surpassing the cognition of Western mainstream economics. The specific manifestations are as follows: First, an effective market is not, as neoclassical economics believes, mature, complete, and exogenously given, but rather evolves, and the government participates in the cultivation and creation of the market. Zhou Li'an points out that China's economic reform has explored a highly distinctive dynamic evolutionary path in the relationship between the government and the market, successfully breaking free from the analytical biases of neoclassical economics regarding the government-market relationship, and allowing the market system to "grow" out of the planned system by reshaping appropriate government incentives. The endogenous and evolutionary nature of the effective market is a salient feature of China's market-oriented reform. Second, a promising government not only bears the responsibilities of public goods supply and macroeconomic regulation but also plays an active and promising role in areas such as industrial policy and national development strategic planning. Regarding industrial development, Western mainstream economics presupposes market effectiveness and government failure, arguing that because the government has limitations in both cognition and incentives for promoting industrial development, formulating and implementing industrial policies will only distort the market incentive system, causing resource misallocation. However, in the process of industrial transformation and upgrading, due to a large amount of information asymmetry, uncertainty in technological innovation, and other issues, the market can also fail, requiring the government to play a role in guiding according to circumstances in areas such as compensating pioneering enterprises for the risks and uncertainties they face, promoting the continuous improvement of hard infrastructure and soft institutional arrangements, and organizing and coordinating investments by relevant enterprises. Due to the institutional advantages of the Party's leadership and the fact that, in the primary stage of socialism, the public ownership economy possesses not only commodity attributes but also non-commodity and directly social attributes, the government can formulate and implement major strategic plans for national economic and social development, pursue the overall and long-term interests of the entire society, and avoid the macro-level overall fluctuations and disorder that may be induced by private enterprises pursuing their own short-term, partial interests in a private ownership market economy. Therefore, a promising government must also be actively promising in the national macro-development strategy.

上述西方主流经济学主要坚持有效市场和有限政府。随着改革实践的深化和党的创新理论的发展，党的十九届五中全会提出，坚持和完善社会主义基本经济制度，充分发挥市场在资源配置中的决定性作用，更好发挥政府作用，推动有效市场和有为政府更好结合。这种对于市场与政府关系的认识上升到一个新的高度，超越了西方主流经济学的认知。具体表现如下：一是，有效市场不是如新古典经济学所认为的成熟完善并外生给定的，而是演进而来的，而且政府参与了市场的培育和创造。周黎安指出，中国经济改革在政府与市场的关系上探索出极具特色的动态演进路径，成功摆脱了新古典经济学关于政府—市场关系的分析偏误，通过重塑合适的政府激励让市场体制从计划体制当中“生长”出来。有效市场的内生性和演进性是我国市场化改革的显著特征。二是，有为政府不仅承担公共物品供给和宏观经济调控的职责，还在产业政策和国家发展战略规划等领域发挥积极的有为的作用。针对产业发展，西方主流经济学预设了市场有效和政府失灵，认为由于政府对于推动产业发展无论是在认知层面还是激励层面都存在局限，制定并实施产业政策只会扭曲市场激励体系，造成资源错配。但是，在产业转型升级过程中，由于存在大量信息不对称性、技术创新不确定性等问题，市场也会存在失灵，需要政府在补偿先行企业所面对的风险和不确定性、推动硬的基础设施和软的制度安排不断完善、组织协调相关企业投资等方面发挥因势利导的作用。由于党的领导的体制优势以及社会主义初级阶段的公有制经济除了具有商品性属性，还具有非商品性和直接社会性的属性，政府能够制定和实施国家经济社会发展的重大战略规划，追求全社会整体和长期的利益，避免私有制市场经济中私营企业追求自身短期、局部利益过程中可能引致宏观整体波动和无序。因此，有为政府还要致力于国家宏观发展战略的积极有为。

(II) Forms of Combination of an Effective Market and a Promising Government

（二）有效市场与有为政府相结合的形式

In the actual process of economic operation, both market failure and government failure can exist simultaneously. Neither an effective market nor a promising government is exogenously given; both are endogenously evolving. The expansion of market order and the improvement of efficiency are inseparable from the rational construction and top-level design of a promising government, and the improvement of a promising government's capacity and level is also inseparable from the material conditions and information support created by an effective market. The effective supply of public goods and infrastructure by the government requires corresponding financial support, and the knowledge and information needed by the government in the process of formulating macroeconomic regulation, industrial policy, and national development strategy require effective feedback from the market. An effective market and a promising government co-evolve, requiring an effective combination of the two to avoid both market failure and government failure, and to achieve the full cooperation and coordinated effort of the "invisible hand" and the "visible hand." The following discusses the forms of combination of an effective market and a promising government from four dimensions: resource scarcity, resource idleness, resource creation, and resource sharing.

