On the Macroeconomic Governance Theory of Xi Jinping’s Economic Thought

A sound macroeconomic governance system is an inherent requirement for promoting high-quality development in China’s economy in the New Era, and also an important component of building a high-level socialist market economy system. Macroeconomic governance theory, in turn, is the theoretical basis for improving the macroeconomic governance system, perfecting the macro-control system, and formulating various macro-control policies. Since the 18th National Congress of the CPC, the Party Central Committee with Comrade Xi Jinping at its core has continuously deepened its understanding of the laws governing macroeconomic governance in the socialist market economy, gradually forming a theoretical system on macroeconomic governance. “Macroeconomic governance” is a key signature concept in Xi Jinping’s economic thought, representing an innovative development of Marxist macroeconomic thought and achieving a transcendence of Western macro-control theory.

健全的宏观经济治理体系是新时代推动我国经济高质量发展的内在要求，也是构建高水平社会主义市场经济体制的重要内容。宏观经济治理理论则是健全宏观经济治理体系、完善宏观调控制度体系、制定宏观调控各项政策的理论依据。党的十八大以来，以习近平同志为核心的党中央对社会主义市场经济中宏观经济治理的规律性认识不断深化，逐渐形成了关于宏观经济治理的理论体系。“宏观经济治理”是习近平经济思想中的一个重要标识性概念，是对马克思主义宏观经济思想的创新性发展，实现了对西方宏观调控理论的超越。

To date, theoretical research on Xi Jinping’s economic thought has yielded fruitful results, but systematic and scholarly research on macroeconomic governance theory remains relatively weak. Existing studies focus mainly on two aspects: first, research on the relationship between government and market in Xi Jinping’s economic thought, which has not yet been organically integrated with the theoretical system of macroeconomic governance; second, research on China’s macro-control has concentrated primarily on macro-control policies themselves, such as objectives, instruments, and innovative methods, and has not yet delved into the theoretical and systematic level of macroeconomic governance. Based on this, this article, drawing on insights from studying Volume I of *Selected Works of Xi Jinping on Economics*, summarizes and elaborates on the theoretical system of macroeconomic governance.

迄今，理论界对习近平经济思想的研究取得了丰硕成果，但对宏观经济治理理论的体系化、学理化的研究还相对薄弱。已有研究主要集中在两个方面：一是对习近平经济思想中的政府和市场关系进行研究，这一研究尚未与宏观经济治理理论体系有机结合；二是对我国宏观调控的研究主要集中在对宏观经济政策本身，如目标、手段、创新方法等的研究，也尚未深入到宏观经济治理的理论化、体系化层面进行研究。基于此，本文结合学习《习近平经济文选》第一卷的体会，从宏观经济治理的理论体系角度进行概括和阐述。

I. Macroeconomic Governance Is a Key Signature Concept in Xi Jinping’s Economic Thought

一、宏观经济治理是习近平经济思想中的重要标识性概念

Relative to the existing concept of “macro-control,” macroeconomic governance has achieved a “terminological revolution” in Chinese macroeconomics. In China, macroeconomic governance is a concept corresponding to macro-control. Macro-control is a concept closely related to the establishment and improvement of China’s socialist market economy system. In October 1984, the *Decision of the Central Committee of the Communist Party of China on Economic System Reform*, adopted at the Third Plenary Session of the 12th Central Committee of the CPC, stated: “The more we invigorate the economy, the more we must pay attention to macro-regulation, and the more we must be adept at comprehensively using economic levers such as prices, taxes, and credit on the basis of promptly grasping economic dynamics.” In this important “Decision” on the transition from a planned economy to a market economy, the concept of “macro-regulation” was used for the first time. In October 1992, the report to the 14th National Congress of the CPC explicitly stated: “The socialist market economy system we aim to establish is one in which the market plays a fundamental role in resource allocation under the macro-control of the socialist state.” Here, the concept of “macro-control” under the socialist market economy system was clearly proposed. From then on, China’s macroeconomic management entered the era of “macro-control.” China’s macro-control theory and policy, adhering to the guidance of Marxist political economy, have been continuously innovated and developed on the basis of critically drawing on Western macro-control theory and in conjunction with the process of establishing and improving China’s socialist market economy system.

宏观经济治理相对于已有的“宏观调控”概念，实现了中国宏观经济学的“术语革命”。在我国，宏观经济治理是与宏观调控对应的概念。宏观调控是与我国社会主义市场经济体制建立和完善密切相关的概念。1984年10月，党的十二届三中全会通过的《中共中央关于经济体制改革的决定》指出，“越是搞活经济，越要重视宏观调节，越要善于在及时掌握经济动态的基础上综合运用价格、税收、信贷等经济杠杆”。在这个从计划经济向市场经济转变的重要“决定”中，首次使用了“宏观调节”概念。1992年10月，党的十四大报告明确提出，“我们要建立的社会主义市场经济体制，就是要使市场在社会主义国家宏观调控下对资源配置起基础性作用”,在这里明确提出了社会主义市场经济体制下的“宏观调控”概念。自此，我国宏观经济管理开启了“宏观调控”的时代。我国宏观调控的理论和政策，坚持以马克思主义政治经济学为指导，在批判借鉴西方宏观调控理论的基础上，结合我国社会主义市场经济体制建立和完善的过程不断创新和发展。

Since the 18th National Congress of the CPC, with the continuous improvement of the socialist market economy system, our Party’s understanding of macroeconomic operation and management in the socialist market economy has also deepened. The Third Plenary Session of the 18th Central Committee of the CPC, as a landmark session, for the first time integrated macroeconomic management with the modernization of the national governance system and governance capacity. In his *Explanation of the Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform*, General Secretary Xi Jinping explicitly pointed out that letting the market play a decisive role in resource allocation and better playing the role of the government “is a major theoretical viewpoint proposed by the Decision of this plenary session.” This major theoretical breakthrough emphasizes the decisive role of the market in resource allocation while also stressing better playing the role of the government. He pointed out: “The Decision of the plenary session sets forth clear requirements for better playing the role of the government, emphasizing that scientific macro-control and effective government governance are inherent requirements for leveraging the advantages of the socialist market economy system.” Viewed in light of the theme of this session, it can be seen that the “effective government governance” proposed here by General Secretary Xi Jinping is actually the starting point for the concept of “macroeconomic governance.” After this, although the concept of “macro-control” continued to be used in the management of macroeconomic operations, its content, methods, instruments, and scope had already exceeded the connotation of traditional macro-control. For example, the 2015 Central Economic Work Conference explicitly proposed that while moderately expanding aggregate demand, efforts should be focused on strengthening supply-side structural reform, “implementing five mutually coordinated policy pillars,” namely macro policy, industrial policy, micro policy, reform policy, and social policy. These policy contents clearly go beyond the scope of macro-control in the general sense. Another example is the report to the 19th National Congress of the CPC in 2017, which stated: “Innovate and improve macro-control, give play to the strategic guiding role of national development plans, and improve the coordination mechanism of economic policies such as fiscal, monetary, industrial, and regional policies.” The report further pointed out that comprehensively deepening reform “must uphold and improve the system of socialism with Chinese characteristics and continuously advance the modernization of the national governance system and governance capacity.” Here, macro-control and national governance became further closely linked.

党的十八大以来，随着社会主义市场经济体制不断完善，我们党对社会主义市场经济中宏观经济运行和管理的认识也不断深化。党的十八届三中全会作为一次划时代的会议，首次把宏观经济管理与推进国家治理体系和治理能力现代化结合起来。习近平总书记在《关于〈中共中央关于全面深化改革若干重大问题的决定〉的说明》中明确指出，使市场在资源配置中起决定性作用和更好发挥政府作用，“这是这次全会决定提出的一个重大理论观点”。这一重大理论突破，强调市场在资源配置中的决定性作用，同时也强调更好发挥政府作用。他指出：“全会决定对更好发挥政府作用提出了明确要求，强调科学的宏观调控，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。”结合这次会议的主题可以看出，习近平总书记在这里提出的“有效的政府治理”实际上是“宏观经济治理”概念提出的出发点。在此之后，关于宏观经济运行的管理，虽然还使用“宏观调控”概念，但在宏观调控的内容、方法、手段、范围等方面已经超出了传统意义上宏观调控的内涵。比如，2015年中央经济工作会议明确提出，在适度扩大总需求的同时，着力加强供给侧结构性改革，“实施相互配合的五大政策支柱”,即宏观政策、产业政策、微观政策、改革政策、社会政策。这些政策内容显然超出了一般意义上的宏观调控内容。又如，2017年党的十九大报告指出：“创新和完善宏观调控，发挥国家发展规划的战略导向作用，健全财政、货币、产业、区域等经济政策协调机制。”报告还进一步指出全面深化改革“必须坚持和完善中国特色社会主义制度，不断推进国家治理体系和治理能力现代化”。在这里，宏观调控与国家治理进一步密切联系起来了。

In May 2020, the *Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Improvement of the Socialist Market Economy System in the New Era* explicitly proposed for the first time “improving the macroeconomic governance system” and “further enhancing macroeconomic governance capacity.” At this point, macroeconomic management in the socialist market economy completed the “terminological revolution” from “macro-control” to “macroeconomic governance.” In November 2020, the Fifth Plenary Session of the 19th Central Committee of the CPC, on the basis of “improving macroeconomic governance,” explicitly proposed improving the “macroeconomic governance system.” In October 2022, the 20th National Congress of the CPC further proposed: “Improve the macroeconomic governance system and give play to the strategic guiding role of national development plans.” In July 2024, the *Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform to Advance Chinese-Path Modernization*, adopted at the Third Plenary Session of the 20th Central Committee of the CPC, included “improving the macroeconomic governance system” as a separate section, making it one of the fifteen parts of the report, rather than integrating it into other parts as in previous reports, thereby highlighting the important position of macroeconomic governance. The Fourth Plenary Session of the 20th Central Committee of the CPC explicitly proposed “enhancing the effectiveness of macroeconomic governance.”

