Creatively Providing Important Guidance for Scientific Macroeconomic Regulation

The relationship between aggregate supply and aggregate demand is a fundamental issue in macroeconomics. In the New Era, promoting high-quality development requires properly balancing the relationship between aggregate supply and aggregate demand and improving macroeconomic regulation, which are inherent requirements. An important component of *Selected Works of Xi Jinping on the Economy*, Volume I, is its grounding in the great practice of China’s economic development since the New Era, as it has entered a new normal and a new stage of development and achieved rapid progress. It firmly grasps the significant characteristics of profound changes on both the supply and demand sides of China’s economy since the New Era, as well as the historic transformation in the supply-demand relationship. Aiming to achieve a new dynamic equilibrium in the supply-demand relationship, it creatively makes a series of new major judgments and important expositions on strengthening macroeconomic regulation and properly balancing the relationship between aggregate supply and aggregate demand, unifying theory and practice. For example, “Accurately Grasping the Decisive Role of the Market in Resource Allocation and Better Playing the Role of Government” states: “Scientific macroeconomic regulation and effective government governance are inherent requirements for leveraging the institutional advantages of the socialist market economy.” “Deeply Understanding the New Development Philosophy and Advancing Supply-Side Structural Reform” states: “The supply side and the demand side are two basic means of managing and regulating the macroeconomy.” “Upholding Long-Term and Continuously Enriching and Developing the Economic Thought of Socialism with Chinese Characteristics for a New Era” states: “Adhere to improving macroeconomic regulation by adapting to changes in the principal contradiction in China’s economic development.” These important expositions provide important guidance for achieving scientific macroeconomic regulation. A profound grasp of the solid theoretical foundation, academic cultivation, and practical background contained in these important expositions will help us more consciously and resolutely implement the decisions and deployments of the Party Central Committee and confidently strive to improve the economy.

总供给与总需求的相互关系问题是宏观经济的基本问题。新时代推动高质量发展，统筹好总供给和总需求的关系、完善宏观调控是其内在要求。《习近平经济文选》第一卷中的一个重要内容，就是立足新时代以来我国经济发展进入新常态、进入新发展阶段并取得快速进步的伟大实践，牢牢把握新时代以来我国经济发展中供求两端都发生了深刻变化、供求关系发生历史变化的显著特征，着眼于努力实现供求关系新的动态均衡，在理论和实践的统一上，创造性地对加强宏观调控、统筹好总供给与总需求的关系的问题作出了一系列新的重大判断、重要论述。比如，《准确把握使市场在资源配置中起决定性作用、更好发挥政府作用》指出：“科学的宏观调控，有效的政府治理，是发挥社会主义市场经济体制优势的内在要求。”《深入理解新发展理念，推进供给侧结构性改革》指出：“供给侧和需求侧是管理和调控宏观经济的两个基本手段。”《长期坚持、不断丰富发展新时代中国特色社会主义经济思想》指出：“坚持适应我国经济发展主要矛盾变化完善宏观调控。”这些重要论述为实现科学的宏观调控提供了重要遵循。深刻把握这些重要论述所蕴含的深厚理论基础、学术涵养、实践背景，有利于我们更加自觉坚定地贯彻执行党中央决策部署，满怀信心把经济搞得更好。

Consolidating the Theoretical Foundation of Marxist Political Economy for Analyzing the Contradictory Movement of the Supply-Demand Relationship

筑牢分析供求关系矛盾运动的马克思主义政治经济学理论基础

General Secretary Xi Jinping’s important expositions on striving to achieve a new dynamic equilibrium in the supply-demand relationship are based on the theoretical foundation of Marxist political economy. They enrich and develop Marxist political economy and represent a modern transcendence of traditional Western economic analysis of aggregate supply and aggregate demand.

习近平总书记关于努力实现供求关系新的动态均衡的重要论述，以马克思主义政治经济学为理论基础，是对马克思主义政治经济学的丰富和发展，是在借鉴吸收西方经济学对总供给和总需求的传统分析基础上的现代超越。

From the perspective of the history of economic thought, categories such as supply, demand, microeconomics, and macroeconomics all originate from Western economics. Western economics has two deep traditions in analyzing aggregate supply and aggregate demand: first, it is based on the theory of utility value regarding the source of value; second, its economic philosophy is rooted in the tradition of economic liberalism. On this basis, Western economics provides an economic explanation of the justice of capital, the rationality of the capitalist mode of production, and the effectiveness of the capitalist market economy system.

从经济思想史上看，供给、需求、微观、宏观等范畴，都源于西方经济学。西方经济学对于总供给和总需求的分析有两个深厚的传统：一是在价值源泉理论上以效用价值论为基础；二是在经济哲学观上以经济自由主义为传统。在此基础上，西方经济学对资本的正义性、资本主义生产方式的合理性和资本主义市场经济体制的有效性作出经济学的阐释。

The origins of supply and demand theory can be traced back to 18th-century classical economics’ discussions on the source of value. In the era of classical economics, two theories emerged regarding the source of value: the “labor theory of value” and the “factor theory of value.” Over the following century, the labor theory of value held a mainstream position. Later, the classical labor theory of value disintegrated, and the factor theory of value gradually became dominant. The factor theory of value originates from the “Smithian dogma” of classical economics. While proposing the labor theory of value, Adam Smith also put forward the income determination theory, attributing the source of value to wages, interest, and rent, derived respectively from the three factors of labor, capital, and land. This theory of value, also known as the “objective utility theory of value,” gradually evolved into the basis of supply theory, i.e., the “supply curve.” By the mid-to-late 19th century, to explain the effective demand deficiency emerging in capitalist economies, the subjective utility theory of value appeared, holding that the source of value is people’s subjective evaluation of the utility of commodities. The subjective utility theory of value gradually developed into the marginal utility theory of value (the marginal revolution), which posits that the determination of value is people’s subjective evaluation of the utility of commodities, subject to the law of diminishing marginal utility. The marginal utility theory of value later developed into demand theory, i.e., the basis of the “demand curve.” At the turn of the 20th century, neoclassical economics synthesized supply theory and demand theory, forming a new system of supply-demand equilibrium analysis. It attributed the determination of value to the equilibrium of supply and demand, i.e., the “equilibrium price,” and replaced value theory with equilibrium price theory. The supply-demand analysis method thus became the primary method for studying economic issues. However, the supply-demand equilibrium analysis of neoclassical economics was only partial equilibrium, not the aggregate supply and aggregate demand analysis in the later sense of macroeconomics. At that time, economics had not yet distinguished between macroeconomics and microeconomics.

