Deepening the Regularity-Based Understanding of the Relationship between Aggregate Supply and Aggregate Demand

I. Introduction

一、引言

Xi Jinping’s economic thought is an important component of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. It is a systematic theoretical summary of the practical experience of economic development in the New Era, a precious intellectual crystallization formed by the Communist Party of China in its unremitting exploration of the path of socialist economic development. It has opened up new horizons for socialist political economy with Chinese characteristics, made significant original contributions to enriching and developing Marxist political economy, and provided theoretical guidance and fundamental principles for promoting high-quality development of China’s economy, scientifically addressing major risks and challenges, and comprehensively building a modern socialist country.

习近平经济思想是习近平新时代中国特色社会主义思想的重要组成部分，是对新时代经济发展实践经验的系统理论概括，是中国共产党不懈探索社会主义经济发展道路形成的宝贵思想结晶，开拓了中国特色社会主义政治经济学新境界，为丰富发展马克思主义政治经济学作出了重要的原创性贡献，为推动中国经济高质量发展、科学应对重大风险挑战、全面建设社会主义现代化国家提供了理论指导与根本遵循。

*Selected Works of Xi Jinping on Economic Affairs*, Volume I, published and distributed in March 2025, is an authoritative document for thoroughly studying and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, especially Xi Jinping’s economic thought. Xi Jinping’s economic thought is the theoretical foundation for economic construction and development practice in the New Era of socialism with Chinese characteristics. It profoundly answers a series of major theoretical questions, such as what kind of socialist political economy with Chinese characteristics to build and develop, and how to build and develop it, while also clarifying the basic methodology for studying socialist political economy with Chinese characteristics. Conscientiously studying and reading this work helps deepen our understanding of Xi Jinping’s economic thought and, guided by it, accelerate the construction of an independent knowledge system for Chinese economics.

2025年3月出版发行的《习近平经济文选》第一卷，是深入学习贯彻习近平新时代中国特色社会主义思想特别是习近平经济思想的权威文献。习近平经济思想是新时代中国特色社会主义经济建设和经济发展实践的理论基础，深刻回答了构建和发展什么样的、怎样构建和发展中国特色社会主义政治经济学等一系列重大理论问题，同时也明确了研究中国特色社会主义政治经济学的基本方法论。认真学习和研读这部著作，有助于我们加深对习近平经济思想的理解，并且以此为指导，加快推进中国经济学自主知识体系的构建。

The 2024 Central Economic Work Conference proposed continuously deepening the regularity-based understanding of economic work and achieving the five “must-coordinate” tasks. [1]1 The five “must-coordinate” tasks (五个“必须统筹”) refer to the requirements put forward at the 2024 Central Economic Work Conference: coordinating the relationship between total supply and total demand, coordinating the relationship between fostering new growth drivers and upgrading traditional ones, coordinating the relationship between optimizing stock and expanding increment, coordinating the relationship between improving quality and increasing total volume, and coordinating the relationship between high-quality development and high-level security. This is the latest summary by General Secretary Xi Jinping regarding China’s economic practice in the New Era and an important component of Xi Jinping’s economic thought. It not only promotes the innovation and development of Marxist political economy in theory but also, by studying and applying these regularities well, benefits the better conduct of economic work in practice. The basic economic system is a long-term and stable part of the system of socialism with Chinese characteristics, occupying a foundational and decisive position. This determines that the macroeconomic governance of socialism with Chinese characteristics must leverage the institutional advantages of the socialist market economy system, thereby forming a complete set of institutional arrangements to achieve a balance between total social supply and demand in both volume and structure, and promoting the modernization of the national governance system and governance capacity. Currently, China’s macroeconomic governance methods and policies must adapt to new changes in economic development, paying particular attention to continuous adjustments as the principal contradiction in society and the main aspect of the contradiction evolve. Therefore, based on the requirements of high-quality development in the New Era, achieving the five “must-coordinate” tasks has important theoretical and practical significance for improving the macroeconomic governance system and thereby perfecting the socialist market economy system.

2024年中央经济工作会议提出要不断深化对经济工作的规律性认识，做好五个“必须统筹”。这是习近平总书记针对新时代中国经济实践作出的最新总结，是习近平经济思想的重要组成部分，不仅在理论上推动了马克思主义政治经济学的创新与发展，而且学习好并运用好这些规律也有益于在实践中更好地开展经济工作。基本经济制度是中国特色社会主义制度体系中具有长期性和稳定性的部分，处于基础性、决定性地位。这就决定着中国特色社会主义的宏观经济治理必须发挥社会主义市场经济体制的制度优势，从而形成实现社会供求总量和结构平衡的一整套制度安排，推动国家治理体系和治理能力的现代化。当前，中国宏观经济治理方式和政策要适应经济发展的新变化，尤其要注意随着社会主要矛盾及矛盾主要方面的演变而不断调整。因此，立足新时代高质量发展的要求，做好五个“必须统筹”对于健全宏观经济治理体系进而完善社会主义市场经济体制具有重要的理论意义和实践意义。

Coordinating the relationship between aggregate supply and aggregate demand is an important aspect of the five “must-coordinate” tasks and is of great significance for smoothing the national economic cycle. Li Xuesong has already conducted research and analysis on this, arguing that economic activity is a dynamic, cyclical process, and that the balance between aggregate supply and aggregate demand constitutes the condition for the smooth operation of social reproduction. Chen Yulu pointed out that whether aggregate supply and aggregate demand are balanced is determined not only by the supply-demand relationship itself but also by the relationships among the various links of social reproduction hidden behind aggregate supply and aggregate demand. In economic history and the history of economic thought, the systematic formulation of macroeconomics and macroeconomic policies gradually took shape alongside the clarification of the categories of aggregate supply and aggregate demand and the deepening of the understanding of the relationship between them. However, Western economics has a tradition of separating supply and demand analysis. An important difference of Xi Jinping’s economic thought is that, based on Marx’s method of analyzing social reproduction, it consistently treats the supply-demand relationship in the socialist market economy as a unified whole for discussion. Guo Kesha pointed out that China’s regulatory practices in demand management and supply management have broken through the theoretical framework of Western macroeconomics and the basic thinking of macroeconomic policies in Western developed countries, expanding the temporal and spatial scope and policy layout of macroeconomic regulation. It can be seen that the regularity-based understanding of the relationship between aggregate supply and aggregate demand in Xi Jinping’s economic thought is based on Marxist political economy as its theoretical foundation, and its underlying logic is significantly different from the relevant understanding in Western economics. Therefore, there is a need and space for further in-depth discussion. On the basis of carefully studying *Selected Works of Xi Jinping on Economic Affairs*, Volume I, this paper attempts to systematically sort out the important discussions in Xi Jinping’s economic thought regarding the relationship between aggregate supply and aggregate demand, and then, from a theoretical perspective, answer the following three key questions: First, what discussions has Xi Jinping’s economic thought conducted regarding aggregate supply, aggregate demand, and the relationship between them, and what core viewpoints has it put forward? Second, what regularity-based understanding has Xi Jinping’s economic thought formed regarding the relationship between aggregate supply and aggregate demand, and how has it innovated and developed the basic principles of Marxist political economy? Third, oriented toward Chinese-path modernization, how should the relationship between aggregate supply and aggregate demand be coordinated now and in the future to promote the stable and sustained development of China’s economy?