2020年5月，《中共中央国务院关于新时代加快完善社会主义市场经济体制的意见》首次明确提出“完善宏观经济治理体制”“进一步提高宏观经济治理能力”。至此，社会主义市场经济中的宏观经济管理完成了从“宏观调控”到“宏观经济治理”的“术语革命”。2020年11月，党的十九届五中全会在“完善宏观经济治理”基础上明确提出健全“宏观经济治理体系”。2022年10月，党的二十大进一步提出，“健全宏观经济治理体系，发挥国家发展规划的战略导向作用”。2024年7月，党的二十届三中全会通过的《中共中央关于进一步全面深化改革推进中国式现代化的决定》,把“健全宏观经济治理体系”单独作为一个部分，成为报告的十五个部分之一，而不是像以往的报告那样把它融入其他部分之中，这就凸显了宏观经济治理的重要地位。党的二十届四中全会明确提出了“提升宏观经济治理效能”。

II. The Transcendence of Macroeconomic Governance Theory over Western Macro-Control Theory in Methodology

二、宏观经济治理理论对西方宏观调控理论在方法论上的超越

Xi Jinping’s economic thought is the latest achievement of socialist political economy with Chinese characteristics and has made significant original contributions to enriching and developing Marxist political economy. The macroeconomic governance theory of Xi Jinping’s economic thought transcends Western macro-control theory in methodology.

习近平经济思想是中国特色社会主义政治经济学的最新成果，为丰富发展马克思主义政治经济学作出了重要原创性贡献。习近平经济思想的宏观经济治理理论，从方法论上超越了西方宏观调控理论。

Western macro-control theory is built on the foundation of Keynesian economics and, through continuous development and integration, has formed a Western macro-control theoretical system. Unlike Western liberal economic theory, Western macro-control theory acknowledges the fact that capitalism experiences economic crises and recognizes the existence of “market failure” in resource allocation, arguing that government intervention is needed to solve crisis problems. Western macro-control theory holds that capitalist economic crises stem from insufficient effective demand in the market; therefore, to alleviate crises, the government needs to use fiscal policy, monetary policy, and other instruments to stimulate effective demand and promote economic growth. It should be said that the principles of Western macro-control theory regarding how to use fiscal and monetary policies to regulate the macroeconomy reflect, to a certain extent, the general laws of market economy operation under conditions of large-scale socialized production, and thus have some reference significance for the formation of macroeconomic governance theory in China’s socialist market economy.

西方宏观调控理论建立在凯恩斯主义经济学基础上，经过不断发展和融合形成了西方宏观调控理论体系。与西方自由主义经济理论不同，西方宏观调控理论承认资本主义存在经济危机这一事实，承认市场配置资源中存在“市场失灵”现象，认为解决危机问题需要政府出面干预。西方宏观调控理论认为，资本主义经济危机源于市场有效需求不足，因此缓解危机需要政府利用财政政策、货币政策等手段，刺激有效需求，推动经济增长。应该说，西方宏观调控理论关于如何利用财政政策、货币政策调节宏观经济的原理，在一定程度上反映了社会化大生产条件下市场经济运行的一般规律，对形成我国社会主义市场经济中的宏观经济治理理论有一定的借鉴意义。

It must be pointed out that understanding Western macroeconomic regulation theory must adhere to the guiding position of Marxist political economy. General Secretary Xi Jinping has pointed out: “Nowadays, there are all kinds of economic theories

需要指出的是，对西方宏观调控理论的认识必须坚持马克思主义政治经济学的指导地位，习近平总书记指出：“现在，各种经济学理论五花八门，但我们政治经济学的根本只能是马克思主义政治经济学，而不能是别的什么经济理论。”这里明确指出了在我国马克思主义政治经济学在各种经济理论中居于指导地位。我们之所以坚持以马克思主义政治经济学为指导，是因为马克思主义政治经济学是科学的理论和方法论。习近平总书记强调：“学习马克思主义政治经济学基本原理和方法论，有利于我们掌握科学的经济分析方法，认识经济运动过程，把握社会经济发展规律，提高驾驭社会主义市场经济能力，更好回答我国经济发展的理论和实践问题。”马克思主义政治经济学是开放的理论，对待西方经济学中反映社会化大生产和市场经济一般规律的内容要合理借鉴。习近平总书记特别告诫，对国外特别是西方经济学中“反映资本主义制度属性、价值观念的内容，对其中具有西方意识形态色彩的内容，不能照抄照搬”。习近平总书记的这些重要论述，为我们深刻认识西方宏观调控理论的局限性、构建中国宏观经济治理理论的自主知识体系提供了指南。

Western macroeconomic regulation and control theory has aspects that can be drawn upon in terms of specific categories and principles, but its overall methodology is unscientific. This is mainly reflected in the following three aspects: First, it regards capitalist private ownership as an eternal and most efficient system. This is the institutional premise adhered to by Western macroeconomic regulation and control theory. This premise determines that the Western macroeconomic regulation and control theoretical system must insist on a capital-centered stance; so-called fiscal policy, monetary policy, etc., fundamentally serve the maximization of capital interests. At the same time, this theory holds that public ownership and the market economy cannot be truly and organically combined, that public ownership is inefficient, and that implementing public ownership will inevitably lead to the "tragedy of the commons." [10]10 The "tragedy of the commons" is a concept in Western economics, popularized by Garrett Hardin, arguing that shared resources are inevitably overexploited and depleted under conditions of open access and individual self-interest, often used to critique common or public ownership. In contrast, the macroeconomic governance theory of Xi Jinping's Economic Thought clearly states that the socialist market economy adheres to a people-centered approach and the basic socialist economic system, continuously exploring and perfecting the organic combination of the socialist system and the market economy.

西方宏观调控理论在具体范畴和原理上有可借鉴之处，但在总体方法论上是不科学的，主要体现在以下三个方面：一是把资本主义私有制看作永恒的、最有效率的制度。这是西方宏观调控理论坚持的制度前提。这一前提决定了西方宏观调控理论体系必然坚持以资本为中心的立场，所谓的财政政策、货币政策等，在根本上都是为资本利益最大化服务。同时，这一理论认为公有制与市场经济无法真正有机结合，认为公有制是没有效率的，实行公有制必然导致“公地的悲剧”。而习近平经济思想的宏观经济治理理论，则明确提出社会主义市场经济坚持以人民为中心和社会主义基本经济制度，不断探索和完善社会主义制度和市场经济的有机结合。

Second, it adheres to a metaphysical mode of thinking regarding the relationship between government and market. Although Western macroeconomic regulation and control theory acknowledges the existence of market failure and believes that the government should extend a "visible hand" in areas of market failure, i.e., implement macroeconomic regulation and control, methodologically, Western macroeconomics views government and market as a binary opposition, a relationship of mutual trade-off. It considers the government an exogenous variable in the market economy, not an organic component of the market economic system. From this perspective, Western macroeconomic regulation and control theory is essentially consistent with Western liberal economic theory. Superficially, Western liberal economics and Western macroeconomic regulation and control theory appear to be in sharp opposition. Liberal economics opposes the concept of market failure and thus opposes government intervention, believing that even if an economic crisis occurs, it is a temporary phenomenon, and the market, through its own adjustments, can always alleviate and eliminate the crisis. In contrast, Western macroeconomic regulation and control theory holds that in cases of market failure, the government must intervene. At the policy level, the focus of debate between Western macroeconomic regulation and control theory and Western liberal theory is the issue of "big market, small government" versus "small market, big government." Essentially, both theoretical systems view the relationship between government and market as one of mutual trade-off and binary opposition. This binary opposition is manifested in the Western economic theoretical system as the incompatibility between macroeconomics and microeconomics. Marxist political economy holds that the government (the state) has a dual nature: one is its class nature, and the other is its public service nature, with the public service nature being subordinate to the class nature. Specifically regarding the functions of a bourgeois government, on the one hand, it serves the class of capital owners; on the other hand, it serves social public affairs, but service to the latter must be subordinate to service to the former. For this reason, the primary purpose of all intervention activities by a bourgeois government is to serve capital's pursuit of profit maximization; meeting people's livelihood needs and public services lies outside the operational logic of capital. Therefore, the "tangible hand" of government intervention in Western macroeconomic regulation and control theory is constrained by the fundamental requirement of serving capital interests. In contrast, the macroeconomic governance theory of Xi Jinping's Economic Thought insists on taking the satisfaction of the people's needs as the fundamental purpose, grasps the dialectics of the relationship between government and market, coordinates the relationship between an "effective market" and a "proactive government," and breaks through the metaphysical thinking of the binary opposition between government and market.