供给与需求理论的渊源可以追溯到18世纪古典经济学关于价值源泉的讨论。在古典经济学时代，关于价值的源泉问题，形成了“劳动价值论”和“要素价值论”两种学说。在此后近百年的时间里，劳动价值论占据主流地位，后来古典劳动价值论瓦解，要素价值论逐渐占据了主导地位。要素价值论源于古典经济学的“斯密教条”，亚当·斯密在提出劳动价值论的同时又提出收入决定论，把价值源泉归结为工资、利息和地租，分别来自劳动、资本和土地三要素。这种价值论又称“客观效用价值论”，后来逐渐演变为供给理论，即“供给曲线”的基础。到19世纪中后期，为解释资本主义经济中出现的有效需求不足，又出现了主观效用价值论，认为价值的源泉是人对商品效用的主观评价，主观效用价值论逐渐发展为边际效用价值论（边际革命），认为价值的决定是人对商品效用的主观评价，并且存在边际效用递减的规律。边际效用价值论后来被发展为需求理论，即“需求曲线”的基础。19世纪末20世纪初，新古典经济学对供给理论和需求理论进行了综合，形成了供求均衡分析新体系，把价值决定归结为供给与需求的均衡，即“均衡价格”，并以均衡价格理论替代了价值理论，供求分析法也就成为研究经济问题的主要方法。但新古典经济学的供求均衡分析还只是局部均衡，并不是后来宏观经济学意义上的总供给与总需求分析，那时的经济学还没有宏观和微观的区分。

From classical economics to neoclassical economics, the theoretical foundation for the categories and methods of supply and demand analysis was the utility theory of value, including both objective and subjective utility theories of value, not the labor theory of value. The policy orientation of supply-demand relationship analysis was supply-side analysis, holding that supply can automatically create demand, that supply creating demand is endogenous, or that the main aspect of the supply-demand contradiction lies on the supply side, and that the equilibrium between supply and demand is self-consistent.

从古典经济学到新古典经济学，供给与需求分析的范畴和方法赖以存在的理论基础是效用价值论，包括客观效用价值论和主观效用价值论，而不是劳动价值论。供求关系分析的政策倾向是供给分析，认为供给可以自动创造需求，供给创造需求具有内生性，或者说供求矛盾的主要方面在供给端，供求间的均衡具有自洽性。

Macroeconomics emerged after the “Keynesian Revolution,” based on the fact of the Great Depression of the 1930s. Keynesian economics, starting from effective demand deficiency, emphasized demand-side analysis. It held that under given prices, supply can expand infinitely; as long as aggregate demand expands, supply can fully and automatically meet demand. Overcoming effective demand deficiency is the key to handling the supply-demand contradiction. Although Keynes’s economic theory could explain the high unemployment of the “Great Depression,” it could not explain high inflation. Since the 1980s, a new generation of Keynesian economists developed the original Keynesian theory into “aggregate demand theory” and transformed the original “Phillips Curve” into “aggregate supply theory,” thus forming the “aggregate supply-aggregate demand model.” This theoretical model incorporated three major categories of policy tools—demand management, supply management, and price management—to explain and address the “stagflation” that emerged in the 1970s.

宏观经济学是基于上世纪30年代大萧条的事实、在“凯恩斯革命”之后产生的。凯恩斯主义经济学从有效需求不足出发，强调以需求分析为侧重点，认为在价格既定的条件下供给可以无限扩大，只要总需求扩张，供给可以充分并自动满足需求，克服有效需求不足是处理供求矛盾的关键。凯恩斯的经济理论，虽然能够解释“大萧条”下的高失业，但解释不了高通货膨胀。自上世纪80年代以后，新一代凯恩斯主义经济学家，把原凯恩斯主义理论发展成为“总需求理论”，把原“菲利普斯曲线”改造为“总供给理论”，从而形成“总供求模型”。这一理论模型把需求管理、供给管理、价格管理三大类工具纳入政策体系，以解释和治理上世纪70年代出现的“滞胀”。

It can be said that from Keynesian theory to its later developments, the important theoretical foundation of Western macroeconomic analysis has always been the utility theory of value, still based on aggregate supply and demand analysis grounded in diminishing marginal utility.

可以说，从凯恩斯理论到后来的发展，西方宏观经济分析的重要理论基础始终是效用价值论，仍然是建立在边际效用递减基础上的总供求分析。

General Secretary Xi Jinping’s important expositions on striving to achieve a new dynamic equilibrium in the supply-demand relationship are fundamentally different from the supply-demand analysis of Western economics. They are not based on the idealist utility theory of value and factor theory of value, which are fundamentally opposed to the labor theory of value, but instead adhere to the basic positions and methods of Marxist political economy. On the basis of the classical economics labor theory of value, Marxist political economy established the scientific labor theory of value, attributing the sole source of value to human labor. Criticizing the “Smithian dogma” and the utility theory of value, it revealed, from the source of value, the different positions and roles of capital and labor under capitalist wage labor, laying the foundation for the theory of surplus value. It further explained the institutional roots of the profound conflict between aggregate supply and aggregate demand in capitalist economies and the formation of periodic economic crises, demonstrating that the fundamental reason for effective demand deficiency in capitalist economies is the opposition between capital and labor, not the diminishing marginal utility formed on the basis of the utility theory of value. On this basis, Marx absorbed the essence of Quesnay’s *Tableau Économique* in analyzing reproduction, dissected the capitalist process of surplus value production, elucidated the internal connections among various links and aspects of the reproduction and circulation of total social capital, and clarified the conditions required for the reproduction of total social capital, thereby opening a path for scientific analysis of the national economy as a whole.

习近平总书记关于努力实现供求关系新的动态均衡的重要论述与西方经济学的供求分析具有本质区别，不是以与劳动价值论根本对立的唯心主义效用价值论和要素价值论为基础，而是坚持马克思主义政治经济学基本立场和方法。马克思主义政治经济学在古典经济学劳动价值论的基础上，创建了科学的劳动价值论，把价值的唯一源泉归结为人类劳动，在批判“斯密教条”和效用价值论的基础上，从价值源泉上揭示了资本主义雇佣劳动下资本与劳动的不同地位和作用，为剩余价值理论奠定了基础，进而阐释了资本主义经济中总供给与总需求之间发生深刻冲突、形成周期性经济危机的制度根源，论证了资本主义经济之所以有效需求不足，根本原因在于资本与劳动的对立，而不是效用价值论基础上形成的边际效用递减。以此为基础，马克思吸收魁奈《经济表》分析再生产的思想精华，剖析资本主义剩余价值生产过程，阐释了社会总资本再生产和流通的各个环节各个方面的内在联系，阐明了社会总资本实现再生产所需要的条件，为进行科学的国民经济总量分析开辟了路径。

The most important aspect of Xi Jinping’s economic thought in upholding and developing Marxism lies in its adherence to the basic positions and historical outlook of Marxist political economy.

习近平经济思想坚持和发展马克思主义，最重要的便在于坚持马克思主义政治经济学的基本立场和历史观。

On the one hand, in terms of theoretical foundation, it differs from the bourgeois utility theory of value and factor theory of value. The aggregate supply it demonstrates is not based on the supply curve of the objective utility theory of value, nor does the aggregate demand it demonstrates originate from the demand curve of the subjective utility theory of value.