在现实经济运行过程中，市场失灵和政府失灵都可能同时存在。无论是有效市场还是有为政府都不是外生给定的，而是内生演进的。市场秩序扩展和效率提升离不开有为政府的理性建构和顶层设计，有为政府的能力和水平的提升也离不开有效市场创造的物质条件和信息支撑。政府公共物品和基础设施的有效供给需要相应的财力支撑，政府在宏观调控、产业政策和国家发展战略制定过程中所需的知识和信息需要市场的有效反馈。有效市场和有为政府是协同演进的，需要两者有效地结合，才能避免市场失灵和政府失灵，实现“无形之手”和“有形之手”的通力合作和协同发力。以下从资源稀缺、资源闲置、资源创造和资源共享等四个维度探讨有效市场与有为政府的结合形式。

First, resource scarcity is the main problem confronting economics, and how to improve the efficiency of using scarce resources is also an important theme of economic research. From the perspective of resource allocation, both the market and the government have resource allocation functions, and the size of the allocation costs or transaction costs generated by each in specific resource allocation is an important criterion for measuring their efficiency. Since reform and opening up, the Party Central Committee’s understanding of the role of the market in resource allocation has been continuously deepened and systematized. The report of the 12th National Congress of the CPC [15]15 The 12th National Congress of the CPC was held in 1982. Subsequent congresses cited are: 13th (1987), 14th (1992), 16th (2002, with its Third Plenary Session in 2003), 18th (2012, with its Third Plenary Session in 2013), 19th (2017), and 20th (2022). proposed “a planned economy as the mainstay and market regulation as a supplement”; the report of the 13th National Congress proposed “the state regulates the market, and the market guides enterprises”; at that time, the market was still in a supplementary and subordinate role in resource allocation. It was not until the 14th National Congress of the CPC that the Party Central Committee for the first time explicitly proposed the goal of establishing a socialist market economy system, emphasizing that the market should play a basic role in resource allocation. From then on, China embarked on a development path of deep integration between socialism with Chinese characteristics and the market economy. The Third Plenary Session of the 16th Central Committee of the CPC pointed out that “the market should be allowed to play a basic role in resource allocation to a greater extent,” further strengthening the basic role of the market in resource allocation. The Third Plenary Session of the 18th Central Committee of the CPC pointed out that both the role of the market and the role of the government should be brought into play, so that “the market plays a decisive role in resource allocation.” The report of the 19th National Congress of the CPC continued to emphasize “letting the market play a decisive role in resource allocation and better playing the role of the government.” The report of the 20th National Congress of the CPC added the word “fully” to the formulation of the 19th National Congress report and proposed building a high-level socialist market economy system. From a supplementary role to a basic role to a decisive role, from a socialist market economy system to a high-level socialist market economy system, the role of the market in resource allocation and economic operation has been further strengthened. The reason the market can play a decisive role in resource allocation mainly stems from the fact that market allocation has lower transaction costs than other forms of organization. In order to pursue the optimization of resource allocation efficiency and the maximization of benefits, the important goal of combining an effective market with a competent government is to reduce transaction costs and build a complete price mechanism, supply-and-demand mechanism, and competition mechanism. A complete property rights protection system, a fair market competition system, and an efficient market supervision system all help to systematically reduce market transaction costs. These systems are prerequisites for the efficient operation of the market; they are not exogenously given but endogenously evolved. The institutional system on which an effective market depends is not generated spontaneously through the interaction of enterprises within the market; it requires the government to actively participate in institutional design and supply through interaction with the market. In addition, infrastructure such as logistics and information flows required for the effective operation of the market also needs to be supplied by the government. Therefore, regarding the problem of scarce resource allocation, the government plays an important role in the development and formation of an effective market by reducing various types of transaction costs.