二是在政府和市场关系上秉持形而上学思维方法。西方宏观调控理论虽然承认存在市场失灵，并且认为在市场失灵的领域政府应该伸出“看得见的手”,即实施宏观调控。但在方法论上西方宏观经济学却认为政府和市场是二元对立、此消彼长的关系，认为在市场经济中政府是外生变量，而不是市场经济体制的有机组成部分。从这一点看，西方宏观调控理论与西方自由主义经济理论在本质上是一致的。表面看来，西方自由主义经济学和西方宏观调控理论是尖锐对立的关系，自由主义经济学反对市场失灵的说法，进而反对政府干预，认为即使出现经济危机也是暂时现象，市场通过自身的调节总能让危机得到缓解和消除。而西方宏观调控理论则认为在市场失灵的情况下，政府必须出手干预。在政策层面，西方宏观调控理论与西方自由主义理论争论的焦点是“大市场小政府”还是“小市场大政府”的问题。从本质上看，两种理论体系都认为政府和市场的关系是此消彼长的关系、二元对立的关系。这种二元对立关系，在西方经济学理论体系中就表现为宏观经济学和微观经济学的不相容关系。马克思主义政治经济学认为，政府(国家)具有双重属性，一重属性是阶级属性，另一重属性是公共服务属性，公共服务属性服从于阶级属性。具体到资产阶级政府的职能，一方面是为资本所有者阶级服务，另一方面是为社会公共事务服务，但为后者的服务必须服从于为前者的服务。正因为如此，资产阶级政府的一切干预活动，首要目的都是为资本追求利润最大化服务，至于满足民生和公共服务则不在资本的运行逻辑体系中。因此，西方宏观调控理论中的政府干预伸出的“有形之手”,被限制在为资本利益服务这个根本要求上。而习近平经济思想的宏观经济治理理论，则坚持以满足人民需要为根本目的，把握政府和市场关系的辩证法，统筹好“有效市场”和“有为政府”的关系，突破政府和市场二元对立的形而上学思维。

Third, Western macroeconomic regulation and control theory is limited solely to the sphere of circulation. Western macroeconomic regulation and control theory uses the relationship between aggregate supply and aggregate demand to analyze the operational state of the macroeconomy. When aggregate supply exceeds aggregate demand, the market economy exhibits product surplus and a state of insufficient "effective demand," leading to economic crisis. According to this theoretical logic, solving an economic crisis means the government finds ways to expand demand so that product exchange can proceed smoothly. Of course, a situation where aggregate supply is less than aggregate demand may also occur in market operations; in this case, government intervention seeks ways to increase supply to meet social demand. Whether stimulating demand or curbing supply, Western macroeconomic regulation and control theory generally seeks solutions to problems within the supply-demand relationship. Its essence is attempting to solve problems within the sphere of circulation. This violates the law of interaction among production, distribution, circulation, and consumption in the operation of the national economy as an organism, and it also does not conform to the actual economic and social development of Western countries. Therefore, it is unscientific. In contrast, the macroeconomic governance theory of Xi Jinping's Economic Thought insists on starting from the national economy as an organism, studying the laws of macroeconomic operation from the dialectical relationship among the four links of production, distribution, circulation, and consumption in the socialist market economy, as well as the organic combination of aggregate supply and aggregate demand.

三是西方宏观调控理论仅仅局限在流通领域。西方宏观调控理论运用总供给和总需求的关系来分析宏观经济运行态势，当总供给大于总需求时，市场经济呈现出产品过剩，处于“有效需求”不足状态，这就产生了经济危机。依此理论逻辑，解决经济危机就是政府想办法扩大需求，让产品交换顺利实现。当然，市场运行中也可能出现总供给小于总需求的情况，这时政府干预就是想办法增加供给，满足社会需求。无论是刺激需求，还是抑制供给，西方宏观调控理论总体上是在供求关系上寻找解决问题的出路，其实质就是试图在流通领域中解决问题，这违背了国民经济有机体运行中生产、分配、流通和消费相互作用规律，也不符合西方国家经济社会发展实际，因而是不科学的。而习近平经济思想的宏观经济治理理论，则坚持从国民经济有机体出发，从社会主义市场经济中生产、分配、流通、消费四环节的辩证关系，以及总供给和总需求的有机结合中，研究宏观经济运行规律。

III. Adhering to the Party's centralized and unified leadership over economic work is the fundamental characteristic of the macroeconomic governance theory

三、坚持党对经济工作的集中统一领导是宏观经济治理理论的根本特征

The leadership of the Communist Party of China is the most essential feature of socialism with Chinese characteristics and the fundamental guarantee for the socialist market economy to develop in the correct direction. General Secretary Xi Jinping pointed out: "Adhering to the Party's leadership and giving play to the Party's core leadership role in exercising overall leadership and coordinating all efforts is an important feature of China's socialist market economic system... In China, the strong and effective leadership of the Party is the fundamental guarantee for the government to play its role." The Party's centralized and unified leadership over economic work is the fundamental characteristic of China's macroeconomic governance theory and also the essential difference between China's macroeconomic governance and Western macroeconomic regulation and control. This is mainly reflected in the following aspects.

中国共产党领导是中国特色社会主义最本质的特征，是社会主义市场经济沿着正确方向发展的根本保证。习近平总书记指出：“坚持党的领导，发挥党总揽全局、协调各方的领导核心作用，是我国社会主义市场经济体制的一个重要特征……在我国，党的坚强有力领导是政府发挥作用的根本保证。”党对经济工作的集中统一领导是我国宏观经济治理理论的根本特征，也是我国宏观经济治理与西方宏观调控的本质区别，主要体现在以下几个方面。

First, adhering to the Party's leadership ensures that the fundamental stance of macroeconomic governance is people-centered. The essential difference between Western macroeconomic regulation and control theory and the macroeconomic governance theory of Xi Jinping's Economic Thought lies in the different class stances they represent. Western macroeconomic regulation and control theory represents the interests of capitalists. Regardless of which party is in power in Western bourgeois political parties, they all insist on a capital-centered approach and formulate various macroeconomic policies according to the logic of capital. The Communist Party of China has always represented the fundamental interests of the broadest majority of the people, has no special interests of its own, and has never represented the interests of any interest groups, any power groups, or any privileged strata. General Secretary Xi Jinping pointed out: "We must take realizing, safeguarding, and developing the fundamental interests of the broadest majority of the people as the starting point and落脚点 [11]11 The Chinese term 落脚点 (luòjiǎo diǎn) literally means "foothold" or "point of arrival," used here metaphorically to mean the ultimate goal or objective. of all our work, and more consciously ensure that the fruits of reform and development benefit all the people more and more fairly." The macroeconomic governance theory within Xi Jinping's Economic Thought consistently adheres to the fundamental stance of being people-centered.

一是坚持党的领导确保宏观经济治理的根本立场是以人民为中心。西方宏观调控理论与习近平经济思想的宏观经济治理理论的本质区别在于所代表的阶级立场不同。西方宏观调控理论是代表资本家利益，西方资产阶级政党无论哪个党派执政，都是坚持以资本为中心，按照资本逻辑制定各种宏观经济政策。中国共产党始终代表最广大人民根本利益，没有任何自己的特殊利益，从来不代表任何利益集团、任何权势团体、任何特权阶层的利益。习近平总书记指出：“必须把实现好、维护好、发展好最广大人民根本利益作为一切工作的出发点和落脚点，更加自觉地使改革发展成果更多更公平惠及全体人民。”习近平经济思想中的宏观经济治理理论，始终坚持以人民为中心的根本立场。

Second, upholding Party leadership ensures that the fundamental purpose of macroeconomic governance is to meet the people’s needs. The starting point of Western macroeconomic regulation theory is to respond to “insufficient effective demand,” which it holds is caused by the psychological factors of consumers and investors. In response to insufficient effective demand, whether the government adopts fiscal policy, monetary policy, or other policies, these are all formulated around stimulating capital’s drive to maximize profit. Meeting the needs of the masses is by no means the purpose of production in capitalist society itself; it is merely the “driven wheel” serving capital’s need for valorization. On this point, no matter which party among the bourgeois political parties comes to power, the essence is the same.

二是坚持党的领导确保宏观经济治理的根本目的是满足人民需要。西方宏观调控理论的出发点是应对“有效需求不足”,认为有效需求不足产生的原因是消费者和投资者的心理因素造成的。针对有效需求不足，政府无论是采取财政政策，还是采取货币政策等其他政策，都是围绕激发资本追求利润最大化的动力来制定的。至于满足人民群众需要绝不是资本主义社会生产目的本身，只不过是满足资本增殖需要的“从动轮”而已。在这一点上，无论资产阶级政党中的哪个党派上台执政，本质都是相同的。

In our country, in developing the socialist market economy, the fundamental purpose of production is to meet the people’s ever-growing needs for a better life. As General Secretary Xi Jinping pointed out: “Adapting to changes in the people’s needs, working hard to run all public welfare undertakings well, and ensuring that ordinary people’s lives get better day by day—this is the fundamental purpose of socialist production.” Therefore, our country’s macroeconomic policies, whether fiscal policy, monetary policy, or industrial policy, must both meet the requirements of stimulating the vitality and motivation of various market entities and meet the fundamental purpose of satisfying the people’s needs. For this reason, our country’s macroeconomic governance policies emphasize the consistency of economic and non-economic policies, and emphasize that investment, consumption, and the protection and improvement of people’s livelihoods are always closely linked.