一方面，在理论基础上，区别于资产阶级的效用价值论和要素价值论，所论证的总供给并不是根据客观效用价值论的供给曲线，所论证的总需求也并非源于主观效用价值论的需求曲线。

In Xi Jinping’s economic thought, the indispensable and important role of factors of production (including labour power, means of labour, objects of labour, etc.) for the development of the national economy and the growth of national wealth under the conditions of the socialist market economy is acknowledged, but this role is attributed to the natural form of production, i.e., to productive forces. General Secretary Xi Jinping, when discussing the category of new quality productive forces, pointed out that new quality productive forces “take the leap in the quality of labourers, means of labour, objects of labour and their optimal combination as their basic connotation, and take a substantial increase in total factor productivity as their core hallmark.” [1]1 New quality productive forces (新质生产力) is a concept introduced by Xi Jinping in 2023, referring to advanced productive forces driven by technological innovation, data, and high-quality factors, distinct from traditional labour-intensive production. Clearly, here the various factors of production are treated as categories of productive forces, and total factor productivity is treated as the efficiency of producing concrete material wealth, not the efficiency of creating value. Although wealth can have a price and can be expressed in a market economy as a total amount measured by price, price determination is not equivalent to value determination. Productive forces are, in the final analysis, the capacity of labourers to use means of labour to act upon objects of labour to create products and wealth; products and wealth are first and foremost categories of use-value, not categories of value. Use-value is the result of concrete labour, not the congealing of abstract labour. Productive forces embody the relationship between humans and nature, while the category of value is a social relation; wealth and value cannot be equated. Products and wealth, as use-values, are the result of the combined action of various factors of production, but value, as a social relation between people, can only have human labour as its sole source. Therefore, General Secretary Xi Jinping’s reference to factors of production and total factor productivity is fundamentally different from the factor theory of value and the utility theory of value in Western economics.

在习近平经济思想中，承认生产要素（包括劳动力、劳动资料、劳动对象等）在社会主义市场经济条件下，对于国民经济发展和国民财富增长不可或缺的重要作用，但是将这种作用归结为生产的自然形态，即归结为生产力。习近平总书记在论述新质生产力范畴时指出，新质生产力“以劳动者、劳动资料、劳动对象及其优化组合的跃升为基本内涵，以全要素生产率大幅提升为核心标志”。显然，这里是将各种生产要素作为生产力范畴，将全要素生产率作为生产具体物质财富的效率，不是创造价值的效率。尽管财富可以有价格，在市场经济中可以体现为以价格计量的总额，但价格决定不等于价值决定。生产力说到底是劳动者运用劳动资料作用于劳动对象创造产品和财富的能力，产品和财富首先是使用价值范畴而不是价值范畴，使用价值是具体劳动的结果而不是抽象劳动的凝结，生产力体现人与自然之间的关系，价值范畴则是一种社会关系，不能把财富与价值等同。产品和财富作为使用价值是各种生产要素共同作用的结果，但价值作为人与人之间的社会关系只能以人类劳动为唯一源泉。因此，习近平总书记所说的生产要素和全要素生产率，根本不同于西方经济学的要素价值论、效用价值论。

On the other hand, in terms of the conception of history, Marxist political economy, on the basis of the labour theory of value, treats the reproduction and circulation of total social capital as the process of movement through the various links of capitalist production, distribution, exchange, and consumption. It not only reveals, from the perspective of value theory, the inherent contradictions of the relationship between supply and demand under capitalist economic conditions, but also reveals, from the perspective of surplus value theory, the fundamental conflict between capitalist private ownership and the socialisation of production, thereby pointing out the historical trend of the movement of the contradiction between productive forces and relations of production driving socio-economic development, and fundamentally negating the capitalist mode of production. Although Western economics differs in its theoretical methods and policy proposals when analysing the relationship between supply and demand, its fundamental stance and goal are consistent: it holds that under the capitalist mode of production, the cause of imbalance in the relationship between supply and demand is market failure, that the purpose of macroeconomic regulation is to repair the market, and that under the capitalist system it is entirely possible to effectively repair market failure through macroeconomic policies. Its standpoint is based on the theoretical premise that the capitalist market can achieve efficient allocation of resources, and on the theoretical foundation of acknowledging that the capitalist economic system possesses the possibility of driving the economy toward equilibrium.

另一方面，在历史观上，马克思主义政治经济学在劳动价值论基础上，把社会总资本的再生产和流通，作为资本主义生产、分配、交换、消费各环节运动过程，不仅从价值理论上揭示了资本主义经济条件下供求关系的内在矛盾，而且从剩余价值理论上揭示了资本主义私有制与生产社会化的根本冲突，进而指出生产力与生产关系的矛盾运动推动社会经济发展的历史趋势，从根本上否定了资本主义生产方式。西方经济学在进行供求关系分析时，尽管在理论方法和政策主张上有所不同，但其根本立场和目标是一致的，即都认为在资本主义生产方式下供求关系失衡的原因是市场失灵，宏观调控的目的在于修复市场，并且认为在资本主义制度下完全能够通过宏观政策有效修复市场失灵。其立足点都是以资本主义市场可以实现资源有效配置为理论前提，以承认资本主义经济制度具备推动经济趋向均衡的可能为理论基础。

General Secretary Xi Jinping’s important exposition on striving to achieve a new dynamic equilibrium in the relationship between supply and demand takes the socialist market economy as its premise, adheres to the people-centered development thought, and emphasises that “development for the people is the fundamental stance of Marxist political economy,” while also pointing out that “we must never forget at any time that deploying economic work, formulating economic policies, and promoting economic development must firmly adhere to this fundamental stance.” The root cause of capitalist economic crises, in the final analysis, is the fundamental opposition formed in the process of surplus value production between the interests of capital and the interests of the broad masses of the people, thereby making a stark contrast between capital accumulation and the intensification of poverty. Under the conditions of the socialist market economy, the basic socialist economic system objectively requires and can also guarantee adherence to the people-centered development thought, thereby providing an institutional possibility for fundamentally overcoming the imbalance between supply and demand. Relying on the broad masses of the people to promote development, and having the broad masses of the people share in the dividends of development, not only embodies the historical progress and fairness of the socialist market economy, but can also fundamentally enhance the efficiency of resource allocation, making it institutionally possible to coordinate aggregate supply and aggregate demand. While continuously liberating and developing productive forces and raising the level of supply, it expands effective demand and continuously strengthens the driving force for economic development.