一是，资源稀缺是经济学面对的主要问题，如何提升稀缺资源使用效率也是经济学研究的重要主题。从资源配置角度上讲，市场和政府都具有资源配置功能，两者在具体资源配置中所产生的配置成本或交易成本的大小是衡量两者效率的重要标准。改革开放以来，党中央对市场在资源配置中作用的认识不断深化和系统化。党的十二大报告提出“计划经济为主，市场调节为辅”，党的十三大报告提出“国家调节市场，市场引导企业”，彼时市场在资源配置中还处于辅助和从属的作用。直到党的十四大，党中央首次明确提出建立社会主义市场经济体制的目标，强调发挥市场对资源配置起基础性作用。我国自此开启了中国特色社会主义与市场经济深度融合的发展道路。党的十六届三中全会指出“要在更大程度上发挥市场在资源配置中的基础性作用”，进一步强化了市场在资源配置中的基础性作用。党的十八届三中全会指出，既要发挥市场的作用又要发挥政府的作用，使“市场在资源配置中起决定性作用”。党的十九大报告继续强调“使市场在资源配置中起决定性作用，更好发挥政府作用”。党的二十大报告在党的十九大报告表述基础上加上“充分”两个字，并提出构建高水平社会主义市场经济体制。从辅助性作用到基础性作用再到决定性作用，从社会主义市场经济体制到高水平社会主义市场经济体制，市场在资源配置和经济运行中的作用得到进一步强化。市场之所以能够在资源配置中起决定性作用，主要源自市场配置比其他组织配置具有更低的交易成本。为了追求资源配置效率最优化和效益最大化，有效市场与有为政府结合的重要目标就是降低交易成本，构建完善的价格机制、供求机制和竞争机制。完善的产权保护制度、公平市场竞争制度以及高效的市场监管制度等有助于系统性降低市场交易成本。这些制度是市场高效运行的前提，它们不是外生给定的，而是内生演进而来的。有效市场所依赖的制度体系不是由市场中的企业自发互动生成的，而是需要政府在与市场互动中积极参与制度设计和供给。此外，市场有效运行所需的物流和信息流等基础设施也需要政府供给。因此，针对稀缺资源配置问题，政府通过降低各类交易成本，在有效市场的发育和形成过程中发挥着重要的作用。

Second, when resource idleness such as unemployment and insufficient capacity utilization occurs, how to improve the utilization rate of idle resources is also an important theme of economic research. Resource idleness means insufficient effective demand such as investment and consumption; supply cannot automatically create demand. The government can expand effective demand through demand-side management such as fiscal policy and monetary policy, thereby improving the utilization rate of idle resources. The information on which the government formulates fiscal and monetary policies needs to come from effective market feedback. Similarly, the formulation and implementation of these macroeconomic regulation policies need to fully consider the incentive compatibility constraints of micro-market entities, must not undermine the principles of fair market competition, and should better leverage the role of market mechanisms to promote the coordination of fiscal policy, monetary policy, and other policies. It is necessary not only to enhance the consistency of macro-policy orientation but also to strengthen the deep integration of macroeconomic regulation policies with micro-policies. Regarding the problem of resource idleness, while bringing the government’s macroeconomic regulation role into play, the role of market resource allocation should also be brought into play. The formulation and implementation of policies should avoid both the “fallacy of decomposition” that lacks a micro-foundation and the “fallacy of composition” that lacks a macro-overall perspective.

二是，当出现失业、产能利用率不足等资源闲置的情况时，如何提高闲置资源的利用率也是经济学研究的重要主题。资源闲置意味着投资和消费等有效需求不足，供给不能自动创造需求，政府可以通过财政政策和货币政策等需求侧的管理扩大有效需求，提高闲置资源的利用率。政府制定财政政策和货币政策所依据的信息需要来自市场的有效反馈，同样，这些宏观调控政策的制定和实施需要充分考虑微观市场主体的激励兼容约束，不能破坏市场公平竞争的准则，要更好发挥市场机制的作用，推动财政政策、货币政策等政策的相互协调，不仅要增强宏观政策取向一致性，还要增强宏观调控政策与微观政策的深度融合。针对资源闲置问题，在发挥政府宏观调控作用时，也要发挥好市场资源配置的作用，政策的制定和实施既要避免缺少微观基础的“分解谬误”，也要避免缺少宏观全局的“合成谬误”。