在我国，发展社会主义市场经济，生产的根本目的是满足人民日益增长的美好生活需要。正如习近平总书记指出的：“适应人民群众需求变化，努力办好各项民生事业，让老百姓的日子越过越好，是社会主义生产的根本目的。”因此，我国的宏观经济政策，无论是财政政策、货币政策还是产业政策等，既要符合激发各类市场主体活力和动力的要求，也要符合满足人民需要这一根本目的的要求。正因为如此，我国宏观经济治理政策强调经济政策与非经济政策的一致性，强调投资、消费与保障和改善民生始终紧紧连在一起。

Third, upholding Party leadership ensures the socialist nature of macroeconomic governance. Adhering to a people-centered approach in macroeconomic governance and meeting the people’s needs must have a solid economic foundation as a guarantee. Upholding Party leadership inevitably means unswervingly consolidating and developing the public sector of the economy, maintaining the dominant position of public ownership and the leading role of the state-owned sector, and making state-owned capital and state-owned enterprises stronger, better, and larger, thereby providing a solid public-ownership foundation for meeting the people’s needs. Upholding the dominant position of distribution according to work, adhering to the path of shared development and common prosperity, provides a solid distribution-system foundation for meeting the people’s needs. Persisting in making the real economy stronger, better, and larger provides a solid material foundation for meeting the people’s needs. General Secretary Xi Jinping emphasized: “We must never make the real economy, which concerns national security, the national economy and people’s livelihoods, and international competitiveness, hollow or smaller.” The non-public sector of the economy is an important component of the socialist market economy; we must unswervingly encourage, support, and guide the development of the non-public sector. Our Party, through effective economic governance, brings the positive role of capital into play. General Secretary Xi Jinping clearly pointed out: “We need to explore how, under the conditions of the socialist market economy, to bring the positive role of capital into play while effectively controlling its negative role,” and “we must prevent some capital from growing wildly.” [12]12 “Growing wildly” (野蛮生长) refers to unchecked, disorderly expansion of capital that evades regulation and harms public interests.

三是坚持党的领导确保宏观经济治理的社会主义性质。坚持宏观经济治理以人民为中心、满足人民需要，必须有坚实的经济基础作保证。坚持党的领导，就必然要毫不动摇巩固和发展公有制经济，坚持公有制主体地位和国有经济的主导地位，坚持做强做优做大国有资本和国有企业，为满足人民需要提供坚实的公有制基础。坚持按劳分配的主体地位，坚持走共享发展和共同富裕道路，为满足人民需要提供坚实的分配制度基础。坚持做强做优做大实体经济，为满足人民需要提供坚实的物质基础。习近平总书记强调：“千万不能把关系国家安全、关系国计民生、关系国际竞争力的实体经济搞虚了、搞少了。”非公有制经济是社会主义市场经济的重要组成部分，要毫不动摇鼓励、支持、引导非公有制经济发展。我们党通过有效的经济治理，发挥资本的积极作用。习近平总书记明确指出，“我们要探索如何在社会主义市场经济条件下发挥资本的积极作用，同时有效控制资本的消极作用”,“要防止有些资本野蛮生长”。

Fourth, upholding Party leadership ensures that the institutional advantages of macroeconomic governance are transformed into governance effectiveness. Western macroeconomic regulation theory emphasizes the government’s unidirectional top-down role; therefore, in the discourse system of Western macroeconomic regulation, government intervention is often figuratively compared to the “visible hand.” The macroeconomic governance theory of Xi Jinping’s economic thought is different; it embodies a system-integration relationship, in which the dominant element within this system is the centralized, unified leadership of the Party. General Secretary Xi Jinping pointed out: “Economic work is the central task; Party leadership must naturally be fully reflected in the central task. By grasping the ‘ox nose’ [13]13 “Ox nose” (牛鼻子) is a Chinese idiom for the key link or crucial point that, once grasped, enables the resolution of other related issues. of the central task, other work can be better carried out.” At the same time, our country’s macroeconomic governance involves both top-down and bottom-up processes, as well as horizontal coordination; various forces form a joint governance synergy through mutual interaction. On this, General Secretary Xi Jinping figuratively pointed out: “In the grand chess game of the national governance system, the Party Central Committee is the ‘commander’ sitting in the central command tent; the chariots, horses, and cannons each display their strengths, and the overall chessboard pattern is clear.” [14]14 The “grand chess game” (大棋局) metaphor, with the Party Central Committee as the “commander” (帅) and various actors as chess pieces (车马炮), illustrates centralized leadership and coordinated action across all levels.

四是坚持党的领导确保宏观经济治理的制度优势转化为治理效能。西方宏观调控理论强调政府自上而下的单向作用，因此在西方宏观调控的话语体系中通常把政府干预形象地比作“看得见的手”。习近平经济思想的宏观经济治理理论则不同，它体现的是一种系统集成关系，在这个系统中居于支配地位的是党的集中统一领导。习近平总书记指出：“经济工作是中心工作，党的领导当然要在中心工作中得到充分体现，抓住了中心工作这个‘牛鼻子’,其他工作就可以更好展开。”与此同时，我国宏观经济治理既有自上而下，也有自下而上，还有横向协调，各种力量在相互作用中形成共同治理的合力。对此，习近平总书记形象地指出：“在国家治理体系的大棋局中，党中央是坐镇中军帐的‘帅’,车马炮各展其长，一盘棋大局分明。”

The Party Central Committee focuses on top-level design, carrying out forward-looking thinking, holistic planning, strategic layout, and integrated advancement of economic development, playing the role of setting the direction, managing the overall situation, and ensuring implementation. Localities resolutely implement the decisions and deployments of the Party Central Committee, avoiding acting independently, while also giving play to local initiative and creativity, bringing into play the advantage of combining top-level design with “crossing the river by feeling for the stones.” [15]15 “Crossing the river by feeling for the stones” (摸着石头过河) is a reform-era metaphor for pragmatic, incremental experimentation in policy-making. Our country’s macroeconomic governance also emphasizes the dialectics of “coordinated development”: it emphasizes combining the concentration of resources to accomplish major tasks with the decisive role of the market in resource allocation; emphasizes combining the strategy of expanding domestic demand with supply-side structural reform; emphasizes combining effective qualitative improvement with reasonable quantitative growth; emphasizes the consistent orientation of economic and non-economic policies; emphasizes the unity of development quality, structure, scale, speed, efficiency, benefits, and security, and so on. All this fully reflects the distinctive feature of our country’s macroeconomic governance: continuously and creatively transforming institutional advantages into governance effectiveness.

党中央注重顶层设计，做好经济发展的前瞻性思考、全局性谋划、战略性布局、整体性推进，发挥把方向、管大局、保落实作用。地方坚决贯彻落实党中央决策部署，避免各自为政，同时也要发挥地方积极性、创造性，发挥把顶层设计和摸着石头过河结合起来的优势。我国宏观经济治理还强调“统筹发展”的辩证法：强调统筹集中力量办大事和发挥市场在资源配置中的决定性作用相结合，强调统筹好扩大内需战略和供给侧结构性改革相结合，强调统筹好质的有效提升和量的合理增长相结合，强调统筹好经济政策与非经济政策的一致性取向，强调统筹好发展质量、结构、规模、速度、效益、安全相统一，等等。这些都充分体现了我国宏观经济治理不断把制度优势创造性地转化为治理效能的鲜明特色。

IV. The New-Type Relationship between Government and Market Is the Basic Core of the Macroeconomic Governance Theory

四、新型政府和市场关系是宏观经济治理理论的基本内核

The relationship between government and market is a fundamental issue in a market economy. In our country, properly handling the relationship between government and market has always been the core issue of economic system reform. Our country’s macroeconomic governance has always revolved around this core issue. As pointed out earlier, in theory, liberal economics and Keynesian economics have serious differences in their views on the relationship between government and market: the former advocates the concept of “market omnipotence” and opposes government intervention; the latter emphasizes the existence of “market failure” and advocates necessary government intervention. In practice, facing the periodic outbreak of economic crises, Western countries have constantly wavered between “big market, small government” and “small market, big government” in their policies, without finding a truly law-conforming and effective governance system. Therefore, General Secretary Xi Jinping calls the relationship between government and market “a worldwide problem in economics.”