习近平总书记关于努力实现供求关系新的动态均衡的重要论述，以社会主义市场经济为前提，坚持以人民为中心的发展思想，强调“发展为了人民，这是马克思主义政治经济学的根本立场”，同时指出“我们任何时候都不能忘记，部署经济工作、制定经济政策、推动经济发展都要牢牢坚持这个根本立场”。资本主义经济危机的根源，说到底是剩余价值生产过程中形成的资本利益与广大人民利益的根本对立，从而使资本积累与贫困加剧形成鲜明对照。在社会主义市场经济条件下，社会主义基本经济制度客观上要求并且也能够保证坚持以人民为中心的发展思想，进而为从根本上克服供求失衡提供制度可能。依靠广大人民推动发展，广大人民共享发展红利，不仅体现社会主义市场经济的历史进步和公平性，而且能够从根本上提升资源配置的效率，使总供给与总需求协调具有制度可能，在不断解放和发展生产力、提升供给水平的同时，扩大有效需求，持续增强对经济发展的推动力。

Scientifically Understanding the Inherent Contradictory-Unity Relationship between Aggregate Supply and Aggregate Demand

科学认识总供给与总需求之间对立统一的内在联系

Aggregate supply and aggregate demand are a unity of opposites; they are two different aspects of gross national product. The so-called equilibrium gross national product actually refers to the gross national product under the condition where aggregate supply equals aggregate demand. As General Secretary Xi Jinping pointed out: “Supply and demand are two basic aspects of the internal relations of the market economy, a dialectical relationship of both opposition and unity. The two cannot do without each other; they are interdependent and mutually conditional.”

总供给与总需求是对立统一体，二者是国民生产总值的两个不同方面。所谓均衡国民生产总值，实际上就是指总供给等于总需求条件下的国民生产总值。正如习近平总书记所指出的：“供给和需求是市场经济内在关系的两个基本方面，是既对立又统一的辩证关系，二者你离不开我、我离不开你，相互依存、互为条件。”

In terms of quantitative determination, although aggregate supply and aggregate demand are two different aspects of gross national product, their connotations and determining factors are different. Aggregate supply refers to the total output that an economy can provide for final consumption and investment use within a certain period (usually one year), which can be expressed as the sum of labourers’ remuneration and surplus; aggregate demand refers to the total sum of investment and consumption purchase expenditures formed in an economy within a certain period (usually one year). The scale and structure of the two are influenced by different and complex factors. From the perspective of national economic accounting, for the two to be equal, extremely complex conditions must be met in the interrelated movements of national income, assets and liabilities, input-output, capital flows, balance of payments, and other aspects. Therefore, achieving complete equilibrium is extremely difficult, and in economic practice it is even less realistic.

从量的规定性来说，尽管总供给与总需求是国民生产总值的两个不同方面，但其内涵和决定因素是不同的。总供给是指一国经济在一定时期（通常为一年）可以提供的用于最终消费和投资使用的总产出之和，可以表现为劳动者的报酬与剩余的总和；总需求是指一国经济在一定时期（通常为一年）形成的投资和消费购买支出总和。二者的规模和结构是受不同的复杂因素影响。从国民经济核算的角度看，要使二者相等，需要在国民收入、资产负债、投入产出、资金流量、国际收支等各方面相互联系的运动中满足极为复杂的条件。因此，实现完全均衡是极其困难的，在经济实践中更是不具备现实性。

Precisely because the connotations and determining factors of aggregate supply and aggregate demand are different, the policy characteristics of supply management and demand management also differ. In terms of the objects of action, supply management more directly affects producers (enterprises and industries) in the market economy, while demand management more directly affects consumers in the market economy. Correspondingly, there are systematic differences in policy characteristics. As General Secretary Xi Jinping pointed out: “Demand-side management focuses on solving aggregate problems and emphasises short-term regulation. It mainly stimulates or suppresses demand through adjusting taxation, fiscal expenditure, money and credit, etc., thereby promoting economic growth. Supply-side management focuses on solving structural problems and emphasises stimulating the driving force of economic growth. It mainly improves the quality and efficiency of the supply system through optimising factor allocation and adjusting the production structure, thereby promoting economic growth.”

正因为总供给与总需求的内涵和决定因素不同，供给管理和需求管理的政策特点也就不同。从作用对象来说，供给管理更多的是直接影响市场经济中的生产者（企业和产业），需求管理则更多的直接影响市场经济中的消费者。相应的政策特点就有系统的差异，正如习近平总书记所指出的：“需求侧管理，重在解决总量性问题，注重短期调控，主要是通过调节税收、财政支出、货币信贷等来刺激或抑制需求，进而推动经济增长。供给侧管理，重在解决结构性问题，注重激发经济增长动力，主要通过优化要素配置和调整生产结构来提高供给体系质量和效率，进而推动经济增长。”

That is to say, both aggregate supply and aggregate demand are manifestations of gross national product, but in different aspects; both supply management and demand management aim to promote economic growth, but through different means. When coordinating the relationship between aggregate supply and aggregate demand, the two cannot be separated, nor can one side be taken as a premise while ignoring the dynamic interaction and intrinsic connection between them. In the history of Western economics, for a considerable period starting from classical economics, the overall emphasis was on supply analysis, with the demand side usually treated only as a given premise. That is, the main problem in economic growth did not lie on the demand side; as long as supply could expand, it would automatically create a balance between supply and demand, with supply determining demand. There was no need for demand management, and thus no need for government intervention; the market, as an “invisible hand,” could achieve efficient resource allocation. Keynesian economics and its development after the “Great Depression,” starting from the basic fact of insufficient effective demand, took demand determining supply as the logical starting point, emphasized demand management as the main approach, and advocated introducing systematic macroeconomic policies to alleviate market failures, offset insufficient effective demand, and promote balanced economic growth. Clearly, in terms of analytical method, they all neglect the intrinsic connection between supply and demand, or even separate the two, and thus each has its limitations. The analysis of Marxist political economy, on the other hand, proceeds from the unity of supply and demand, starting with an examination of the reproduction and circulation of total social capital, investigating the intrinsic connections among all links and aspects of the reproduction of total social capital. Starting from the normal state of relative overproduction and insufficient effective demand under capitalism, it deeply analyzes the inherent contradictions of the capitalist mode of production from the supply side, thereby revealing the institutional roots of insufficient effective demand. Under the conditions of a socialist market economy, the movement of the relationship between aggregate supply and aggregate demand has its own characteristics. Therefore, grasping its laws of motion requires analysis from the organic unity of the two, especially under conditions where supply cannot automatically create demand and demand cannot naturally drive supply, it is even more necessary to grasp its laws from the contradictory movement of the unity of opposites between the two.