统筹好总供给和总需求关系是五个“必须统筹”的重要方面，对于畅通国民经济循环意义重大。李雪松已经对此进行了研究分析，并认为经济活动是动态的周而复始的循环过程，而总供给和总需求的平衡则构成了社会再生产顺利运行的条件。陈雨露指出总供给和总需求是否平衡，除了由供求关系本身决定，同时也由隐藏在总供给和总需求背后的社会再生产各个环节之间的关系决定。在经济史和经济思想史上，宏观经济学及宏观经济政策的系统提出，是伴随着对于总供给和总需求范畴的明确及二者之间相互关系认识的深化而逐渐形成的。但是，西方经济学具有将供求分析割裂开来的传统，而习近平经济思想与其重要的不同就在于根据马克思社会再生产的分析方法，始终将社会主义市场经济的供求关系作为统一整体进行讨论。郭克莎指出，中国需求管理与供给管理的调控实践突破了西方宏观经济学的理论框架和西方发达国家宏观政策的基本思路，扩大了宏观调控的时空范围和政策布局。由此可见，习近平经济思想对总供给和总需求关系的规律性认识以马克思主义政治经济学为理论基础，其底层逻辑显著区别于西方经济学的相关认识，因此有进一步深入讨论的必要与空间。在认真研读《习近平经济文选》第一卷的基础上，本文尝试系统性梳理习近平经济思想关于总供给与总需求关系的相关重要论述，进而从学理层面回答以下三个关键问题：第一，习近平经济思想针对总供给与总需求及二者关系进行了哪些方面的论述，提出了哪些核心观点；第二，习近平经济思想关于总供给与总需求关系形成了怎样的规律性认识，如何创新和发展了马克思主义政治经济学的基本原理；第三，面向中国式现代化，当下以及未来应该如何统筹好总供给与总需求的关系，促进中国经济行稳致远。

II. Systematic Discussions and Core Viewpoints of Xi Jinping’s Economic Thought on the Relationship between Aggregate Supply and Aggregate Demand

二、习近平经济思想关于总供给与总需求关系的系统性论述及其核心观点

Aggregate supply and aggregate demand are fundamental issues in economic theory. Whether the relationship between them can be scientifically grasped directly determines the effectiveness of macroeconomic governance. In this regard, Xi Jinping’s economic thought has formed core viewpoints in three aspects: First, understand aggregate supply and aggregate demand based on the economic circulation process of social reproduction, and promote their dynamic balance; second, correctly understand the dialectical unity relationship between aggregate supply and aggregate demand, and determine the focus of policy implementation according to the economic situation; third, the essence of coordinating the relationship between aggregate supply and aggregate demand is to smooth the national economic cycle, promote the organic connection of the four links of production, distribution, exchange, and consumption, thereby achieving circular flow.

总供给与总需求是经济理论中的基础性问题，能否科学地把握二者的关系直接决定着宏观经济治理的效果。对此，习近平经济思想形成了三个方面的核心观点：第一，立足社会再生产的经济循环过程理解总供给与总需求，促进二者实现动态平衡；第二，正确认识总供给与总需求的辩证统一关系，并且根据经济形势确定施策重点；第三，统筹总供给与总需求关系的实质是畅通国民经济循环，促进生产、分配、交换、消费四个环节有机衔接，从而实现循环流转。

(I) Understanding the Dynamic Balance of Aggregate Supply and Aggregate Demand Based on the Economic Circulation Process of Social Reproduction

（一）立足社会再生产的经济循环过程理解总供给与总需求的动态平衡

Marxist political economy understands the process of economic development as the process of social reproduction. Among them, production, distribution, exchange (circulation), and consumption are the various links of the economic cycle. These links are interconnected and interact with each other, jointly affecting the operational effectiveness of social reproduction. In the economic circulation process of social reproduction, production and consumption are respectively located on the supply and demand sides, while distribution and exchange serve as intermediate links between supply and demand, playing a coordinating and connecting role.

马克思主义政治经济学将经济发展的过程理解为社会再生产的过程。其中，生产、分配、交换（流通）、消费是经济循环的各个环节。这些环节相互联系、互相作用，共同影响着社会再生产的运行效果。在社会再生产的经济循环过程中，生产与消费分别居于供给和需求两侧，而分配与交换则为供需之间的中间环节，发挥着协调与衔接作用。

Production is the starting point of the economic cycle, completing both the production of use-values and the creation of value. Consumption is the end point of the economic cycle, including both production consumption incurred to compensate for the consumption of means of production in the production link, and living consumption incurred to maintain the reproduction of labor power, as well as accumulation investment aimed at achieving expanded reproduction. Therefore, consumption in the economic cycle process is a broad concept of consumption that encompasses various types of consumption and accumulation investment. Moreover, although consumption is the end point in a single economic cycle, in the continuously ongoing economic cycle process, consumption will also initiate production on a larger scale, thereby connecting two successive rounds of the economic cycle. More importantly, only when the supply and demand constituted respectively by production and consumption in each round of the economic cycle can achieve balance can the smooth and stable operation of the social reproduction process be ensured.

生产是经济循环的起点，既完成使用价值的生产，又进行价值创造。消费是经济循环的终点，既包括弥补生产环节中因生产资料消耗所发生的生产消费，又包括因维持劳动力再生产所发生的生活消费，同时还包括以实现扩大再生产为目的的积累投资。因此，经济循环过程中的消费是一个兼有各类消费与积累投资的广义消费概念。并且，消费虽然在单次经济循环中是终点，但是在持续进行的经济循环过程中消费还将开启更大规模的生产，进而联系着前后相继的两轮经济循环。更为重要的是，只有在每轮经济循环中分别由生产和消费构成的供给和需求能够实现平衡，才可以保证社会再生产过程得以持续平稳运行。

From the two links of production and consumption in the national economic cycle, the connotations of aggregate supply and aggregate demand and their relationship can be further understood. So-called aggregate social supply refers to the total amount of final products and services provided to society by an economy within a certain period. Sufficient and structurally reasonable aggregate supply will provide technical and material guarantees for economic growth and is a prerequisite for achieving economic growth. So-called aggregate social demand refers to the total purchasing power of an economy within a certain period. An increase in aggregate demand can effectively stimulate the expansion of production activities, thereby constituting a condition driving economic growth. From production to consumption, the intermediate link connecting them is distribution. Because different economic entities have different behavioral objectives and behavioral modes, how the total social product is distributed among different economic entities directly affects the structure and scale of aggregate demand. From consumption to production, the intermediate link connecting them is exchange. Exchange, on the one hand, helps the demand side obtain use value to meet specific production and living needs, and on the other hand, helps the supply side complete the value realization of commodities, obtain cost compensation, and earn profits. Furthermore, the balance between aggregate supply and aggregate demand requires not only a balance in total volume but also a balance in structure. Only when supply and demand are coordinated can smooth circulation be achieved.

从国民经济循环中的生产和消费两个环节，可以进一步延伸理解总供给与总需求的内涵及其关系。所谓社会总供给，是指一个经济体在一定时期内向社会提供的最终产品和服务总量，充足且结构合理的总供给将为经济增长提供技术物质保障，是实现经济增长的前提。所谓社会总需求，是指一个经济体在一定时期内的购买力总和，总需求的增加能够有效刺激生产活动的扩张，进而构成驱动经济增长的条件。从生产到消费，联系彼此的中间环节是分配，由于不同经济主体的行为目标与行为方式不同，因此社会总产品如何在不同经济主体之间进行分配就会直接影响总需求的结构及规模。从消费到生产，联系彼此的中间环节是交换。交换一方面帮助需求方获得使用价值，满足特定的生产生活需要，另一方面也帮助供给方完成商品的价值实现，获得成本补偿并赚取利润。除此之外，总供给与总需求的平衡不仅要求总量上的平衡，而且要求结构上的平衡。只有供需协调，才能实现循环顺畅。

Xi Jinping’s economic thought adheres to Marxist political economy as its theoretical foundation, bases itself on the economic circulation process of social reproduction, and thereby grasps the relationship between aggregate supply and aggregate demand. General Secretary Xi Jinping organized the Political Bureau of the Central Committee’s collective study of the basic principles and methodology of Marxist political economy and clearly pointed out: “Nowadays, various economic theories are multifarious, but the fundamental basis of our political economy can only be Marxist political economy, and not any other economic theory.” General Secretary Xi Jinping attaches great importance to the theory of social reproduction and economic circulation in Marxist political economy and frequently uses this theory to elaborate on and analyze China’s economic issues. On the theoretical dimension, General Secretary Xi Jinping profoundly pointed out: “Economic activities require the combination of various production factors to be organically linked in the links of production, distribution, circulation, and consumption, thereby achieving circulation and flow.” On the practical dimension, General Secretary Xi Jinping further pointed out: “Integrate the strategy of expanding domestic demand with deepening supply-side structural reform, exert force from both the supply and demand sides simultaneously, coordinate and cooperate, form a higher-level dynamic balance where demand drives supply and supply creates demand, and achieve a virtuous cycle of the national economy.” In addition, when discussing supply-side structural reform, General Secretary Xi Jinping also specifically pointed out: “The supply-side structural reform we talk about is not the same thing as the supply-side school of Western economics. Supply-side structural reform cannot be regarded as a copy of the Western supply-side school.”