Third, resource creation refers to, under the integration of scientific and technological innovation and industrial innovation, turning originally useless resources into useful resources, or creating more and more advanced functions than the original resources. For example, oil had little value in the era of agricultural civilization, but with the development of extraction and refining technologies, oil became an important energy source and raw material for industry, and the petrochemical industry also became an important pillar industry. With the development of new energy technologies, wind energy, solar energy, and geothermal energy have also found new uses, capable of replacing fossil fuels like oil for power generation, giving rise to the development of the new energy industry. With the development of big data technology, the uses and value of data have been greatly enhanced, becoming an important factor of production in the era of the digital economy, giving rise to the development of digital industrialization and industrial digitalization. In the field of resource creation, promoting the deep integration of scientific and technological innovation with industrial innovation requires a good combination of an effective market and a competent government. First, in the basic research field of scientific and technological innovation, because basic R&D involves a large amount of uncertainty, externalities, and the R&D results are not directly commercially applicable—sometimes not even having a commercial concept—the market usually fails in the basic R&D field. Even angel investment and venture capital will not enter. This requires the government to implement innovation policies, deepen the reform of the science and technology system, and increase the intensity of investment in basic R&D. In the field of applied research, the dominant position of enterprises in scientific and technological innovation should be strengthened, the role of the effective market in allocating innovation resources should be fully utilized, and the government can provide policies and platforms to promote industry-university-research cooperation, facilitating the effective connection between basic research and applied research. Second, in the process of industrializing and commercializing scientific and technological innovation achievements, it is necessary to leverage the synergistic role of the effective market and the competent government to provide financial services for the deep integration of scientific and technological innovation and industrial innovation. For example, due to the uncertainty and information asymmetry of scientific and technological innovation activities, coupled with the fact that science and technology enterprises are usually asset-light and have high R&D investment, traditional financial services cannot meet the financial needs of science and technology enterprises. It is necessary to coordinate government fiscal policy, financial policy, and innovation policy, fully leverage the guiding role of government fiscal funds in signal transmission, use market-based mechanisms, and build a science and technology financial system that includes angel investment, venture capital, private equity investment, government-guided fund investment, science and technology bonds, science and technology credit, etc., adapted to different risk characteristics. Third, regarding common key core technologies and strategic frontier technologies of industries, because the development of these technologies has strong externalities, the government needs to formulate corresponding industrial policies, coordinate them with market competition policies, adopt competitive support methods to provide necessary subsidies to pioneering enterprises, and actively provide various hardware and software infrastructures required for industrial innovation and development, effectively sharing the externality risks and costs of industrial innovation and development.

三是，资源创造是指在科技创新和产业创新的融合下，将原本没有用的资源变成有用的资源，或者是创造出比原有资源更多、更先进的功用。例如，石油在农业文明时代价值不太大，但是随着开采提炼技术的发展，石油成为工业的重要能源和原材料，石油化工也成为工业重要的支柱产业。随着新能源技术的发展，风能、太阳能和地热等也有了新的用途，能够替代石油等化石能源进行发电，催生了新能源产业的发展。随着大数据技术的发展，数据的用途和价值得到大幅度的提升，成为数字经济时代重要的生产要素，催生了数字产业化和产业数字化的发展。在资源创造领域，推动科技创新与产业创新的深度融合需要做好有效市场和有为政府的结合。其一，在科技创新的基础研究领域，由于基础研发存在大量不确定性、外部性以及研发成果并不直接具有商业应用价值，甚至连商业概念都没有，市场在基础研发领域通常是失灵的，连天使投资和风险投资都不会进入，这需要政府实施创新政策，深化科技体制改革，加大对基础研发的投入强度。在应用研究领域，应该强化企业科技创新主体地位，充分发挥有效市场对创新资源的配置作用，政府可以提供促进产学研合作的政策和平台，推动基础研究和应用研究的有效衔接。其二，在科技创新成果产业化转化的过程中，需要发挥有效市场和有为政府的协同作用，为科技创新与产业创新深度融合提供金融服务。例如，由于科技创新活动存在不确定性和信息不对称性，加上科技型企业通常都是轻资产和高研发投入，传统金融服务满足不了科技型企业的金融需求，需要通过政府财政政策、金融政策与创新政策的相互协调，充分发挥政府财政资金在信号传递中的因势利导作用，运用市场化机制，构建包含天使投资、风险投资、股权私募投资、政府引导基金投资、科技债券、科技信贷等适应不同风险特征的科技金融体系。其三，针对产业的共性的关键核心技术和战略性前沿技术，由于这些技术的发展具有较强的外部性，需要政府制定相应的产业政策，并与市场竞争政策相配合，采用竞争性支持的方式为先行企业提供必要的补贴，同时积极提供产业创新发展所需的各种硬件和软件基础设施，有效分担产业创新发展的外部性风险与成本。