也就是说，总供给与总需求都是国民生产总值的体现，但是在不同方面的体现；供给管理与需求管理都是为了推动经济增长，但是以不同的方式实现。在统筹好总供给与总需求的关系时，不能将二者割裂开来，或者仅仅将一侧作为前提而忽视二者之间的能动性作用和内在联系。在西方经济学发展史上，从古典经济学起相当长的时期里，总体上是强调供给分析，需求端通常只是被作为既定的前提。也就是说，经济增长中的主要问题不在需求端，只要供给能够扩张，便会自动形成供求均衡，供给决定需求，不需要需求管理，进而不需要政府干预，市场作为“看不见的手”可以实现资源有效配置。“大萧条”之后的凯恩斯主义经济学及其发展，从有效需求不足的基本事实出发，以需求决定供给为逻辑起点，强调以需求管理为主，主张引入系统的宏观经济政策，缓解市场失灵，对冲有效需求不足，推动经济均衡增长。显然，在分析方法上，它们都是忽视供求之间的内在联系，甚至将二者割裂开来，因而都有其局限性。马克思主义政治经济学的分析，则是在供求统一的基础上，从分析社会总资本再生产和流通入手，考察社会总资本再生产各个环节和各个方面的内在联系，从资本主义生产相对过剩、有效需求不足的常态出发，从供给端深入分析资本主义生产方式的内在矛盾，从而揭示出有效需求不足的制度根源。在社会主义市场经济条件下，总供给与总需求关系运动有自身的特点，因而把握其运动规律更需要从二者的有机统一中展开分析，尤其是在供给不能自动创造需求，需求难以自然带动供给的发展条件下，更需要从二者的对立统一矛盾运动中把握其规律。

As General Secretary Xi Jinping has pointed out: “To discuss supply side while abandoning the demand side, or to discuss demand side while abandoning the supply side, is one-sided. The two are not a relationship of substitution where one is either-or, one goes and the other stays, but rather require mutual coordination and joint advancement.” [2]2 Xi Jinping, “Speech at the 38th Collective Study Session of the Political Bureau of the 18th Central Committee” (January 22, 2016), in *Excerpts from Xi Jinping’s Discourse on Socialist Economic Construction*, Central Party Literature Press, 2017, p. 116. Therefore, if Western economics has a tradition of separating supply and demand analysis, then an important difference in General Secretary Xi Jinping’s important discourse on striving to achieve a new dynamic equilibrium in the supply-demand relationship lies in its consistent analysis of the supply-demand relationship in the socialist market economy as a unified whole, based on Marx’s analytical method of the reproduction of total social capital.

正如习近平总书记所指出的：“放弃需求侧谈供给侧或放弃供给侧谈需求侧都是片面的，二者不是非此即彼、一去一存的替代关系，而是要相互配合、协调推进。”因此，如果说西方经济学具有将供求分析割裂开来的传统，那么习近平总书记关于努力实现供求关系新的动态均衡的重要论述与其重要的不同，就在于根据马克思社会总资本再生产的分析方法，始终将社会主义市场经济的供求关系作为统一整体展开分析。

In terms of qualitative stipulation, the dynamic equilibrium of aggregate supply and aggregate demand needs to be built on the foundation of continuously improving the quality of aggregate supply and aggregate demand. In the history of economic thought, Western economics not only has a tradition of separating supply and demand but also usually assumes that the quality of supply and demand themselves does not change, discussing quantitative equilibrium under conditions of unchanged quality. The so-called “aggregate supply-demand model” formed since the 1980s, although it focuses on the combination of supply analysis and demand analysis, likewise assumes that the quality of supply and demand remains unchanged. This prevents the analysis of the supply-demand relationship from truly reflecting the reality of economic development. Marx’s analysis of the reproduction and circulation of total social capital also assumes that technology and corresponding labor productivity remain unchanged, and therefore the proportions of constant capital to variable capital, and the proportions between the two major departments of means of production and means of consumption, are stable. This is an abstraction in analytical method. If, under conditions of slow technological innovation and industrial revolution, the assumption of unchanged supply quality and demand quality can hold, then under conditions of accelerating and deepening technological and industrial revolutions, it is necessary to fully consider the changes brought about by these revolutions and their impact on the supply-demand relationship. That is, it is necessary to consider the changes in the quality of supply and demand themselves, grasping the evolutionary characteristics of the supply-demand relationship in the unity of quality and quantity. As General Secretary Xi Jinping emphasized, achieving unimpeded economic circulation “mainly depends on whether both the supply and demand ends have strong momentum, are generally matched, achieve dynamic balance, and positive interaction. This requires organically combining the strategy of expanding domestic demand with deepening supply-side structural reform, exerting force from both the supply and demand ends simultaneously, coordinating and cooperating, forming a higher-level dynamic balance where demand drives supply and supply creates demand, and achieving a virtuous cycle of the national economy.” [3]3 Xi Jinping, “Speech at the Central Economic Work Conference” (December 11, 2023), *People’s Daily*, December 13, 2023.

从质的规定性来说，总供给与总需求的动态均衡需要建立在总供给的质量和总需求的质量不断提升基础之上。在经济思想史上，西方经济学不仅具有将供给需求分割开来的传统，而且通常同时假定供给和需求本身的质量不发生变化，是在质量不变条件下讨论量的均衡。上世纪80年代以来形成的所谓“总供求模型”，虽然关注供给分析与需求分析的结合，但同样是假定供给质量和需求质量不变，这就使供求关系的分析不能真正反映经济发展实际。马克思关于社会总资本再生产和流通的分析，也是假定技术及相应的劳动生产率不变，因而不变资本与可变资本的比例、生产资料和消费资料两大部类的比例是稳定的。这是一种分析方法上的抽象。如果说在技术创新和产业革命速度较缓慢的条件下，这种供给质量与需求质量不变的假设可以成立，那么在科技革命和产业革命不断加速深化的条件下，就必须充分考虑科技革命和产业革命带来的变化，以及这些变化对供求关系的影响，即，要考虑供给和需求本身质量的变化，在质与量的统一中把握供求关系的演变特点，正如习近平总书记所强调的，实现经济循环的畅通无阻，“主要取决于供给和需求两端是否动力强劲、总体匹配，动态平衡、良性互动。这就需要把扩大内需战略同深化供给侧结构性改革有机结合起来，供需两端同时发力、协调配合，形成需求牵引供给、供给创造需求的更高水平动态平衡，实现国民经济良性循环。”

That is to say, high-quality supply corresponds to high-quality demand, enhancing the adaptability between supply and demand in the unity of quantity and quality. If both mainstream Western economics and Marx’s analysis of the conditions for realizing the reproduction of total social capital examine the supply-demand relationship from a quantitative proportional perspective, and both assume technology unchanged in the short term, i.e., the quality of both supply and demand sides unchanged, then a prominent feature of General Secretary Xi Jinping’s important discourse on striving to achieve a new dynamic equilibrium in the supply-demand relationship is that, while emphasizing quantitative equilibrium, it also emphasizes the improvement of supply and demand quality, emphasizing the dynamic equilibrium of high-quality supply and high-quality demand.