习近平经济思想坚持以马克思主义政治经济学作为理论基础，立足社会再生产的经济循环过程，进而把握总供给与总需求的关系。习近平总书记组织中央政治局集体学习马克思主义政治经济学基本原理与方法论，并明确指出：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。习近平总书记高度重视马克思主义政治经济学的社会再生产及经济循环理论，并且经常运用这一理论来阐述和分析中国经济问题。在学理维度，习近平总书记深刻指出：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。在实践维度，习近平总书记进一步指出：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。此外，习近平总书记在论述供给侧结构性改革时，还曾特别指出：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。

Thus it can be seen that the regularity-based understanding of the relationship between aggregate supply and aggregate demand in Xi Jinping’s economic thought is an innovation and development of Marxist political economy, which is significantly different from the understanding of aggregate supply and aggregate demand in Western economics. The most prominent differences include the following two points: First, Xi Jinping’s economic thought examines the economic circulation process based on the theoretical logic of social reproduction and understands aggregate supply and aggregate demand and their relationship based on the economic circulation process. Since the economic circulation is a complex dynamic system that unfolds sequentially in time and concurrently in space, with various departments interconnected and mutually constraining, efforts must be made to promote a high-level dynamic balance between aggregate supply and aggregate demand. Second, the two links of production and consumption in the economic circulation correspond to the supply and demand ends respectively, and between supply and demand there are also the two intermediate links of distribution and exchange. Therefore, promoting the dynamic balance of aggregate supply and aggregate demand requires multi-dimensional efforts from various economic links, involving not only aggregate and structural policies in macroeconomic governance but also economic system reforms in terms of ownership, distribution systems, and resource allocation methods.

由此可见，习近平经济思想对总供给与总需求关系的规律性认识是对马克思主义政治经济学的创新与发展，其显著区别于西方经济学对于总供给与总需求的理解。最为突出的差异包括以下两点：第一，习近平经济思想基于社会再生产的理论逻辑来审视经济循环过程，并且立足经济循环过程认识总供给与总需求及其关系。由于经济循环是一个在时间上相继开启、在空间上并行开展，并且各个部门相互联系、彼此制约的复杂动态系统，因此需要着力促进总供给与总需求保持高水平的动态平衡。第二，经济循环中的生产与消费两个环节分别对应供需两端，而供需之间还涉及分配与交换两个中间环节，因此促进总供给与总需求的动态平衡需要从各个经济环节多维发力，不仅涉及宏观经济治理中的总量型政策与结构型政策，而且还涉及所有制、分配制度、资源配置方式等方面的经济体制改革。

(II) Correctly Understanding the Dialectical Unity Relationship between Aggregate Supply and Aggregate Demand in the National Economic Cycle

（二）正确认识国民经济循环中总供给与总需求的辩证统一关系

Engels pointed out: “Marx’s entire world outlook is not a doctrine, but a method. It provides not ready-made dogmas, but starting points for further research and the method for this research.” This indicates that the essence of Marxism is a kind of “method,” namely historical materialism and dialectical

恩格斯指出：马克思的整个世界观不是教义,而是方法。它提供的不是现成的教条，而是进一步研究的出发点和供这种研究使用的方法。这说明，马克思主义的精髓就是一种“方法”，即历史唯物主义与辩证唯物主义。习近平经济思想坚持运用唯物辩证法，系统研究了国民经济循环中的总供给与总需求及二者关系，进而深化了与之相关的规律性认识。

First, the relationship between supply and demand. General Secretary Xi Jinping has pointed out: Supply and demand are two fundamental aspects of the internal relations of a market economy, a dialectical relationship of both opposition and unity, in which each cannot do without the other, mutually dependent and mutually conditional. On the one hand, without demand, supply will be unable to complete the realization of value. In the short term, given that society’s overall production capacity and supply structure are fixed, resource allocation cannot be fully adjusted in a short period of time in response to changes in demand. Therefore, the total volume and structure of demand will determine the extent to which existing supply capacity can realize value, and thereby also determine the level of economic growth, the level of employment, and the level of capacity utilization. In the long term, along with technological progress and rising income levels, new demand will also give rise to new supply. In particular, once income levels reach a certain point, imitative, wave-like consumption will gradually be replaced by individualized and diversified consumption, which will further promote the evolution of the social division of labor and the birth of new products, new services, and new forms of business. On the other hand, without supply, demand cannot be fully satisfied. In the short term, although the world today is in an era of economic globalization, it is not impossible that, due to natural factors or policy factors, industrial and supply chains may face shocks or even breakage within a short period of time. In particular, demand for products such as food and energy is generally rigid, making it difficult to substantially reduce demand or substitute with other products. Once supply problems arise, they can lead to enormous economic risks. Therefore, it is extremely important to enhance the resilience and security level of industrial and supply chains based on the principle of self-controllability [2]2 “Self-controllability” (自主可控) is a key principle in Chinese economic policy discourse, emphasizing that a country should maintain independent control over critical technologies and supply chains to reduce external vulnerabilities.. In the long term, social resources can be continuously optimized and allocated in accordance with scientific and technological innovation and industrial innovation, thereby creating new demand with new supply, and better satisfying the people’s aspirations for a better life. This means that demand is not static; changes in the supply system and structure can also create new demand, and prompt demand and supply to achieve a new balance in the course of dynamic development.

第一，供给和需求的关系。习近平总书记指出：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。一方面，没有需求，供给将无从完成价值实现。从短期来看，社会的总体生产能力以及供给结构确定，资源配置无法在短时间内根据需求的变化进行充分调整，因此，需求总量与需求结构将决定既有供给能力所能够完成价值实现的程度，进而也就决定了经济增长水平、就业水平以及产能利用水平。从长期来看，伴随着技术进步与收入水平的提高，新的需求也将催生新的供给，特别是收入水平达到一定程度以后，模仿型排浪式的消费将逐渐被个性化与多样化的消费所取代，这也将进一步促进社会分工的演进以及新产品、新服务、新业态的诞生。另一方面，没有供给,需求就无法得到充分满足。从短期来看，当今世界虽然处于经济全球化的时代，但是也不排除由于自然因素或者政策因素导致产业链供应链在短时间内面临冲击甚至发生断裂的情况，特别是诸如粮食与能源等产品的需求普遍具有刚性，难以大幅度减少需求或者被其他产品替代，一旦供给出现问题就会导致极大的经济风险，因此本着自主可控的原则提升产业链供应链的韧性和安全水平就显得极为重要。从长期来看，社会资源可以根据科技创新与产业创新持续优化配置，进而以新的供给创造新的需求，更好地满足人民群众对美好生活的向往。这意味着，需求并非静止不变，供给体系与结构的变化也可以创造出新的需求，并且促使需求和供给在动态发展中实现新的平衡。