Fourth, resource sharing fully embodies the development philosophy of sharing development achievements with the people. The goals of resource sharing include improving the supply level of public goods and achieving common prosperity. The government plays an important role in the supply of public goods. A competent government needs to actively optimize the public goods supply mechanism, including optimizing the division of powers and governance structure between the central and local governments, leveraging the role of market mechanisms, introducing market competition mechanisms on the supply side, achieving diversified supply of public goods through market-based methods such as government procurement of services, and at the same time making full use of information technology and internet platforms to efficiently collect the demand preferences and benefit evaluations of the broad masses of the people, promoting the precise matching of public goods supply and demand. Common prosperity is an essential requirement of socialism and an important feature of Chinese-path modernization. Achieving common prosperity requires not only improving the allocation efficiency of scarce resources and the utilization efficiency of idle resources but also creating richer resources through scientific and technological innovation and industrial innovation—making the cake bigger—and also requires the government to consciously and actively narrow income gaps, urban-rural gaps, and regional gaps by improving the income distribution system, the institutional mechanisms for integrated urban-rural development, the strategic coordination mechanism for regional development, and other national strategic planning systems.

四是，资源共享充分体现了发展成果由人民共享的发展理念。资源共享的目标包括提升公共物品供给水平和实现共同富裕。政府在公共物品供给中发挥着重要作用。有为政府需要积极优化公共物品供给机制，包括优化中央政府与地方政府的事权边界和治理结构，发挥市场机制作用，在供给端引入市场竞争机制，通过政府购买服务等市场化方式实现公共物品多元化供给，同时充分利用信息技术和互联网平台高效收集广大民众的需求偏好以及对公共物品的效益评价，促进公共物品供给与需求的精准匹配。共同富裕是社会主义的本质要求，是中国式现代化的重要特征。实现共同富裕既需要提高稀缺资源的配置效率和闲置资源的使用效率，也需要通过科技创新和产业创新创造更为丰富的资源，把蛋糕做大，也要政府通过完善收入分配制度、城乡融合发展体制机制、区域协调发展战略机制等国家战略规划体系，自觉主动缩小收入差距、城乡差距和区域差距等。