政府和市场的关系问题，是市场经济中的基本问题。在我国，处理好政府和市场关系始终是经济体制改革的核心问题。我国宏观经济治理始终围绕这一核心问题而展开。前文已指出，在理论上，自由主义经济学和凯恩斯主义经济学在关于政府和市场之间关系问题上的观点存在严重分歧：前者主张“市场万能”理念，反对政府干预；后者强调存在“市场失灵”,主张必要的政府干预。在实践上，西方国家面对经济危机的周期性爆发，在政策上不断在“大市场小政府”和“小市场大政府”之间徘徊，没有寻找到真正合规律性的、有效的治理体系。因此，习近平总书记称政府和市场的关系问题为“经济学上的世界性难题”。

Marxist political economy holds that the national economy is an organic whole; the macroeconomy is not a simple sum of micro-individuals, but a whole in which various micro-individuals are dialectically connected, interdependent, and organically unified. In Xi Jinping’s economic thought, the relationship between government and market is not a binary opposition or a clear separation, but a dialectical unity and mutually reinforcing relationship. This determines that the relationship between government and market is not a unidirectional regulatory relationship, but a bidirectional governance relationship. The basic principle of this governance relationship is to let the market play the decisive role in resource allocation and to better play the role of government. General Secretary Xi Jinping pointed out: “Proposing that the market play the decisive role in resource allocation is a new breakthrough in our Party’s understanding of the laws governing the construction of socialism with Chinese characteristics, a new achievement in adapting Marxism to the Chinese context, and marks the entry of the socialist market economy into a new stage.”

马克思主义政治经济学认为，国民经济是一个有机整体，宏观经济不是微观个体的简单相加，而是各个微观个体辩证联系、相互依存、有机统一的整体。在习近平经济思想中，政府和市场的关系不是二元对立、截然分开的，而是辩证统一、相互促进的关系，这就决定了政府和市场之间不是单向调控的关系，而是双向治理的关系。这种治理关系的基本遵循就是让市场在资源配置中起决定性作用，更好发挥政府作用。习近平总书记指出：“提出使市场在资源配置中起决定性作用，是我们党对中国特色社会主义建设规律认识的一个新突破，是马克思主义中国化的一个新的成果，标志着社会主义市场经济发展进入了一个新阶段。”

Letting the market play the decisive role in resource allocation and better playing the role of government is a major new breakthrough in Xi Jinping’s economic thought regarding the understanding of the laws governing the relationship between government and market in the New Era. It achieves a transcendence of Western economics’ theory and practice concerning the government-market relationship, providing theoretical guidance for building a high-level socialist market economy system, promoting high-quality development, and advancing Chinese-path modernization.

使市场在资源配置中起决定性作用，更好发挥政府作用，是习近平经济思想对新时代政府和市场关系规律性认识的重大新突破，实现了对西方经济学关于政府和市场关系在理论和实践上的超越，为构建高水平社会主义市场经济体制、推动经济高质量发展、推进中国式现代化提供了理论指导。

From the perspective of the general laws of the market economy, the market plays the decisive role in resource allocation. The decisive role of the market is realized through the operation of the law of value; market entities autonomously make decisions on what to produce, how much to produce, and how to produce based on various market information. The market’s survival-of-the-fittest mechanism incentivizes market entities to give full play to their initiative, motivation, and creativity, obtaining greater returns through continuous innovation. The interaction of mechanisms such as price, supply and demand, and competition in the market causes various market entities, in the process of pursuing the maximization of their own interests, to transfer and flow resources between different sectors, achieving the optimal allocation of resources within society. In this sense, market allocation of resources is the most efficient form; perfecting the socialist market economy system must follow this law.

从市场经济一般规律看，市场在资源配置中起决定性作用。市场的决定性作用是通过价值规律的作用实现的，市场主体根据各类市场信息自主作出生产什么、生产多少、如何生产等决策。市场的优胜劣汰机制激励市场主体发挥积极性、主动性、创造性，在不断创新中获得更大收益。市场中价格、供求、竞争等机制相互作用，使各类市场主体在追求自身利益最大化的过程中，让资源在不同部门之间转移和流动，实现资源在社会范围内的优化配置。在这个意义上说，市场配置资源是最有效率的形式，完善社会主义市场经济体制必须遵循这条规律。

It must be emphasized that the market economy is not an abstract existence; it is always combined with a specific social system. General Secretary Xi Jinping stressed: “We are developing a market economy under the premise of the leadership of the Communist Party of China and the socialist system; at no time can we forget the modifier ‘socialist’.” [16]16 "Able to deregulate" (放得活) and "able to manage well" (管得住) are paired terms in Chinese economic discourse, referring respectively to the market's capacity for flexible operation under deregulation and the government's capacity for effective oversight and control. Letting the market play a decisive role in resource allocation is based on the basic socialist economic system; therefore, we must not only follow the general laws of market resource allocation but also give fuller play to our institutional advantages. In the socialist market economy, the nature and structure of market entities already differ from those of the capitalist market economy. Among them, state-owned capital and state-owned enterprises play a guiding, foundational, and even pillar role in important industries and key fields that bear on national security and the lifeline of the national economy, as well as in public service fields, public welfare fields, and forward-looking strategic emerging industries that bear on the national economy and people’s livelihood. While adhering to the “Two Unswervinglys,” [17]17 The “two major departments” (两大部类) refer to Marx’s division of social production into Department I (means of production) and Department II (means of subsistence) in Volume II of *Capital*, used to analyze the conditions for simple and expanded reproduction. we must strengthen, optimize, and expand state-owned capital and state-owned enterprises; at the same time, we must strengthen, optimize, and expand the private economy, stimulate market vitality, enhance development momentum, and better meet the people’s ever-growing needs for a better life in the course of liberating and developing the social productive forces.

必须强调的是，市场经济不是抽象的存在，总是与一定社会制度相结合。习近平总书记强调：“我们是在中国共产党领导和社会主义制度的大前提下发展市场经济，什么时候都不能忘了‘社会主义’这个定语。”使市场在资源配置中起决定性作用，是以社会主义基本经济制度为基础，因此既要遵循市场配置资源的一般规律，更要发挥我国的制度优势。在社会主义市场经济中，市场主体的性质和结构已经不同于资本主义市场经济，其中，国有资本和国有企业在关系国家安全、国民经济命脉的重要行业和关键领域，在关系国计民生的公共服务领域、公益性领域、前瞻性战略性新兴产业领域发挥导向性、基础性甚至支柱性作用。在坚持“两个毫不动摇”中，要做强做优做大国有资本和国有企业，同时要做大做优做强民营经济，激发市场活力，增强发展动力，在解放和发展社会生产力中更好满足人民日益增长的美好生活需要。

To correctly understand the market playing a decisive role in resource allocation, we must oppose the Western economic theory of the “omnipotent market

正确认识市场在资源配置中起决定性作用，必须反对“市场万能”的西方经济理论。习近平总书记强调：“市场在资源配置中起决定性作用，并不是起全部作用。”让政府在资源配置中发挥重要作用，是保证市场经济平稳有序运行的规律性要求。这是因为，动态地看各类市场主体在追求自身利益最大化过程中势必会由于市场中各类信息的不完全性、滞后性导致资源配置的盲目性，从而可能使部门之间的比例关系遭到破坏，造成资源浪费。同时，各类市场主体在追求自身利益最大化时还可能与社会公共利益发生冲突，从而产生各种各样的经济社会问题，出现“市场失灵”,如供求失衡、失业、垄断、外部不经济、两极分化等，因此，必须更好发挥政府作用，克服市场缺陷，引导资源向发展新质生产力方向集聚。

To correctly understand giving better play to the role of the government, we must transcend the Western economic theory that holds the government’s role is limited merely to “remedying market failures.” Western Keynesian economics differs from liberal economics in that it acknowledges the existence of market failures and the necessity of government regulation, arguing that the government can remedy market failures through the use of fiscal policy, monetary policy, and the like. It should be said that on this point it offers us some reference value, but it must be pointed out that Western macroeconomic regulation theory has two important premises: first, it holds that capitalist private ownership is the most efficient; second, it holds that government intervention is ex post facto and limited solely to remedying market failures. China adheres to keeping public ownership as the mainstay and allowing diverse forms of ownership to develop side by side. Giving better play to the role of the government is not merely about remedying “market failures”; more importantly, it is about leveraging institutional advantages to continuously enhance the effectiveness of macroeconomic governance. As General Secretary Xi Jinping has pointed out: “Emphasizing scientific macroeconomic regulation and effective government governance is the inherent requirement for giving full play to the advantages of the socialist market economy system.” [n] Our Party adheres to a people-centered approach, by formulating medium- and long-term plans for the national economy, coordinating the major proportional relationships among sectors, regions, and urban-rural development within the national economy, providing public goods and safeguard services related to people’s livelihoods, innovating comprehensive governance methods that combine policies and instruments such as fiscal, monetary, industrial, and planning measures, giving full play to the institutional advantages of ex ante governance, and continuously transforming institutional advantages into governance effectiveness. This fully demonstrates the transcendence of the socialist market economy over Western economic theory and practice in terms of giving better play to the role of the government.