Second, the relationship between supply-side management and demand-side management. General Secretary Xi Jinping points out: supply side and demand side are two basic means of managing and regulating the macroeconomy. Since supply and demand have a relationship of unity of opposites, at the level of economic policy we should also insist on exerting force in both directions, promoting the achievement of dynamic equilibrium between aggregate supply and aggregate demand. Specifically, the policies of the supply side and the demand side each have their own characteristics. The core objective of supply-side management is to raise supply quality and optimize the supply structure, with the focus on promoting scientific and technological innovation as well as industrial innovation, and accelerating industrial transformation and upgrading. At the same time, efforts must be made to properly resolve the problem of optimal resource allocation required by industrial restructuring, to minimize as far as possible the costs of the flow and reallocation of various factors of production across enterprises, industries and regions, and to handle well the relationship between revitalizing existing stock and optimizing incremental additions. The policy tools of supply-side management are mainly structural policy tools, including industrial policy, regional policy, environmental policy, and so on. At the same time, structured fiscal policy and monetary policy can also play a role. For example, fiscal policy that specifies special purposes and industrial fields, or monetary policy that supports enterprise mergers and acquisitions, etc. The core objective of demand-side management is to ensure the basic balance of short-term economic growth, employment, prices and the international balance of payments, with the focus on discretionary economic stimulus or restraint, maintaining the stability of aggregate demand through macroeconomic regulation, avoiding major ups and downs in the economy, and defusing potential economic risks. The policy tools of demand-side management are mainly aggregate policy tools, including fiscal policy, monetary policy, exchange rate policy, etc., and fiscal policy and monetary policy can also be used in conjunction with consumption policy, investment policy, employment policy, etc. It is precisely because coordinating the relationship between aggregate supply and aggregate demand requires exerting force in both directions that macroeconomic governance must pay attention to the comprehensive application and coordinated coordination of various policy tools, taking into account both aggregate problems and structural problems, as well as both short-term problems and long-term problems.

第二，供给侧管理与需求侧管理的关系。习近平总书记指出：供给侧和需求侧是管理和调控宏观经济的两个基本手段。既然供给和需求具有对立统一的关系，那么在经济政策层面也应该坚持供需双向发力，促进总供给和总需求实现动态平衡。具体而言，供给侧与需求侧的政策各有特点。供给侧管理的核心目标是提升供给质量、优化供给结构，重点是推动科技创新以及产业创新，加快产业转型升级。同时，要着力解决好产业结构调整所要求的资源优化配置问题，尽量降低各种生产要素跨企业、跨产业、跨区域的流动及再配置成本，并且处理好盘活存量和做优增量的关系。供给侧管理的政策工具以结构型政策工具为主，包括产业政策、区域政策、环保政策等。同时，结构化的财政政策与货币政策也可以发挥作用。例如，明确专项用途与产业领域的财政政策或者支持企业并购重组的货币政策等。需求侧管理的核心目标是确保短期经济增长、就业、物价、国际收支基本平衡，重点是相机抉择进行经济刺激或者抑制，通过宏观调控维持需求总量稳定，避免经济发生大起大落，化解潜在的经济风险。需求侧管理的政策工具以总量型政策工具为主，包括财政政策、货币政策、汇率政策等，并且财政政策和货币政策还可以与消费政策、投资政策、就业政策等搭配使用。也正是由于统筹总供给与总需求关系需要双向发力，宏观经济治理要注重各种政策工具综合运用、协调配合，既兼顾总量问题与结构问题，又兼顾短期问题与长期问题。

Third, determining the focus of economic policy according to the economic situation. General Secretary Xi Jinping points out: Looking at the history of world economic development, whether economic policy focuses on the supply side or the demand side must be decided according to a country's macroeconomic situation. Abandoning the demand side to talk about the supply side, or abandoning the supply side to talk about the demand side, is one-sided; the two are not a relationship of substitution where one is either-or or one goes and the other stays, but rather they must cooperate with each other and be promoted in a coordinated manner. The above important exposition fully reflects the characteristic of Xi Jinping's economic thought that it insists on using dialectical materialism to analyze and solve problems. On the one hand, it is necessary to distinguish and make judgments based on the actual economic situation, grasp the principal aspect of the contradiction between supply and demand in the economic problem, and thereby find the breakthrough point and main direction of attack for solving the problem. On the other hand, it is also necessary to implement comprehensive policies, achieving dynamic equilibrium between aggregate supply and aggregate demand in the process of promoting the stable operation of social reproduction.

第三，根据经济形势确定经济政策的重点。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。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。以上重要论述充分体现了习近平经济思想坚持运用唯物辩证法来分析和解决问题的特征。一方面，要根据现实经济情况进行辨析并做出判断，抓住经济问题中供需矛盾的主要方面，进而找到解决问题的突破口与主攻方向。另一方面，也要综合施策，在促进社会再生产稳定运行的过程中实现总供给与总需求的动态平衡。

(III) The essence of coordinating the relationship between aggregate supply and aggregate demand is to smooth the national economic circulation

（三）统筹总供给与总需求关系的实质是畅通国民经济循环

Smoothing the national economic circulation is a necessary prerequisite for promoting high-quality development. The report of the 20th National Congress of the CPC proposed accelerating the construction of a new development pattern and striving to promote high-quality development. General Secretary Xi Jinping points out: From the perspective of the macroeconomic cycle, high-quality development should achieve smooth circulation of production, distribution, exchange and consumption, relatively reasonable major proportions and spatial layout of the national economy, and relatively stable economic development without major fluctuations. Social reproduction is a cyclical process that repeats itself. If the economic circulation is smooth, material products increase, social wealth accumulates, and national strength will be enhanced, thereby forming a continuously rising development process. However, if blockages, stuck points, and breakpoints appear in the process of economic circulation, the circulation will be obstructed, which at the macro level will manifest as a decline in economic growth rate, increased unemployment, risk accumulation, imbalance in the international balance of payments, etc., while at the micro level it will manifest as overcapacity, inventory backlog, decline in enterprise efficiency, reduction in employee income, and other problems. Therefore, constructing a new development pattern requires adjusting the relationship between domestic circulation and international circulation, gradually forming a strong domestic circulation system, ensuring the stable operation of social reproduction and economic circulation, and creating favorable conditions for high-quality development.

畅通国民经济循环是推动高质量发展的必要前提。党的二十大报告提出加快构建新发展格局，着力推动高质量发展。习近平总书记指出：从宏观经济循环看，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。社会再生产是周而复始的循环过程。经济循环顺畅，物质产品增加，社会财富积聚，国家实力就会增强，从而形成持续上升的发展过程。但是，如果经济循环过程中出现堵点、卡点、断点，循环就会受阻，在宏观上就会表现为经济增长速度下降、失业增加、风险积累、国际收支失衡等情况，而在微观上则会出现产能过剩、库存积压、企业效益下降、员工收入减少等问题。因此，构建新发展格局就要求调整国内循环与国际循环的关系，逐步形成强大的国内循环系统，确保社会再生产与经济循环平稳运行，为高质量发展创造有利条件。

Smoothing the national economic circulation is also an effective way to guard against external shocks. Before reform and opening up, the Chinese economy was mainly based on domestic circulation, with imports and exports accounting for a relatively low proportion of the national economy. Since reform and opening up, especially after joining the World Trade Organization, China has deeply participated in the process of economic globalization, increased the proportion of international circulation in the national economic circulation, gradually formed a development model of "large imports and large exports, with both ends outside," and fully utilized both domestic and international resources and markets, accelerating industrial accumulation and promoting industrial upgrading, with economic strength and comprehensive national power both significantly enhanced. After the 2008 global financial crisis, the model of economic globalization characterized by global imbalances became unsustainable. The increasing debt pressure of some Western developed countries made it difficult for them to maintain and continue to expand their trade deficits, and economic rebalancing became an inevitable choice for these countries. In recent years, the trend of deglobalization has intensified, and some countries have engaged heavily in unilateralism and protectionism, which has also forced China to face the prominent problems of weakening momentum and increasing risks in international circulation. Moreover, for a country with a huge population like China, to achieve modernization, it must inevitably insist on being dominated by domestic demand and promoting internal recyclability. As General Secretary Xi Jinping emphasized, in the coming period, the characteristic of the domestic market dominating the national economic circulation will become more apparent, and the potential of domestic demand for economic growth will be continuously released; at the same time, promoting the formation of a vast and smooth domestic economic circulation can better attract global resource factors, both meeting domestic demand and raising the level of our country's industrial technology development, forming new advantages in participating in international economic cooperation and competition. As the world's second-largest economy, China has the most complete and largest industrial system in the world and super manufacturing capacity, while also having a super-large market and a large labor force. Therefore, in the face of the instability and uncertainty of the world economy, placing the foothold of development domestically, releasing the potential of the domestic market, cultivating a complete domestic demand system, and smoothing the national economic circulation become effective ways to defuse external shocks and guard against external risks.