V. Conclusion

五、结论

The basic socialist economic system in the New Era contains many theoretical innovations. These theoretical innovations are an important component of Xi Jinping’s economic thought and also a core element in constructing the independent knowledge system of Chinese economics. This article attempts to extract three major theoretical innovation propositions from them, conducting in-depth research and interpretation of their theoretical logic, and reaching the following conclusions: First, the combination of a public-ownership-dominated ownership structure with the market economy transcends the understanding of the relationship between ownership and the market economy in both traditional Marxist economics and mainstream Western economics, demonstrating that a market economy can be combined not only with a private economy but also with a public economy. A market economy with private ownership as the mainstay is a capitalist market economy, while a market economy with public ownership as the mainstay is a socialist market economy. The socialist market economy can overcome the inherent contradictions of the capitalist market economy, avoid the disorder and losses in overall macro or social interests caused by private capital pursuing its own partial interests, and promote the unity of micro efficiency (individual efficiency) and macro efficiency (social efficiency), thus possessing clear superiority. This combination is a relatively foundational and fundamental theoretical innovation. It not only helps to demonstrate the scientific nature of the socialist market economy but also helps to leverage the superiority of the socialist market economy, serving as an important theoretical support for constructing Chinese economics. Second, the combination of adhering to the labor theory of value with regulating and guiding the healthy development of capital scientifically reveals the logic of capital’s participation in distribution under the premise of adhering to the labor theory of value, distinguishes in theoretical terms between the reasonable and unreasonable returns of capital, and elucidates the theoretical logic of regulating and guiding the healthy development of capital. Different types of capital have different capacities for risk-bearing, and correspondingly different risk returns; therefore, investment and financing mechanisms adapted to different risk characteristics must be constructed. Third, the combination of an effective market and a competent government transcends the understanding of the functions of the market and the government in mainstream Western economics, more scientifically reveals the relationship between the market and the government, and provides important theoretical support for building a high-level market economy system. An effective market is not, as mainstream Western economics believes, mature, perfect, and exogenously given; rather, it evolves, and the government participates in the process of nurturing and creating the market. A competent government not only undertakes the responsibilities of supplying public goods and macroeconomic regulation but also plays an active and competent role in areas such as industrial policy and national development strategic planning. Facing economic issues such as resource scarcity, resource idleness, resource creation, and resource sharing, only by promoting the effective combination of an effective market and a competent government can market failure and government failure be avoided. This article has conducted a preliminary research interpretation of the above three major theoretical innovation propositions, and much research still needs to be further advanced. Future directions for further research include: first, further in-depth study of the internal logical connections among these three theoretical innovations, and on this basis, exploring the theoretical system for upholding and improving the basic socialist economic system; second, within the theoretical framework of the basic socialist economic system in the New Era, conducting in-depth research on the evolutionary mechanisms and construction pathways of a high-level socialist market economy system.

新时代社会主义基本经济制度蕴含着许多理论创新，这些理论创新是习近平经济思想的重要组成部分，也是建构中国经济学自主知识体系的核心要件。本文尝试从中提炼三个重大理论创新命题，深入研究阐释其中的理论逻辑，得出如下结论：一是，公有制为主体的所有制结构与市场经济的结合超越了传统马克思主义经济学和西方主流经济学对所有制与市场经济关系的认识，表明市场经济既可以与私有经济结合，也可以与公有经济结合。以私有制为主体的市场经济是资本主义市场经济，以公有制为主体的市场经济是社会主义市场经济。社会主义市场经济能够克服资本主义市场经济的内在矛盾，避免私人资本为追求自身局部利益而造成整体宏观或社会利益的失序和损失，促使微观效率（个体效率）和宏观效率（社会效率）的统一，具有明显的优越性。这个结合是较为基础和根本的理论创新，不仅有助于论证社会主义市场经济的科学性，还有助于发挥社会主义市场经济的优越性，是建构中国经济学的重要理论支撑。二是，坚持劳动价值论与规范和引导资本健康发展的结合科学揭示了坚持劳动价值论前提下资本参与分配的逻辑，在学理上区分了资本的合理收益和不合理收益，阐明了规范和引导资本健康发展的理论逻辑。不同类型的资本风险承担的能力不同，相应的风险收益也不同，必须构建适应不同风险特征的投融资机制。三是，有效市场和有为政府的结合超越了西方主流经济学对市场与政府功能的认知，更为科学地揭示了市场与政府的关系，为构建高水平的市场经济体制提供重要理论支撑。有效市场不是西方主流经济学所认为的成熟完善并外生给定的，而是演进而来的，而且政府参与了市场的培育和创造过程。有为政府不仅承担公共物品供给和宏观经济调控的职责，还在产业政策和国家发展战略规划等领域发挥积极的有为的作用。面对资源稀缺、资源闲置、资源创造以及资源共享等经济问题，只有推动有效市场与有为政府的有效结合，才能避免市场失灵和政府失灵。本文对上述三个重大理论创新命题进行了初步的研究阐释，还有许多研究需要进一步推进。未来进一步研究方向包括：一是，进一步深入研究这三个理论创新的内在逻辑关联，在此基础上，探索坚持和完善社会主义基本经济制度的理论体系；二是，在新时代社会主义基本经济制度的理论框架下，深入研究高水平社会主义市场经济体制的演进机制和建构路径。

Online editor: Paul

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