正确认识更好发挥政府作用，必须超越那种认为政府作用仅仅局限于“弥补市场失灵”的西方经济理论。西方凯恩斯主义经济学与自由主义经济学不同，它承认存在市场失灵和政府调控的必要性，认为政府可以通过运用财政政策、货币政策等来弥补市场失灵。应该说在这一点上它对我们有一定的借鉴意义，但需要指出的是，西方宏观调控理论有两个重要前提：一是认为资本主义私有制最有效率，二是认为政府干预是事后的且仅限于弥补市场失灵。我国坚持以公有制为主体、多种所有制经济共同发展，更好发挥政府作用不仅仅是弥补“市场失灵”,更要发挥制度优势，不断提升宏观经济治理效能。正如习近平总书记指出的：“强调科学的宏观调控，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。”我们党坚持以人民为中心，通过制定国民经济中长期规划，协调国民经济中的部门、区域、城乡发展的重大比例关系，提供事关民生的公共产品和保障服务，创新财政、货币、产业、计划等政策和手段的综合治理方法，发挥事前治理的制度优势，不断把制度优势转化为治理效能。这充分体现了社会主义市场经济在更好发挥政府作用方面对西方经济理论和实践的超越。

Effective macroeconomic governance must properly balance the relationship between an effective market and a well-functioning government. Under different social systems, due to differences in the economic base and the superstructure corresponding to it, the nature of the relationship between government and market also differs. Therefore, understanding the relationship between government and market must also be scientifically grasped in conjunction with the nature of the social system. As General Secretary Xi Jinping has pointed out: “A key factor in the great success of China’s economic development is that we have given full play to both the strengths of the market economy and the superiority of the socialist system.” In the socialist market economy, the government and the market are organically unified, mutually complementary, mutually coordinating, and mutually reinforcing. General Secretary Xi Jinping emphasized that regarding the relationship between government

有效的宏观经济治理，必须统筹好有效市场和有为政府的关系。在不同社会制度下，由于经济基础和与之相适应的上层建筑的不同，政府和市场关系的性质也就不同。因此，认识政府和市场的关系还必须结合社会制度的性质加以科学把握。正如习近平总书记指出的：“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。”在社会主义市场经济中，政府和市场是有机统一、相互补充、相互协调、相互促进的关系。习近平总书记强调，在政府和市场关系上，“我们要坚持辩证法、两点论，继续在社会主义基本制度与市场经济的结合上下功夫，把两方面优势都发挥好，既要‘有效的市场’,也要‘有为的政府’,努力在实践中破解这道经济学上的世界性难题”。供给侧结构性改革是我国推进高质量发展的主线，它体现了习近平经济思想中关于政府和市场关系的辩证思维。有人把它等同于西方供给学派的理论。对此，习近平总书记指出，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，既着眼当前又立足长远”。其目的也不是简单地通过减税刺激投资，而是通过结构性改革，推动科技创新、发展实体经济、增强有效供给，提高全要素生产率。我国在推动高质量发展过程中，把实施扩大内需战略同深化供给侧结构性改革有机结合，超越了西方经济理论认为只能进行需求侧管理或只能进行供给侧管理的形而上学思维方法。

The boundary between the government and the market is not fixed but changes dynamically at different stages of economic and social development and under different development conditions. Therefore, the relationship between the government and the market is a process of dynamic balance, and the relationship between the two must be coordinated as a whole. Coordinating the relationship between an effective market and a competent government to form an economic order that is both "able to deregulate" and "able to manage well" constitutes a new understanding of the law governing the dialectical relationship between the government and the market. The key to forming an economic order that is both "able to deregulate" and "able to manage well" lies with the government. A competent government means being adept at knowing what to do and what not to do: what should be delegated to the market should be fully and properly delegated, and what should be managed by the government should be managed well and to the full extent. As General Secretary Xi Jinping emphasized: "The more standardized government behavior is, the more effective the market's role will be." This not only profoundly reveals the dialectical relationship between an effective market and a competent government, and between "being able to deregulate" and "being able to manage well," but also has important methodological significance for guiding practice.

政府和市场的边界不是固定不变的，而是在经济社会不同发展阶段、不同发展条件下动态变化的。因此，政府和市场的关系是一个动态平衡的过程，必须统筹好二者关系。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，这是对政府和市场辩证关系的新的规律性认识。形成既“放得活”又“管得住”的经济秩序关键在政府，有为政府就是要善于有所为、有所不为，该放给市场的放足、放到位，该政府管理的管好、管到位。正如习近平总书记强调的：“政府行为越规范，市场作用就越有效。”这不仅深刻揭示了有效市场和有为政府、“放得活”和“管得住”的辩证关系，也对指导实践具有重要的方法论意义。

V. Smoothing the Circulation of the National Economy Is the Objective Requirement of the Macroeconomic Governance Theory

五、畅通国民经济循环是宏观经济治理理论的目标要求

As noted earlier, Western macroeconomic theory confines its understanding of macroeconomic issues solely to the sphere of circulation, where the aggregate balance between total supply and total demand is the basic criterion for judging macroeconomic performance. When total supply exceeds total demand, the economy is in a state of surplus; when total supply falls short of total demand, the economy is in a state of shortage; when total supply equals total demand, the economy is in a state of equilibrium. All the various policies of Western macroeconomic regulation are formulated and implemented in response to the different states of the relationship between total supply and total demand.

前文指出，西方宏观经济理论仅仅局限在流通领域认识宏观经济问题，总供给和总需求之间的总量平衡是判断宏观经济运行的基本依据。总供给大于总需求，经济处于过剩状态；总供给小于总需求，经济处于短缺状态；总供给等于总需求，经济处于均衡状态。西方宏观调控的各种政策，都是针对总供给和总需求关系的不同状态制定和实施的。

Marxist political economy holds that the macroeconomy embodies the process of national economic operation and the continuous reproduction of society. In a market economy, macroeconomic operation includes two levels: the first level is the deep-level relations of the market economy, that is, understanding national economic operation from the four links of social reproduction — production, distribution, circulation and consumption — and the interaction and dialectical unity among these four links, rather than merely remaining within the sphere of circulation; this is the deep-level issue of national economic operation. The second level is the surface-level relations of the market economy, that is, understanding national economic operation from the perspective of supply-demand relations. From a macroeconomic viewpoint, supply-demand relations are directly expressed as the relationship between aggregate supply and aggregate demand. At this level, Marxist political economy and Western macroeconomic regulation theory share some common ground, but this commonality is only superficial. In Marxist political economy, the analysis of aggregate supply and aggregate demand considers not only aggregate balance but also structural balance; it is the unity of aggregate balance and structural balance. For example, the content on the reproduction of the two major departments in Volume II of *Capital* analyzes both material form and value form, and both aggregate volume and structure. This is fundamentally different from Western macroeconomic theory, which only considers aggregate balance.

马克思主义政治经济学则认为，宏观经济体现的是国民经济运行和社会再生产不断进行的过程。在市场经济中，宏观经济运行包括两个层次：第一个层次是市场经济的深层关系，即从社会再生产的生产、分配、流通和消费四个环节以及四个环节之间的相互作用、辩证统一中，来认识国民经济运行，而不能仅仅停留在流通领域，这是国民经济运行的深层次问题。第二个层次是市场经济的表层关系，即从供求关系上认识国民经济运行问题，从宏观经济角度看供求关系直接表现为总供给和总需求的关系，在这一层次上，马克思主义政治经济学与西方宏观调控理论有相通之处，但这种相通只是表面的。在马克思主义政治经济学中，对总供给和总需求的分析不仅仅考虑总量平衡，还同时考虑结构平衡，是总量平衡和结构平衡的统一。例如，《资本论》第二卷中关于两大部类再生产的内容，既分析了物质形态，也分析了价值形态；既分析了总量，也分析了结构。这与西方宏观经济理论仅仅考虑总量平衡有本质区别。

Xi Jinping’s economic thought creatively uses the concept of “circulation” (循环) to analyze the laws of China’s macroeconomic operation, through the organic combination of the two levels of the four links of social reproduction and the aggregate social supply-demand relationship. In the relevant expressions on the circulation of industrial capital in Volume II of *Capital*, the concept of “circulation” here refers to the issue of capital circulation. Xi Jinping’s economic thought expands the connotation of “circulation,” using the concept from both a narrow and a broad sense. In the narrow sense, circulation refers to issues in the sphere of circulation, such as balancing aggregate supply and aggregate demand and building a unified national market, all of which belong to “circulation” in the narrow sense. In the broad sense, circulation refers to the dialectical movement among the links of production, distribution, circulation and consumption within the national economic organism. The new development pattern proposed by Xi Jinping’s economic thought — with domestic circulation as the mainstay and domestic and international circulations reinforcing each other — includes both circulation in the narrow sense and circulation in the broad sense. If smoothing the national economic circulation is the basic goal of macroeconomic governance, then the smoothness of national economic circulation is an important manifestation of the effectiveness of macroeconomic governance.