畅通国民经济循环也是防范外部冲击的有效方式。改革开放之前，中国经济以国内循环为主，进出口占国民经济比重较低。改革开放以来，特别是加入世界贸易组织之后，中国深度参与经济全球化进程，提升国民经济循环中国际循环的比重，逐步形成了“大进大出、两头在外”的发展模式，并且充分利用国内国际两种资源和两个市场，加速工业积累、推动产业升级，经济实力与综合国力都得到显著增强。2008年全球金融危机之后，以全球失衡作为核心特征的经济全球化模式难以持续，一些西方发达国家日益增加的债务压力使其难以维系并继续扩大本国的贸易逆差，经济再平衡成为这些国家的必然选择。近几年，逆全球化趋势加剧，有的国家大搞单边主义、保护主义，这也导致中国必须要面对国际循环动能减弱、风险增加的突出问题。并且，对于中国这样人口规模巨大的国家而言，要实现现代化，就必然要坚持以内需为主导，促进内部可循环。正如习近平总书记所强调的，未来一个时期，国内市场主导国民经济循环特征会更加明显，经济增长的内需潜力会不断释放；同时，推动形成宏大顺畅的国内经济循环，就能更好吸引全球资源要素，既满足国内需求，又提升我国产业技术发展水平，形成参与国际经济合作和竞争新优势。中国作为世界第二大经济体，具有全球最完整且规模最大的工业体系以及超强的制造能力，同时还具有超大规模市场与众多的劳动力。因此，面对世界经济的不稳定性与不确定性，将发展立足点放在国内，释放国内市场潜能、培育完整内需体系、畅通国民经济循环，就成为化解外部冲击与防范外部风险的有效方式。

Smooth economic circulation requires a balance between supply and demand, and the condition for a balance between supply and demand is that the major proportional relationships of the national economy satisfy the conditions for the operation of social reproduction. Therefore, coordinating the relationship between aggregate supply and aggregate demand requires promoting the orderly connection of production, distribution, exchange and consumption, and maintaining the coordination of major proportions between industries, regions, urban and rural areas, and domestic and international spheres, thereby achieving the optimization of resource allocation efficiency and the maximization of benefits. The process of social reproduction requires the rational allocation of resources within and between sectors, not only satisfying the material compensation and value compensation of simple reproduction, but also realizing the necessary accumulation and investment to expand the scale of social reproduction. Therefore, the allocation of social resources must dynamically satisfy the proportional relationships required by social reproduction. If the relationship between supply and demand is unbalanced, some sectors will be unable to realize value compensation and physical compensation, social reproduction will become disordered, and this will lead to resource misallocation and efficiency losses. For example, when supply exceeds demand, it will cause some production sectors to be unable to complete the value realization of their products, thereby affecting subsequent expanded reproduction, and it also means that some resources have been used for ineffective production, resulting in resource waste; when supply falls short of demand, a situation of supply shortage will appear, which means that resources may be overly concentrated in certain sectors, thereby limiting accumulation and expanded reproduction in other areas. Therefore, smoothing the national economic circulation requires that aggregate supply and aggregate demand maintain a state of balance in dynamics.

经济循环畅通需要供需平衡，而供需平衡的条件则是国民经济重大比例关系满足社会再生产运行的条件。因此，统筹好总供给与总需求的关系，要促进生产、分配、交换、消费有序衔接，并且保持产业之间、区域之间、城乡之间、国内国际之间的重大比例协调，进而实现资源配置的效率最优化与效益最大化。社会再生产过程要求在部门内部、部门之间合理分配资源，不仅要求满足简单再生产的物质补偿和价值补偿，而且要实现必要的积累投资以扩大社会再生产的规模，因此社会资源的配置必须要动态满足社会再生产所要求的比例关系。如果供给与需求关系失衡，部分部门就无法实现价值补偿与实物补偿，社会再生产就会出现紊乱，进而导致资源错配与效率损失。例如，当供给大于需求时，将会导致部分生产部门无法完成产品的价值实现，从而影响后续的扩大再生产，同时也意味着部分资源进行了无效生产，发生了资源浪费；当供给小于需求时，则会出现供不应求的局面，这意味着资源可能过度集中于某些部门，进而限制了其他领域的积累与扩大再生产。因此，畅通国民经济循环要求总供给与总需求在动态中保持平衡状态。

III. The Regularity-Based Understanding of the Relationship between Aggregate Supply and Aggregate Demand in Xi Jinping's Economic Thought and Its Theoretical Contribution

三、习近平经济思想关于总供给与总需求关系的规律性认识及其理论贡献

The regularity-based understanding of the relationship between aggregate supply and aggregate demand in Xi Jinping’s economic thought is grounded in the basic principles of Marxist political economy, while also integrating the economic development practices of the New Era. It systematically innovates Marx’s theory of social reproduction, thereby achieving original contributions in four aspects: distinguishing between domestic and international circulation, refining supply structure and demand structure, balancing short-term growth with long-term development, and coordinating an effective market with a competent government. It also holds significant guiding importance for promoting high-quality development and improving macroeconomic governance.

习近平经济思想关于总供给与总需求关系的规律性认识，既以马克思主义政治经济学基本原理为基础，又结合新时代的经济发展实践，针对马克思的社会再生产理论进行系统性创新，进而在区分国内循环与国际循环、细化供给结构与需求结构、兼顾短期增长与长期发展、统筹有效市场与有为政府四个方面取得原创性贡献，并且对推动高质量发展，完善宏观经济治理具有重要的指导意义。

(I) Promoting the Dynamic Balance of Aggregate Supply and Aggregate Demand on the Basis of Distinguishing between Domestic and International Circulation

（一）在区分国内循环与国际循环的基础上促进总供给与总需求动态平衡

Marx’s theory of social reproduction examines the unity of the production process and the circulation process of capital, specifically addressing two aspects: value compensation and material compensation. From the perspective of value compensation, the total social product comprises three parts: constant capital value, variable capital value, and surplus value. From the perspective of material compensation, the total social product, in terms of its final use, includes productive consumption and personal consumption, and can thus be divided into means of production and means of consumption. Accordingly, the entire social production can be divided into two major departments: Department I produces means of production, and Department II produces means of consumption. The division into two major departments clarifies the basic uses and realization conditions of the total social product and lays the foundation for ultimately explaining the economic cycle encompassing the four links of production, distribution, exchange, and consumption. However, it should be noted that although Marx had formulated a research plan on international trade and the world market, regrettably this plan was not fully completed. Consequently, in *Capital*, only social reproduction and its proportional relations under closed economic conditions are discussed, which leaves room for subsequent innovative development.