也就是说，以高质量的供给对应高质量的需求，在量和质的统一上提升供给与需求间的适配性。如果说无论是西方经济学主流观点，还是马克思社会总资本再生产实现条件的分析，都是从量的比例上考察供求关系，并且在短期内都假定技术不变，即供求两侧的质量不变，那么，习近平总书记关于努力实现供求关系新的动态均衡的重要论述一个突出特点是，在强调量的均衡的同时强调供求质量的提升，强调高质量的供给与高质量的需求动态均衡。

The key to high-quality supply is cultivating new quality productive forces and accelerating the construction of a modern economic system, especially a modern industrial system. The prominent characteristics of high-quality supply are: high technology, high efficiency, high quality, with innovation playing a leading role and total factor productivity significantly increased. The essence of high-quality demand is adapting to changes in the principal contradiction in Chinese society, [4]4 The principal contradiction in Chinese society is the contradiction between unbalanced and inadequate development and the people’s ever-growing needs for a better life, as defined at the 19th National Congress of the CPC in 2017. concretely embodying the people’s aspiration for a better life, and being effective demand realized through the socialist market economy system. The characteristics of high-quality demand are: consumption demand with potential, and investment demand with returns. High-quality economic development at the macro level means using high-quality demand to pull and guide high-quality supply, and using high-quality supply to adapt to and create high-quality demand. Otherwise, mid-to-low-end, low-quality, low-price demand can only stimulate low-efficiency, low-quality, low-competitiveness supply. An important reason for the occurrence of the 2008 international financial crisis was the long-term use of low-quality demand (such as US “subprime mortgages”) to drive a large amount of low-efficiency supply (such as production capacity formed under zero interest rates), thereby creating serious economic bubbles. Similarly, low-quality supply can only meet low-quality demand; if supply itself is difficult to adapt to new changes in demand in terms of quality, efficiency, and structural state, it becomes difficult to form a higher-level dynamic balance between supply and demand. Moreover, low-quality supply can also suppress demand, even generating “demand spillover.” The unity of quality and quantity is an objective requirement for balanced economic development. As General Secretary Xi Jinping emphasized when summarizing the deepening of understanding of the laws governing economic work at the 2024 Central Economic Work Conference, it is necessary to coordinate the relationship between improving quality and expanding total volume, and to adhere to the unity of winning by quality and leveraging scale effects. [5]5 The 2024 Central Economic Work Conference was held in Beijing from December 11 to 12, 2024.

高质量供给关键是培育新质生产力，加快现代化经济体系特别是现代化产业体系的构建。高质量供给的突出特征在于：高技术、高效能、高质量，创新起主导作用，全要素生产率大幅提升。高质量需求实质是适应我国社会主要矛盾的变化，切实体现人们对美好生活向往的需求，并且是通过社会主义市场经济体制实现的有效需求。高质量需求的特征在于：有潜能的消费需求，有效益的投资需求。经济高质量发展在宏观上就是以高质量的需求拉动并牵引高质量的供给，以高质量的供给适应并创造高质量的需求。否则，以中低端、低质量、低价格的需求，只能刺激低效率、低质量、低竞争力的供给。2008年国际金融危机的发生，一个重要原因便在于长期以低质量的需求（比如美国的“次贷”）带动大量低效率的供给（比如零利率下形成的产能），从而造成严重的经济泡沫。同样，低质量的供给只能满足低质量的需求，供给本身在质量、效率和结构质态等方面难以适应需求新变化，也就难以形成供给与需求间更高水平的动态平衡，而且低质量供给还会抑制需求，甚至产生“需求外溢”。质和量的统一是经济均衡发展的客观要求。正如习近平总书记在2024年中央经济工作会议上总结深化对经济工作的规律性认识时强调，必须统筹好提升质量和做大总量的关系，要坚持以质取胜和发挥规模效应相统一。

Follow the laws of motion of the supply-demand relationship, and dynamically adjust the mode of macroeconomic regulation according to changes in the principal aspect of the contradiction

遵循供求关系运动规律，根据矛盾主要方面的变化动态调整宏观调控方式

The supply-demand relationship is in constant motion. In the process of motion, the characteristics of its contradictions and the principal aspect of the contradictions are constantly changing. An important feature of General Secretary Xi Jinping’s important discourse on striving to achieve a new dynamic equilibrium in the supply-demand relationship is its emphasis on dynamism based on practice.

供求关系是不断运动的。在运动过程中，其矛盾的特点和矛盾的主要方面是不断变化的。习近平总书记关于努力实现供求关系新的动态均衡的重要论述，一个重要特点在于强调基于实践的动态性。

General Secretary Xi Jinping pointed out: “Looking at the history of world economic development, whether economic policy focuses on the supply side or the demand side should be decided based on a country’s macroeconomic situation.” [6]6 Xi Jinping, “Speech at the 38th Collective Study Session of the Political Bureau of the 18th Central Committee” (January 22, 2016), in *Excerpts from Xi Jinping’s Discourse on Socialist Economic Construction*, Central Party Literature Press, 2017, p. 116. In response to the practice of China’s economic development in the New Era, General Secretary Xi Jinping further emphasized the timeliness of this dynamism, pointing out: “Macroeconomic regulation must adapt to the stage characteristics of development and changes in the economic situation. When it is necessary to expand demand, expand demand; when it is necessary to adjust supply, adjust supply; make discretionary choices, and prescribe the right medicine.” [7]7 Xi Jinping, “Speech at the Central Economic Work Conference” (December 18, 2015), in *Excerpts from Xi Jinping’s Discourse on Socialist Economic Construction*, Central Party Literature Press, 2017, p. 114.

习近平总书记指出：“纵观世界经济发展史，经济政策是以供给侧为重点还是以需求侧为重点，要依据一国宏观经济形势作出抉择。”针对新时代我国经济发展实践，习近平总书记进一步强调这种动态性的适时性，指出：“宏观调控必须适应发展阶段性特征和经济形势变化，该扩大需求时要扩大需求，该调整供给时要调整供给，相机抉择，开准药方”。

Since the advent of the New Era, China’s economic development has entered a new normal, with profound changes on both the supply and demand sides. General Secretary Xi Jinping has characterized these changes: “On the demand side, the marginal effect of comprehensive stimulus policies has clearly diminished; on the supply side, we must both comprehensively resolve overcapacity and explore future directions for industrial development by leveraging the market mechanism. We must fully grasp the new changes in aggregate supply-demand relations and conduct scientific macroeconomic regulation.” Since reform and opening up, the principal contradiction of aggregate economic imbalance in China and the principal aspect of that contradiction have long been concentrated on the demand side. Correspondingly, macroeconomic regulation has primarily focused on demand management, either moderately tightening aggregate demand or stimulating aggregate demand through expanding domestic demand. For example, after the 1998 Asian financial crisis, China implemented a proactive fiscal policy and an appropriate monetary policy; after the 2008 international financial crisis, China decisively implemented a proactive fiscal policy and a moderately accommodative monetary policy; in 2010, it returned to a proactive fiscal policy and a prudent monetary policy. Although the direction and intensity of these policies differed, they were all primarily demand management.