习近平经济思想是在社会再生产四环节和社会总供求关系这两个层次的有机结合中，创造性地使用“循环”概念，来分析我国宏观经济运行规律的。在《资本论》第二卷中关于产业资本循环的相关表述，这里的“循环”概念是指资本的流通问题。习近平经济思想拓展了“循环”的内涵，从狭义和广义两个角度使用“循环”概念。在狭义上，循环是指流通领域的问题，如总供给和总需求的关系平衡、构建全国统一大市场等，都属于狭义的“循环”。在广义上，循环则是指国民经济有机体中的生产、分配、流通和消费各环节之间的辩证运动。习近平经济思想提出的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，既包括狭义的循环，也包括广义的循环。如果说畅通国民经济循环是宏观经济治理的基本目标，那么国民经济循环畅通则是宏观经济治理成效的重要体现。

The essence of smooth national economic circulation is the issue of the organic connection of each link of social reproduction. Marxist political economy holds that social reproduction includes four links: production, distribution, circulation and consumption. Among them, the production link determines the latter three links, and the latter three links have a counteracting effect on the production link. In national economic circulation, the consumption link has a special nature: it is both the endpoint of the previous circulation process and the starting point of a new circulation process. Handling the consumption issue well is crucial to the circulation of the four links of the national economy. From the perspective of supply-demand relations, consumption is on the demand side. Consumption includes productive consumption and living consumption. Living consumption is final consumption and constitutes genuine demand; productive consumption, on the other hand, is mutual purchasing among enterprises and belongs to enterprise investment behavior. The purpose of investment is production, so from a future perspective it actually increases supply. In Western macroeconomic regulation theory, investment (productive) consumption is treated as a component of aggregate social demand. In Marxist political economy, however, whether investment (productive) consumption, as a variable of aggregate demand, increases demand or increases supply requires specific analysis. The distribution link and the circulation link do not directly form supply-demand relations, but without income distribution, consumption cannot occur; circulation is an intermediary link, and without circulation, production and consumption cannot circulate with each other. On this, General Secretary Xi Jinping pointed out: “Economic activities require the organic connection of the combination of various production factors in the links of production, distribution, circulation and consumption, thereby achieving circulation and flow.”

国民经济循环畅通的实质就是社会再生产各个环节有机衔接的问题。马克思主义政治经济学认为，社会再生产包括生产、分配、流通和消费四个环节，其中生产环节决定后三个环节，后三个环节对生产环节具有反作用。在国民经济循环中，消费环节具有特殊性质，它既是上一个循环过程的终点，又是新的循环过程的起点，处理好消费问题对国民经济四环节的循环至关重要。从供求关系看，消费处于需求端。消费包括生产消费和生活消费，生活消费是最终消费，构成真正的需求；而生产消费是企业间的相互购买，属于企业投资行为，投资的目的是生产，因而从未来看实际是在增加供给。在西方宏观调控理论中，投资(生产)消费被作为社会总需求的组成部分。而在马克思主义政治经济学中，对于投资(生产)消费作为总需求的变量究竟是增加需求还是增加供给，要作具体分析。分配环节和流通环节不直接形成供求关系，但离开收入分配，也就无法消费；流通是中介环节，离开流通，生产和消费之间就无法循环。对此，习近平总书记指出：“经济活动需要各种生产要素的组合在生产、分配、流通、消费各环节有机衔接，从而实现循环流转。”

From the surface-level relations of market economy operation, macroeconomic operation manifests as the relationship between aggregate supply and aggregate demand. Therefore, national economic circulation is expressed as balancing the relationship between aggregate supply and aggregate demand. In Western macroeconomic theory, it is generally believed that supply-side management is long-term management, while demand-side management is short-term management, so these two sides are difficult to exert force simultaneously. This understanding merely stays on the surface of supply-demand relations, ignoring the inherent laws of dialectical unity and organic connection among the various links of social reproduction, and carries a certain one-sidedness. Practice shows that as long as social reproduction activities cycle repeatedly, aggregate supply and aggregate demand are always in a state of mutual influence and interaction, and balancing the relationship between the supply side and the demand side becomes an inevitable requirement of the laws of national economic operation. Our Party’s proposal to organically combine the implementation of the strategy of expanding domestic demand with deepening supply-side structural reform is precisely based on such theoretical considerations.

从市场经济运行的表层关系看，宏观经济运行表现为总供给和总需求的关系。因此，国民经济循环就表现为统筹总供给和总需求关系的平衡。在西方宏观经济理论中，一般认为供给侧管理是长期管理，而需求侧管理则是短期管理，因此这两侧难以同时发力。这种认识只是停留在供求关系的表面，无视社会再生产各个环节之间辩证统一、有机衔接的内在规律，带有一定的片面性。实践表明，只要社会再生产活动循环往复，总供给和总需求就始终处于相互影响、相互作用的状态之中，统筹供给侧和需求侧的关系就成为国民经济运行规律的必然要求。我们党提出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，正是基于这样的理论考量。

Aggregate supply and aggregate demand can be balanced at a low level or at a high level. The task of China’s macroeconomic governance is to achieve high-quality development. A national economic circulation that follows high-quality development must necessarily meet the inherent requirements of high-quality development at both the level of the four links of the national economy and the level of supply-demand relations. On this, General Secretary Xi Jinping has made clear expositions from both the level of supply-demand relations and the level of the relations among the four links of the national economy. On the requirements of high-quality development from the perspective of supply-demand relations: “High-quality development should achieve a relatively complete industrial system, networked and intelligent production organization methods, strong innovation capability, demand-capturing ability, brand influence and core competitiveness, and high product and service quality. From the demand side, high-quality development should continuously meet the personalized, diversified and constantly upgrading needs of the people, and such needs in turn lead to changes in the supply system and structure, while supply changes continuously give rise to new demand.” On the requirements of high-quality development from the perspective of the four links of the national economy: “High-quality development should achieve smooth circulation in production, distribution, circulation and consumption, relatively reasonable major proportions and spatial layout of the national economy, relatively stable economic development, and no major fluctuations.”

总供给和总需求既可以在低水平上平衡，也可以在高水平上平衡。我国宏观经济治理的任务是实现高质量发展。而遵循高质量发展的国民经济循环，必然是在国民经济四环节和供求关系这两个层次上都符合高质量发展的内在要求。对此，习近平总书记从供求关系和国民经济四环节关系这两个层次都作出了明确的论述。从供求关系上看高质量发展的要求，“高质量发展应该实现产业体系比较完整，生产组织方式网络化智能化，创新力、需求捕捉力、品牌影响力、核心竞争力强，产品和服务质量高。从需求看，高质量发展应该不断满足人民群众个性化、多样化、不断升级的需求，这种需求又引领供给体系和结构的变化，供给变革又不断催生新的需求”。从国民经济四环节看高质量发展的要求，“高质量发展应该实现生产、流通、分配、消费循环通畅，国民经济重大比例关系和空间布局比较合理，经济发展比较平稳，不出现大的起落”。

To promote high-quality development, it is necessary to accelerate the construction of a new development pattern. Amid complex and volatile domestic and international situations, building a new development pattern must first strengthen the domestic economic cycle, because the advantage of a large-country economy lies in its internal circulability. To strengthen the domestic economic cycle, it is necessary to adhere to the strategy of expanding domestic demand, so that the two levels of national economic circulation are organically combined. On this, General Secretary Xi Jinping pointed out: “We must firmly grasp the strategic basis of expanding domestic demand, so that the links of production, distribution, circulation and consumption rely more on the domestic market to achieve a virtuous cycle, clarify the strategic direction of supply-side structural reform, and promote a dynamic balance between aggregate supply and aggregate demand at a higher level.”

推动高质量发展，必须加快构建新发展格局。在国内外形势复杂多变的情况下，构建新发展格局首先要做强国内经济大循环，因为大国经济的优势就是内部可循环。要做强国内经济大循环，必须坚持扩大内需战略，让国民经济循环的两个层次有机结合起来。对此，习近平总书记指出：“我们要牢牢把握扩大内需这一战略基点，使生产、分配、流通、消费各环节更多依托国内市场实现良性循环，明确供给侧结构性改革的战略方向，促进总供给和总需求在更高水平上实现动态平衡。”

Policies will be continuously adjusted and changed in response to the development and changes in the economic situation, but behind policy formulation there must necessarily be a theoretical basis. The various policies of China’s macroeconomic governance are all centered around national development plans and major strategies, coordinating fiscal, monetary, industrial, science and technology, environmental protection, price, employment and other policies to exert force synergistically, promoting coordinated regional and urban-rural development, emphasizing the consistency of economic and non-economic policies, and so on, with various macroeconomic regulation methods and means continuously innovating. At a deep level, these are all carried out with the theoretical basis of smoothing national economic circulation.

政策会随着经济形势的发展变化而因时应势地不断进行调整和变化，但政策制定的背后必然有学理依据。我国宏观经济治理的各种政策，都是围绕国家发展规划、重大战略，统筹财政、货币、产业、科技、环保、价格、就业等协同发力，推动区域、城乡协调发展，强调经济政策和非经济政策的一致性等，各种宏观调控方法手段不断创新。从深层次看，这些都是以畅通国民经济循环作为理论依据展开的。

China’s macroeconomic governance both seizes the principal aspect of the contradiction, which is the domestic cycle as the mainstay, and adheres to the dialectics of realizing the mutual reinforcement of the domestic and international dual circulations. In Xi Jinping’s economic thought, promoting global economic governance constitutes an organic component of the macroeconomic governance system. The modern economy is a globalized economy; economic globalization is the objective requirement of the development of social productive forces and the inevitable result of scientific and technological progress. While providing a strong impetus for world economic growth, it also exacerbates problems of poverty, unemployment, widening income gaps, and rising uncertainty. In particular, the United States’ vigorous pursuit of trade protectionism and unilateralism has impacted multilateralism and the free trade system, making peace deficits, development deficits, and governance deficits severe challenges facing humanity. In response, General Secretary Xi Jinping has repeatedly stressed the necessity of actively participating in global economic governance.