马克思的社会再生产理论将资本的生产过程与流通过程统一起来进行考察，具体涉及价值补偿和实物补偿两个方面。从价值补偿来看，社会总产品包含了不变资本价值、可变资本价值和剩余价值三个部分。从实物补偿来看，社会总产品在最终用途上，包括生产消费和生活消费，进而可以区分为生产资料和消费资料。据此，可以把整个社会生产分成两大部类：第一部类生产生产资料，第二部类生产消费资料。两大部类的划分明晰了社会总产品的基本用途和实现条件，并且为最终阐释包含生产、分配、交换、消费四个环节的经济循环奠定了基础。然而，需要注意的是，马克思虽然已经制定了关于国际贸易与世界市场的研究计划，但遗憾的是上述计划未能全部完成。于是，在《资本论》中仅讨论了封闭经济条件下的社会再生产及其比例关系，这也就为后续的创新发展预留了空间。

Entering the New Era, the research on the relationship between aggregate supply and aggregate demand in Xi Jinping’s economic thought has promoted the innovation and development of Marxist political economy, extending the theory of social reproduction from a closed economy to an open economy, and exploring the issue of promoting dynamic balance between supply and demand to smooth the national economic cycle on the basis of distinguishing between domestic and international circulation. The so-called domestic circulation refers to a situation where both the starting point and the endpoint of the economic cycle are within the country, i.e., domestic production meeting domestic consumption. International circulation refers to a situation where the starting point and the endpoint of the economic cycle are located in domestic and foreign countries respectively. If trade in productive consumption and personal consumption is further distinguished, it includes four cases: means of production produced domestically meeting foreign productive consumption, means of consumption produced domestically meeting foreign personal consumption, means of production produced abroad meeting domestic productive consumption, and means of consumption produced abroad meeting domestic personal consumption. Among these, the first two cases correspond to export trade, while the latter two correspond to import trade. Furthermore, depending on whether consumption occurs within the direct production process, within the process of labor power reproduction, or within the process of accumulation for expanded reproduction, trade in intermediate goods or trade in final goods can also be distinguished. More importantly, because social reproduction has been extended from a closed economy to an open economy, the proportional relations required for social reproduction will also change accordingly. Specifically, since an open economy needs to introduce international circulation, the realization conditions for both simple reproduction and expanded reproduction under closed economic conditions change correspondingly. They must not only reflect the proportional relations between departments within a single country but also embody the proportional relations within the same department and between different departments across countries. It can be seen that economic globalization makes the dynamic equilibrium conditions of the national economic cycle and the world economic cycle more complex, and any disturbance they encounter may be transmitted across borders, constituting a shock to a country’s economic cycle.

进入新时代，习近平经济思想关于总供给与总需求关系的相关研究推动了马克思主义政治经济学的创新与发展，将社会再生产理论从封闭经济拓展至开放经济，并且在区分国内循环与国际循环的基础上探讨促进供需动态平衡以畅通国民经济循环的问题。所谓国内循环，指的是经济循环的起点和终点都在国内，即以国内生产满足国内消费的情况。国际循环则是指经济循环的起点和终点分居国内与国外，如果进一步区分生产消费和生活消费的贸易，则包括四种情况：国内生产的生产资料满足国外的生产消费、国内生产的消费资料满足国外的生活消费、国外生产的生产资料满足国内的生产消费、国外生产的消费资料满足国内的生活消费。其中，前两种情况对应出口贸易，后两种情况则对应进口贸易。此外，根据消费是处于直接生产过程还是处于劳动力再生产过程或者积累扩大再生产过程，还可以区分中间品贸易或最终品贸易。更为重要的是，由于社会再生产从封闭经济拓展至开放经济，因此社会再生产所要求的比例关系也将随之发生变化。具体而言，由于开放经济需要引入国际循环，因此封闭经济条件下简单再生产和扩大再生产的实现条件均相应改变，其不仅需要反映一国内部部类之间的比例关系，还要体现各国同一部类之间和不同部类之间的比例关系。由此可见，经济全球化使得国民经济循环以及世界经济循环的动态平衡条件变得更为复杂，其所受到的任何扰动都可能发生跨国传递，并构成对一国经济循环的冲击。

To summarize, regarding the promotion of the dynamic balance of aggregate supply and aggregate demand on the basis of distinguishing between domestic and international circulation, the regularity-based understanding formed by Xi Jinping’s economic thought is as follows: It is necessary to base oneself on the specific stage of development, the domestic economic situation, and the international economic environment, dialectically view the status and role of domestic circulation and international circulation in the entire national economic cycle at different periods, and then flexibly handle the relationship between domestic circulation and international circulation, shaping a national economic cycle structure conducive to economic development. After the 2008 global financial crisis, the world economic and trade system characterized by global imbalances became unsustainable. China changed its previous development pattern of “massive imports and exports, with both ends abroad” [4]4 “Massive imports and exports, with both ends abroad” (大进大出、两头在外) refers to the export-oriented development model prevalent in China’s coastal regions during the reform and opening up period, where raw materials and components were imported, processed, and then exported, with both the source of inputs and the destination of outputs located outside China. and began to take expanding domestic demand as the basic foothold for promoting high-quality economic development, with the role of domestic circulation in the national economy rising significantly. At present, the characteristic of China’s domestic demand-led economic cycle is increasingly evident, and there is still room for releasing domestic demand potential. Therefore, accelerating the construction of the new development pattern is by no means an expedient measure or a forced move, but a major task deployed based on a careful assessment of the current stage and the development environment it faces, and a strategic layout to seize the initiative in future development.

概括来讲，在区分国内循环与国际循环的基础上促进总供给与总需求动态平衡，习近平经济思想形成的规律性认识是：必须立足特定发展阶段国内经济现状以及国际经济环境，辩证看待不同时期国内循环和国际循环在整个国民经济循环中的地位及作用，进而灵活处理国内循环与国际循环之间的关系，塑造有利于经济发展的国民经济循环结构。2008年全球金融危机之后，以全球失衡作为特征的世界经贸体系变得不可持续，中国改变了之前“大进大出、两头在外”的发展格局，开始把扩大内需作为推动经济高质量发展的基本立足点，国内循环在国民经济中的作用显著上升。当下，中国内需主导经济循环的特征愈发明显，内需潜力仍有释放空间。因此，加快构建新发展格局绝不是权宜之计或被迫之举，而是基于当前阶段及其所面临的发展环境，审时度势所部署的重大任务，是把握未来发展主动权的战略性布局。

(II) Promoting the Dynamic Balance of Aggregate Supply and Aggregate Demand on the Basis of Refining Supply Structure and Demand Structure

（二）在细化供给结构与需求结构的基础上促进总供给与总需求动态平衡

Marx’s theory of social reproduction innovatively divides social production into two major departments, means of production and means of consumption, thereby giving its discussion of expanded reproduction a structural character. This significantly distinguishes it from Western economic growth theories based on aggregate production functions. Moreover, precisely because it is necessary to maintain the aggregate balance of supply and demand for means of production and means of consumption, a reasonable proportional relationship must be maintained between departments. Following this line of thought, further research can be conducted around supply structure and demand structure, thereby discussing the relationship between the supply-demand structure and dynamic balance. For example, if the demand structure changes while the supply structure fails to adjust in a timely manner, the mismatch between supply and demand structures will lead to the failure of exchange. At this point, not only can value not be realized, but material compensation also cannot be obtained, and thus social reproduction cannot proceed smoothly.

马克思的社会再生产理论创新性地将社会生产划分为生产资料和消费资料两大部类，进而使得其对扩大再生产的讨论具有结构化的特征。这显著区别于基于总量生产函数的西方经济增长理论。并且，正是因为要保持生产资料和消费资料的总量供需平衡，部类之间需要维持合理的比例关系。沿着这一思路，还可以进一步围绕供给结构与需求结构深化研究，进而讨论供需结构与动态平衡之间的关系。例如，需求结构发生变化，而供给结构未能及时调整，则供需结构的不匹配就会导致交换无法达成。此时，不仅价值不能实现，而且实物也得不到补偿，于是社会再生产就不能顺利进行。