新时代以来，我国经济发展进入新常态，供求两端都发生了深刻变化。习近平总书记指出了这种变化的特点：“从需求方面看，全面刺激政策的边际效果明显递减；从供给方面看，既要全面化解产能过剩，也要通过发挥市场机制作用探索未来产业发展方向。我们必须全面把握总供求关系新变化，科学进行宏观调控”。改革开放以来，我国经济总量失衡的主要矛盾及矛盾的主要方面长期集中于需求侧，相应的宏观调控以需求管理为主，或适度紧缩总需求，或以扩大内需为目标刺激总需求。比如，1998年亚洲金融危机后，我国实行积极的财政政策和适当的货币政策；2008年国际金融危机后，我国果断实施积极的财政政策和适度宽松的货币政策；2010年，重新回到积极的财政政策和稳健的货币政策。尽管政策的方向和力度有所不同，但都是以需求管理为主。

After the 18th National Congress of the CPC, General Secretary Xi Jinping, based on an analysis of the characteristics of the new normal, pointed out: “In the current and future period, the problems China’s economic development faces exist on both the supply and demand sides, but the principal aspect of the contradiction lies on the supply side.” At the 2015 Central Economic Work Conference, General Secretary Xi Jinping further stated that advancing supply-side structural reform is a major innovation to adapt to and lead the new normal of economic development, an active choice to adapt to the new situation of comprehensive national power competition following the international financial crisis, and an inevitable requirement for adapting to China’s new normal of economic development. During the 38th collective study session of the Political Bureau of the 18th Central Committee, General Secretary Xi Jinping demanded that “improving the supply-side structure must be taken as the main direction of attack, starting from the production end, raising the quality and efficiency of the supply system, expanding effective and medium-to-high-end supply, and enhancing the adaptability of the supply-side structure to changes in demand.”

党的十八大之后，习近平总书记在分析经济新常态特点的基础上指出：“当前和今后一个时期，我国经济发展面临的问题，供给和需求两侧都有，但矛盾的主要方面在供给侧。”在2015年中央经济工作会议上，习近平总书记进一步指出，推进供给侧结构性改革，是适应和引领经济发展新常态的重大创新，是适应国际金融危机发生后综合国力竞争新形势的主动选择，是适应我国经济发展新常态的必然要求。在十八届中央政治局第三十八次集体学习时，习近平总书记要求“必须把改善供给侧结构作为主攻方向，从生产端入手，提高供给体系质量和效率，扩大有效和中高端供给，增强供给侧结构对需求变化的适应性”。

In the history of economic thought and economic development, Western economics once produced the “supply-side school.” In the economic practices of the United States and the United Kingdom in the 1980s, so-called “supply-side revolutions” were also attempted. The Western supply-side school takes supply creating demand as its starting point, highlighting the role of supply management, and argues that imbalances in supply-demand relations and problems such as economic “stagflation” are mainly caused by the supply side, not the demand side. Therefore, macroeconomic regulation should target the supply side, using fiscal and monetary macroeconomic policies (such as tax cuts and interest rate reductions) to directly influence producer behavior, lower enterprise costs, increase enterprise profits, promote enterprise technological innovation and industrial structure upgrading, thereby shifting the aggregate supply curve and forming a new equilibrium between aggregate supply and demand—the so-called “Laffer Curve.” However, in practice, the “supply-side revolution” was not successful, mainly because of systemic conflicts between the theoretical economic philosophy, logical methods, and the practical capitalist economic system and institutions on the one hand, and supply management policies on the other.

在经济思想史和经济发展史上，西方经济学曾产生过“供给学派”。上世纪80年代美国和英国的经济实践中，也曾尝试过所谓“供给革命”。西方供给学派以供给创造需求为起点，突出供给管理的作用，认为供求关系失衡、经济出现“滞胀”等问题，主要原因在于供给端，而并非需求端。因而，宏观调控应针对供给端，以财政和货币等宏观经济政策（比如减税降息等），直接影响生产者行为，降低企业成本，提升企业利润，推进企业技术创新和产业结构升级，从而改变总供给曲线，形成总供求间新的均衡，即所谓“拉弗曲线”。但在实践中，“供给革命”并不成功，主要原因在于，在理论上的经济哲学观、逻辑方法和在实践上的资本主义经济制度、体制等方面，与供给管理政策之间存在系统性冲突。

General Secretary Xi Jinping has profoundly explained the differences between China’s supply-side structural reform and that of the West in both theory and practice.

习近平总书记深刻阐释了我国供给侧结构性改革在理论和实践上与西方的不同。

From the perspective of economic philosophy, China’s supply-side structural reform is not based on economic liberalism. As General Secretary Xi Jinping has pointed out: “The supply-side structural reform we speak of is not the same thing as the supply-side school of Western economics. Supply-side structural reform cannot be seen as a copy of the Western supply-side school, and we must especially prevent some people from using their interpretations to promote ‘neoliberalism’.”

从经济哲学观上看，我国供给侧结构性改革，不是以经济自由主义为基础，正如习近平总书记所指出的：“我们讲的供给侧结构性改革，同西方经济学的供给学派不是一回事，不能把供给侧结构性改革看成是西方供给学派的翻版，更要防止有些人用他们的解释来宣扬‘新自由主义’”。

From the perspective of the institutional and systemic conditions for policy implementation, China’s supply-side structural reform does not one-sidedly emphasize the adequacy and effectiveness of market competition. Instead, it emphasizes advancing supply-side structural reform under institutional conditions that unify an effective market and a competent government. As General Secretary Xi Jinping has pointed out, the supply-side structural reform we speak of emphasizes both supply and pays attention to demand, both highlights developing social productive forces and focuses on perfecting relations of production, and both leverages the decisive role of the market in resource allocation and better plays the role of the government.

从政策实现的制度体制条件上看，我国供给侧结构性改革不是片面地强调市场竞争的充分性和有效性，而是强调在有效的市场和有为的政府相互统一的体制条件下，推进供给侧结构性改革。正如习近平总书记所指出的，我们讲的供给侧结构性改革，既强调供给又关注需求，既突出发展社会生产力又注重完善生产关系，既发挥市场在资源配置中的决定性作用又更好发挥政府作用。

In terms of methodological logic, China’s supply-side structural reform differs from the tradition inherited by the supply-side school of separating supply and demand analysis. General Secretary Xi Jinping has pointed out that the supply-side school’s “ideological method is relatively absolute, focusing only on supply while neglecting demand, and only on market functions while neglecting the role of the government.” At the same time, its policy tools are relatively singular, overemphasizing the role of tax rates. China’s advancement of supply-side structural reform, in contrast, emphasizes systematicity, stressing both supply and paying attention to demand. It requires that “in advancing supply-side structural reform, the important tool of demand-side management must be well utilized, so that supply-side reform and demand-side management complement and reinforce each other, providing a favorable environment and conditions for supply-side structural reform.”