我国宏观经济治理，既抓住国内大循环为主体这个矛盾的主要方面，又坚持实现国内国际双循环相互促进的辩证法。在习近平经济思想中，推动全球经济治理构成宏观经济治理体系的有机组成部分。现代经济是全球化经济，经济全球化是社会生产力发展的客观要求和科技进步的必然结果，它在为世界经济增长提供强劲动力的同时也使得贫困、失业问题严重，收入差距拉大，不确定性上升。尤其是美国大搞贸易保护主义、单边主义，使多边主义和自由贸易体制受到冲击，和平赤字、发展赤字、治理赤字成为摆在人类面前的严峻挑战。对此，习近平总书记反复强调必须积极参与全球经济治理。

As early as 2014, General Secretary Xi Jinping proposed the strategy of accelerating the construction of free trade zones. He pointed out, “Accelerating the implementation of the free trade zone strategy is an important platform for China to actively participate in the formulation of international economic and trade rules and to strive for institutional power in global economic governance. We cannot be bystanders or followers; we must be participants and leaders.” [18]18 The term “institutional power” (制度性权力) here refers to the capacity to shape the rules, norms, and decision-making procedures of global economic governance, as opposed to merely accepting existing arrangements. On multiple occasions at international conferences, General Secretary Xi Jinping has emphasized that all countries in the world should jointly promote the formation of a new order in international economic governance. For example, at the 2016 G20 Hangzhou Summit, General Secretary Xi Jinping stated that in the face of challenges to the world economy, “We should strengthen coordination of macroeconomic policies, work together to promote global economic growth, and maintain financial stability. G20 members should, based on their own national conditions, adopt more comprehensive macroeconomic policies, use a variety of effective policy tools, coordinate fiscal, monetary, and structural reform policies, strive to expand global aggregate demand, comprehensively improve the quality of supply, and consolidate the foundation for economic growth.” General Secretary Xi Jinping emphasized the creation of a fair and just governance model. He pointed out, “We must adhere to multilateralism, uphold the authority and effectiveness of the multilateral system,” and we must build an open platform for cooperation, jointly create an environment conducive to open development, promote the construction of a fair, reasonable, and transparent system of international economic and trade investment rules, facilitate the orderly flow of production factors, efficient allocation of resources, and deep integration of markets, and achieve mutually beneficial and win-win goals.

早在2014年，习近平总书记就提出加快自由贸易区建设的战略。他指出，“加快实施自由贸易区战略，是我国积极参与国际经贸规则制定、争取全球经济治理制度性权力的重要平台，我们不能当旁观者、跟随者，而是要做参与者、引领者”。在多个国际会议场合，习近平总书记都强调世界各国要共同推进国际经济治理新秩序形成。比如，2016年，在二十国集团领导人杭州峰会上，习近平总书记指出面对世界经济面临的挑战，“我们应该加强宏观经济政策协调，合力促进全球经济增长、维护金融稳定。二十国集团成员应该结合本国实际，采取更加全面的宏观经济政策，使用多种有效政策工具，统筹兼顾财政、货币、结构性改革政策，努力扩大全球总需求，全面改善供给质量，巩固经济增长基础”。习近平总书记强调打造公正合理的治理模式。他指出，“要坚持多边主义，维护多边体制权威性和有效性”,要打造开放型合作平台，共同创造有利于开放发展的环境，推动构建公正、合理、透明的国际经贸投资规则体系，促进生产要素有序流动、资源高效配置、市场深度融合，实现互利共赢目标。

The world economic cycle is an important component of China’s national economic cycle. Therefore, promoting the construction of the new development pattern must also follow the cyclical law of the dialectical unity of the links of production, distribution, circulation, and consumption.

世界经济循环是我国国民经济循环的重要组成部分，因此，推动构建新发展格局同样要遵循生产、分配、流通和消费各环节辩证统一的循环规律。

General Secretary Xi Jinping emphasizes that in international production activities, the leading role of innovation must be brought into play: “All countries should seize the opportunities brought by the new round of technological revolution and industrial transformation, strengthen cooperation in frontier fields such as the digital economy, artificial intelligence, and nanotechnology, and jointly create new technologies, new industries, new business forms, and new models.” To this end, it is necessary to seize the new development opportunities of the new industrial revolution, promote the mutual compatibility and mutual promotion of the industrial development plans of various countries, and maintain the vitality of economic growth.

习近平总书记强调，在国际生产活动中要发挥创新的引领作用，“各国应该把握新一轮科技革命和产业变革带来的机遇，加强数字经济、人工智能、纳米技术等前沿领域合作，共同打造新技术、新产业、新业态、新模式”。为此，要抓住新工业革命的发展新机遇，推动各国产业发展规划相互兼容、相互促进，保持经济增长活力。

General Secretary Xi Jinping emphasizes that in international circulation, “All countries should adhere to an open policy orientation, clearly oppose protectionism and unilateralism, raise the level of multilateral and bilateral openness, promote the linkage and integration of national economies, and jointly build an open world economy.” To this end, it is necessary to improve the coordination mechanism of international macroeconomic policies, reduce negative spillover effects, and reasonably promote world economic growth.

习近平总书记强调，在国际流通中，“各国应该坚持开放的政策取向，旗帜鲜明反对保护主义、单边主义，提升多边和双边开放水平，推动各国经济联动融通，共同建设开放型世界经济”。为此，要健全国际宏观经济政策协调机制，减少负面外溢效应，合理推动世界经济增长。

General Secretary Xi Jinping emphasizes that in international distribution relations, the income distribution deficit should be narrowed. In response to the current situation where the wealth owned by the richest 1% of the global population exceeds the total wealth owned by the remaining 99%, and where income distribution inequality and uneven development space are prevalent, General Secretary Xi Jinping pointed out: “In today’s deeply developing economic globalization, the law of the jungle and winner-takes-all is a dead end that leads nowhere. Inclusiveness, mutual benefit, and win-win cooperation are the right path that leads to a broader future.” To resolve the distribution gap and polarization worldwide, it is necessary to adhere to coordination and linkage and create an open and win-win cooperation model. China advocates that all countries in the world, through international cooperation on the Belt and Road Initiative, actively develop an open economy, participate in global governance and the provision of public goods, jointly build a broad community of shared interests, and thereby “promote the realization of the modernization of all countries in the world, build an open, inclusive, interconnected, and commonly developed world, and jointly promote the construction of a community with a shared future for mankind.”

习近平总书记强调，在国际分配关系中应缩小收入分配赤字。针对全球最富有的1%人口拥有的财富量超过其余99%人口拥有的财富总和，收入分配不平等、发展空间不平衡的现状，习近平总书记指出：“在经济全球化深入发展的今天，弱肉强食、赢者通吃是一条越走越窄的死胡同，包容普惠、互利共赢才是越走越宽的人间正道。”解决世界范围内的分配差距和两极分化，必须坚持协同联动，打造开放共赢的合作模式。中国倡导世界各国通过“一带一路”国际合作，积极发展开放型经济，参与全球治理和公共产品供给，携手构建广泛的利益共同体，进而“推动实现世界各国的现代化，建设一个开放包容、互联互通、共同发展的世界，共同推动构建人类命运共同体”。

Conclusion

结语

Improving the macroeconomic governance system, innovating and enriching various macroeconomic policies, and promoting coordinated operation among various policies are important contents of building a high-level socialist market economy system; scientific macroeconomic regulation and effective government governance are inherent requirements for leveraging the advantages of the socialist market economy system. This inevitably requires the guidance of scientific theory. The macroeconomic governance theory of Xi Jinping’s economic thought, on the basis of adhering to the basic principles and methodology of Marxist political economy, makes original contributions to Marxist macroeconomic thought, enriches the macroeconomic theory of socialist political economy with Chinese characteristics, transcends Western macroeconomic regulation theory, forms an independent knowledge system and discourse system of Chinese macroeconomics, and provides important theoretical support for building a high-level socialist market economy system. The macroeconomic governance theory of Xi Jinping’s economic thought provides an action guide for China to promote high-quality development, advance Chinese-path modernization, adhere to a people-centered approach in macroeconomic governance, and scientifically utilize and manage the socialist market economy. The macroeconomic governance theory of Xi Jinping’s economic thought is an open system that will inevitably be continuously enriched and developed along with the practice of economic and social development.

完善宏观经济治理体系，创新和丰富各种宏观经济政策，推进各种政策之间协同运行，是构建高水平社会主义市场经济体制的重要内容；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。这必然需要科学的理论作指导。习近平经济思想的宏观经济治理理论，在坚持马克思主义政治经济学基本原理和方法论的基础上，对马克思主义宏观经济思想作出了原创性贡献，丰富了中国特色社会主义政治经济学的宏观经济理论，超越了西方宏观调控理论，形成中国宏观经济学的自主知识体系和话语体系，为构建高水平社会主义市场经济体制提供了重要的理论支撑。习近平经济思想的宏观经济治理理论，为我国推动高质量发展，推进中国式现代化，在宏观经济治理中坚持以人民为中心，科学利用好、驾驭好社会主义市场经济提供了行动指南。习近平经济思想的宏观经济治理理论是一个开放的体系，必将随着经济社会发展的实践而不断丰富和发展。