Entering the New Era, Xi Jinping’s economic thought has driven the innovation and development of the above theories. On the basis of the social reproduction theory’s division into two major departments, it further explores the relationship between effective supply and effective demand, and relaxes the assumption that supply structure and demand structure remain unchanged, profoundly answering the question of how to achieve a higher-level dynamic equilibrium in which demand drives supply and supply creates demand against the backdrop of industrial upgrading and consumption upgrading. So-called effective supply refers to the supply capacity whereby the quality of supplied products and services can change in a timely manner in response to changes in demand. For example, by observing Chinese residents’ overseas travel expenditure and the goods they purchased over a period around 2014, the Party Central Committee keenly discovered that the low domestic household consumption rate was not merely a problem of insufficient effective demand. Moreover, a portion of consumption demand with purchasing power could not be effectively satisfied by domestic supply, which was also an important reason for sluggish domestic consumption. In other words, the problem at that time was not insufficient demand, but that supply could not keep up with the changed new demand. Therefore, expanding effective supply must deepen supply-side structural reform, breaking through supply constraints through scientific, technological, industrial, and institutional innovation, thereby better adapting to changes in demand. As is well known, Keynesian economics also focuses on effective demand and explains the causes of insufficient effective demand with three psychological laws, whereas Marxist political economy pays more attention to the essence of the problem, namely analyzing demand structure and demand scale from the distribution link. Hence, while advancing supply-side structural reform, attention must also be paid to continuously expanding the middle-income group in the course of development. The expansion of the middle-income group is not only related to the improvement of people’s living standards and the realization of common prosperity, but also creates favorable demand conditions for transforming the economic model and adjusting the structure. This requires further improving the income distribution system, combining distribution according to work with distribution according to factors of production, while properly handling the distribution relationship among residents, enterprises, and the government. Furthermore, Marx’s social reproduction theory only studies the two major departments of means of production and means of consumption, and both departments are production sectors that create value. In the real economy, however, besides production sectors, there exist a large number of non-production sectors that do not create value. Industrial sectors such as wholesale and retail, finance, and real estate are typical non-production sectors. On the one hand, these sectors perform non-productive functions that facilitate the operation of social reproduction; on the other hand, because they themselves do not create value, their operation must be sustained by appropriating the value created by the production sectors. Therefore, non-production sectors also need to maintain a reasonable proportion with production sectors. If non-production sectors expand excessively, their large-scale appropriation of value created by production sectors will inevitably affect the accumulation and expanded reproduction of the production sectors. This is precisely the fundamental reason why it is necessary to emphasize that finance must serve the real economy, adhere to the principle that housing is for living, not for speculation, and strengthen antitrust regulation of digital commercial platforms in circulation.

进入新时代，习近平经济思想推动了上述理论的创新与发展，在社会再生产理论划分两大部类的基础上，进一步探讨了有效供给与有效需求的关系，并且放松了供给结构和需求结构保持不变的假定，深刻回答了产业升级与消费升级背景下需求牵引供给、供给创造需求的更高水平动态平衡的实现问题。所谓有效供给，指供给产品及服务的质量可以随需求变化而及时变化的供给能力。例如，党中央通过观察2014年前后一个时期内中国居民出境旅行支出金额以及购买的商品，敏锐地发现国内居民消费率偏低不仅仅是有效需求不足的问题。此外，一部分具有支付能力的消费需求无法得到国内供给的有效满足，也是国内消费不旺的重要原因。换言之，当时的问题不是需求不足，而是供给无法跟上变化了的新需求。因此，扩大有效供给必须深化供给侧结构性改革，以科技、产业、制度创新突破供给约束，进而更好地适应需求变化。众所周知，凯恩斯主义经济学也关注有效需求，并以三大心理规律解释有效需求不足的成因，而马克思主义政治经济学则更加关注问题的本质，即从分配环节去分析需求结构与需求规模。因此，在推进供给侧结构性改革的同时，还要注重在发展中不断扩大中等收入群体。中等收入群体的规模扩大，不仅关系到人民生活水平的提高以及共同富裕的实现，而且也是在为经济转方式、调结构创造有利的需求条件。这就要求进一步完善收入分配制度，把按劳分配和按生产要素分配结合起来，同时处理好居民、企业、政府的分配关系。此外，马克思的社会再生产理论只针对生产资料和消费资料两大部类进行研究，并且两大部类都是进行价值创造的生产部门。而现实经济中，除了生产部门之外，还存在着大量不进行价值创造的非生产部门。诸如批发零售、金融、房地产等产业部门均属于典型的非生产部门。这些部门一方面发挥着非生产性职能，有助于社会再生产的运行，另一方面由于自身不创造价值，其运行需要通过分割生产部门所创造的价值来维系。因此，非生产部门也需要同生产部门维持一个合理的比例。如果非生产部门过度膨胀，大量分割生产部门创造的价值必然会影响到生产部门的积累与扩大再生产。这也正是要强调金融必须服务实体经济、坚持房住不炒、加强对流通性数字商业平台进行反垄断规制的根本原因。

To summarize, in promoting the dynamic equilibrium of aggregate supply and aggregate demand on the basis of considering supply structure and demand structure, the regularity-based understanding formed by Xi Jinping’s economic thought is: we must not only focus on the aggregate balance of supply and demand, but also on the structural balance of supply and demand, achieving a dynamic equilibrium of aggregate supply and aggregate demand; it requires not only continuously increasing effective supply and optimizing supply structure, but also improving the income distribution system, adjusting income distribution relations, and promoting the formation of effective demand. Specifically for the current stage, only by organically combining the strategy of expanding domestic demand with deepening supply-side structural reform can we achieve a dynamic equilibrium of supply and demand and a virtuous cycle of the national economy.

概括来讲，在考虑供给结构与需求结构的基础上促进总供给与总需求动态平衡，习近平经济思想形成的规律性认识是：不但要关注供给与需求的总量平衡，而且要关注供给与需求的结构平衡，实现总供给与总需求的动态平衡；不仅要求持续增加有效供给、优化供给结构，而且要完善收入分配制度、调节收入分配关系，促进形成有效需求。具体到当前阶段，只有把扩大内需战略同深化供给侧结构性改革有机结合起来，才有可能实现供需动态平衡以及国民经济的良性循环。

(III) Promoting the Dynamic Equilibrium of Aggregate Supply and Aggregate Demand on the Basis of Balancing Short-Term Growth and Long-Term Development

（三）在兼顾短期增长与长期发展的基础上促进总供给与总需求动态平衡

Marx’s social reproduction theory, by dividing the two major departments of means of production and means of consumption, deduces the conditions for the realization of simple reproduction and expanded reproduction. Simple reproduction is the realistic foundation and starting point of expanded reproduction; only by maintaining the existing scale can the scale of production be further expanded. Expanded reproduction itself manifests as economic growth, so the conditions for the realization of expanded reproduction are essentially steady-state conditions for achieving economic growth. From the basic conditions under simple reproduction, two identities concerning means of production and means of consumption can be derived: the total value of all means of production equals the value of constant capital consumed jointly by the two departments, and the total value of all means of consumption equals the value of variable capital and surplus value consumed jointly by the two departments. At this point, the products of each department are exactly and completely consumed; thus the cycle repeats, and the economic scale remains unchanged. In the case of expanded reproduction, a surplus appears in the products of both Department I and Department II, used to add means of production and means of consumption; thus the cycle repeats, the economic scale begins to expand, and economic growth is achieved. It can be seen that Marx’s theory of economic growth based on social reproduction is founded on the interdependence and mutual constraint of the two departments, and the organic composition of capital and the rate of surplus value in each department directly determine the proportional relationship between the departments. The organic composition of capital is the value composition determined by the technical composition of capital, reflecting the ratio of materialized labor to living labor that must be input in the production process and the production efficiency thus determined. The rate of surplus value is the distribution ratio of the value created by living labor, reflecting the distribution structure determined by the ownership of the means of production. Economic growth can expand the scale of the economy, while economic development requires further improvement in economic quality alongside the expansion of scale; therefore, quality change, efficiency change, and driving-force change inevitably require technological progress and the development of productive forces. To adapt to the development of productive forces, relations of production must also be adjusted accordingly. It can be seen that whether it is the change in technical composition caused by technological progress or the change in distribution structure caused by the adjustment of relations of production, both directly require the dynamic adjustment of the proportional relationship of the internal structure in the process of social reproduction. In particular, economic development requires technological progress and the transformation of driving forces, which itself increases the difficulty of maintaining a balance between supply and demand. If the transition from old to new driving forces is too drastic, causing a significant short-term deviation from the conditions for the realization of social reproduction, then stagnation of the economic cycle, a decline in the economic growth rate, and the emergence of economic risks may occur. Therefore, high-quality development must be gradually achieved in the process of stabilizing economic growth, and handling the relationship between aggregate supply and aggregate demand must also take into account both short-term growth and long-term development, adhering to the general work tone of seeking progress while maintaining stability.