在方法逻辑上，我国供给侧结构性改革不同于供给学派沿袭的将供给和需求分析相互分离的传统。习近平总书记指出，供给学派的“思想方法比较绝对，只注重供给而忽视需求、只注重市场功能而忽视政府作用”。同时，在政策工具上也较为单一，过分突出税率的作用。我国推进供给侧结构性改革则强调系统性，既强调供给又关注需求，要求“推进供给侧结构性改革，要用好需求侧管理这个重要工具，使供给侧改革和需求侧管理相辅相成、相得益彰，为供给侧结构性改革提供良好环境和条件”。

At the same time, the policy tools for China’s supply-side structural reform are more abundant. In his work “Deeply Understand the New Development Concept and Advance Supply-Side Structural Reform,” General Secretary Xi Jinping pointed out: “It is not just a matter of taxes and tax rates, but rather a series of policy measures, especially policies and measures to promote technological innovation, develop the real economy, and ensure and improve people’s livelihoods, to solve the problems on China’s economic supply side.” In particular, it emphasizes using reform methods to promote structural adjustment. Centering on the main line of deepening supply-side structural reform, it implements the “three cuts, one reduction, one supplement” [8]8 “Three cuts, one reduction, one supplement” (三去一降一补) refers to cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness. and carries out the eight-character policy of “consolidation, enhancement, upgrading, and unimpeded flow” [9]9 The eight-character policy of “consolidation, enhancement, upgrading, and unimpeded flow” (巩固、增强、提升、畅通) refers to consolidating the achievements of supply-side structural reform, enhancing the vitality of microeconomic entities, upgrading the industrial chain, and smoothing the economic circulation., driving the implementation of a series of reform measures that have achieved remarkable results.

同时，我国供给侧结构性改革的政策工具更为丰富，习近平总书记在《深入理解新发展理念，推进供给侧结构性改革》中指出：“不只是一个税收和税率问题，而是要通过一系列政策举措，特别是推动科技创新、发展实体经济、保障和改善人民生活的政策措施，来解决我国经济供给侧存在的问题”。尤其是强调用改革的办法来推进结构调整，围绕深化供给侧结构性改革这一主线，实施“三去一降一补”，贯彻落实“巩固、增强、提升、畅通”八字方针，推动实施一系列改革举措取得了显著成效。

In recent years, especially after the outbreak of the COVID-19 pandemic, the global economic recession has intensified. China’s economy has faced multiple pressures, including shrinking demand, supply shocks, and weakening expectations. The movement of the contradiction between aggregate supply and aggregate demand has begun to show new changes. In 2020, General Secretary Xi Jinping proposed building a new development pattern with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This requires firmly grasping the main line of supply-side structural reform, paying attention to demand-side management, and proposing to steadfastly implement the strategy of expanding domestic demand, making expanding domestic demand a strategic base point. The report of the 20th National Congress of the CPC explicitly required the organic integration of implementing the strategy of expanding domestic demand with deepening supply-side structural reform. Coordinated efforts on both the supply and demand sides have become a prominent feature of China’s macroeconomic regulation in recent years. At the 2024 Central Economic Work Conference, General Secretary Xi Jinping summarized the regular understanding of deepening economic work, and an important point was that “the relationship between aggregate supply and aggregate demand must be well coordinated to smooth the national economic cycle.”

近年来，尤其是新冠疫情发生之后，全球经济衰退加剧，我国经济面临需求收缩、供给冲击、预期转弱等多重压力，总供给与总需求矛盾运动开始出现新变化。2020年，习近平总书记提出构建以国内大循环为主体、国内国际双循环相互促进的新发展格局，要求紧紧扭住供给侧结构性改革这条主线，注重需求侧管理，提出坚定实施扩大内需战略，把扩大内需作为一个战略基点。党的二十大报告明确要求，把实施扩大内需战略同深化供给侧结构性改革有机结合起来，供求两端协同发力成为近年来我国宏观调控的突出特点。习近平总书记在2024年中央经济工作会议上总结深化对经济工作的规律性认识，重要的一条便是“必须统筹好总供给和总需求的关系，畅通国民经济循环”。

Currently, China’s economy is facing many difficulties, such as intensifying two-way shocks to supply and demand and the overlapping of domestic and international risks. Macro policy has shifted to a more proactive fiscal policy and a moderately accommodative monetary policy, thereby simultaneously offsetting supply shocks and demand shocks in macroeconomic policy. The mode of macroeconomic regulation has correspondingly changed, emphasizing adherence to coordinated efforts on both the supply and demand sides and dynamic equilibrium, placing the vigorous boosting of consumption, improving investment efficiency, and comprehensively expanding domestic demand in a more prominent position, while continuing to deepen supply-side structural reform. It should be said that this follows General Secretary Xi Jinping’s important exposition on striving to achieve a new dynamic equilibrium in supply-demand relations. Based on the new changes in China’s macroeconomy, especially the new characteristics in the movement of the contradiction between aggregate supply and aggregate demand, this represents a new adjustment in the relationship between supply management and demand management in macroeconomic governance. This is an objective requirement for achieving the unity of China’s short-term and long-term economic development goals, the unity of effective qualitative improvement and reasonable quantitative growth, and the realization of high-quality economic development.

当前，我国经济正面临不断加剧的供给与需求双向冲击、国内与国际风险叠加等诸多困难，宏观政策转变为更加积极的财政政策和适度宽松的货币政策，进而在宏观经济政策上同时对冲供给冲击和需求冲击。宏观调控方式相应发生变化，强调坚持供需两侧协同发力、动态平衡，把大力提振消费、提高投资效益，全方位扩大国内需求摆在更为突出的位置，同时持续深化供给侧结构性改革。应当说，这是遵循习近平总书记关于努力实现供求关系新的动态均衡的重要论述，根据我国宏观经济出现的新变化，特别是根据总供给与总需求矛盾运动出现的新特点，在宏观经济治理上对供给管理与需求管理相互关系作出的新调整。这是实现我国经济发展短期与长期目标的统一，质的有效提升和量的合理增长的统一，实现经济高质量发展的客观要求。

Since the advent of the New Era, in the face of various difficulties and challenges, China’s economic operation has maintained overall stability and made progress while maintaining stability. Economic development has achieved historic accomplishments and undergone historic transformations, powerfully proving the truth power and practical force of Xi Jinping’s economic thought. On the path forward, adhering to the guidance of Xi Jinping’s economic thought, further deepening comprehensive reform, pooling our efforts, and forging ahead with determination, China’s economy will surely navigate stormy seas steadily and lay a solid foundation for comprehensively advancing the building of a strong country and the great rejuvenation of the Chinese nation through Chinese-path modernization.

新时代以来，面对种种困难和挑战，我国经济运行保持总体平稳、稳中有进，经济发展取得历史性成就、发生历史性变革，有力地证明了习近平经济思想的真理力量和实践伟力。前进道路上，坚持以习近平经济思想为指引，进一步全面深化改革，凝心聚力、奋发进取，我国经济一定能够在惊涛骇浪中行稳致远，为以中国式现代化全面推进强国建设、民族复兴伟业奠定坚实基础。

(The author is former president and first-level professor of Renmin University of China)

（作者为中国人民大学原校长、一级教授）

Online editor: Tongxin

网络编辑：同心