马克思的社会再生产理论通过划分生产资料和消费资料两大部类，推导出简单再生产和扩大再生产的实现条件。简单再生产是扩大再生产的现实基础和出发点，只有维持现有规模才能再把生产规模扩大，而扩大再生产本身就表现为经济增长，因此扩大再生产的实现条件本质上就是一个实现经济增长的稳态条件。由简单再生产情况下的基本条件可以引申出关于生产资料和消费资料的两个恒等式：全部生产资料价值等于两大部类共同消耗的不变资本价值，全部消费资料价值等于两大部类共同消耗的可变资本价值和剩余价值。此时，各个部类的产品均恰好完全消耗，如此循环往复，经济规模始终保持不变。在扩大再生产的情况下，第一部类产品和第二部类产品都会出现一个余额，用于追加生产资料和消费资料，如此循环往复，经济规模开始扩张，进而实现经济增长。由此可见，马克思基于社会再生产的经济增长理论是以两大部类相互依存、相互制约为基础的，并且两大部类各自的资本有机构成以及剩余价值率直接决定着部类之间的比例关系。资本有机构成是由资本技术构成决定的价值构成，反映出生产过程需要投入的物化劳动和活劳动的比例以及由此决定的生产效率。剩余价值率是活劳动创造价值的分配比例，反映出由生产资料所有制所决定的分配结构。经济增长可以实现经济规模的扩大，而经济发展则要求在经济规模扩大的同时进一步实现经济质量的提升，因此质量变革、效率变革、动力变革必然要求技术进步以及生产力发展。为了适应生产力的发展，生产关系也需要随之调整。由此可见，无论是技术进步导致的技术构成改变，还是生产关系调整导致的分配结构改变，都将直接要求社会再生产过程动态调整内部结构的比例关系。特别是经济发展要求技术进步与动能转换，而这本身就增加了供需保持平衡的难度，如果新动能与旧动能转换过于剧烈，致使短期大幅偏离社会再生产的实现条件，那么就可能出现经济循环停滞、经济增速下滑、经济风险显现。因此，高质量发展要在稳定经济增长过程中逐步实现，而处理好总供给与总需求的关系也必须兼顾到短期增长与长期发展，坚持稳中求进的工作总基调。

Entering the New Era, Xi Jinping Economic Thought has achieved a creative development of the above theory. Based on high-quality development, it analyzes the way in which aggregate supply and aggregate demand achieve dynamic equilibrium. Because the principal contradiction in society has undergone a major change, the stage of economic development has also undergone a historic change, and high-quality development has naturally become the theme of the times. High-quality development is not simply an expansion of scale; it raises higher requirements for both supply and demand. On the supply side, high-quality development requires the establishment of a modern industrial system, supported not only by scientific and technological innovation, with comprehensive improvements in production efficiency, resource efficiency, and environmental efficiency, but also by more flexible modes of production organization, with obvious characteristics of intelligence and digitalization, and with increasing capacity to capture demand, brand influence, and international competitiveness. On the demand side, high-quality development requires continuously meeting the personalized and diversified needs of residents, and supporting the purchasing power of consumption and investment with returns on investment, profits for enterprises, income for employees, and tax revenue for the government. In terms of the supply-demand relationship, constantly upgrading demand leads changes in the supply system and structure, while constantly innovating supply generates new demand. In the new stage of development, handling the relationship between short-term growth and long-term development requires balancing the relationship between stability and progress, adhering to seeking progress while maintaining stability and consolidating stability through progress. The focus of stability is to stabilize economic operations, ensuring that growth, employment, and prices do not experience major fluctuations, and while securing the bottom line of people's livelihoods, preventing systemic risks. The focus of progress is to adjust the economic structure and deepen reform and opening up, implement the new development philosophy, form new quality productive forces, and cultivate new economic growth points and growth poles.

进入新时代，习近平经济思想对上述理论实现了创造性发展，立足高质量发展，分析了总供给与总需求在动态中实现平衡的方式。因为社会的主要矛盾发生了重大变化，所以经济发展阶段也随之发生了历史性变化，高质量发展自然也就成为时代主题。高质量发展不是简单的规模扩大，而是对于供给和需求均提出了更高的要求。在供给方面，高质量发展要求建立现代化产业体系，不仅以科技创新为支撑，生产效率、资源效率、环境效率全面提高，而且生产组织方式更加柔性，智能化和数字化特征明显，需求捕捉力、品牌影响力和国际竞争力与日俱增。在需求方面，高质量发展要求不断满足居民个性化和多样化的需求，并且以投资有回报、企业有利润、员工有收入、政府有税收支撑起消费与投资的支付能力。在供需关系方面，以不断升级的需求引领供给体系和结构的变化，以不断革新的供给催生新的需求。在新的发展阶段，处理好短期增长与长期发展之间的关系，就要求平衡好稳和进的关系，坚持以稳求进、以进固稳。稳的重点是稳定经济运行，保证增长、就业、物价不发生大的波动，并且在兜牢民生底线的同时防范系统性风险。进的重点是调整经济结构和深化改革开放，贯彻新发展理念，形成新质生产力，培育新的经济增长点和增长极。

To summarize, on the basis of coordinating short-term growth and long-term development to promote the dynamic equilibrium of aggregate supply and aggregate demand, the regularity-based understanding formed by Xi Jinping Economic Thought is: we must both stabilize the present and focus on the long term, no longer simply pursuing economic growth rates, but achieving high-quality development where innovation becomes the primary driving force, coordination becomes an endogenous characteristic, green becomes a universal form, openness becomes a necessary path, and sharing becomes the fundamental goal, promoting effective qualitative improvement and reasonable quantitative growth, and balancing the relationship between short-term growth and long-term development with a working method of seeking progress while maintaining stability. In macroeconomic governance, the control of the rhythm of stability and progress is essentially the control of the rhythm of the dynamic equilibrium of supply and demand, which in turn relates to the choice of tools on the supply side and demand side and the intensity of policy implementation.

概括来讲，在统筹短期增长与长期发展的基础上促进总供给与总需求动态平衡，习近平经济思想形成的规律性认识是：既要稳定当前，又要着眼长远，不再简单追求经济增速，而要实现创新成为第一动力、协调成为内生特点、绿色成为普遍形态、开放成为必由之路、共享成为根本目的的高质量发展，促进质的有效提升和量的合理增长，并且以稳中求进的工作方式平衡短期增长与长期发展的关系。在宏观经济治理中，稳与进的节奏把控，其实质就是供给与需求动态平衡节奏的把控，这又关系到供给侧与需求侧的工具选择以及施策力度。

(IV) Promoting the Dynamic Equilibrium of Aggregate Supply and Aggregate Demand on the Basis of Coordinating the Roles of an Effective Market and a Competent Government

（四）在统筹有效市场与有为政府作用发挥的基础上促进总供给与总需求动态平衡

Marx's theory of social reproduction takes the social reproduction process of the capitalist market economy as its research object, revealing the operational logic of the capitalist economic cycle. Social reproduction dominated by capitalism aims at obtaining capital appreciation, which contains the contradiction between socialized large-scale production and capitalist private ownership of the means of production. In order to obtain excess returns in competition, capital always has the incentive to increase production efficiency and reduce individual labor time, and this competitive mechanism will drive the continuous increase in the organic composition of capital in the entire industrial sector. On the one hand, an increase in the organic composition of capital will push down the average rate of profit, and since the capitalist accumulation system itself is profit-driven, a decline in the profit level will suppress accumulation demand and expanded reproduction. On the other hand, an increase in the organic composition of capital manifests as accelerating the replacement of human labor with machines in the production process, leading to an increase in the relative surplus population, and the growing industrial reserve army will in turn weaken the bargaining power of labor,压低 wage levels, thereby further leading to insufficient consumption demand with purchasing power in society as a whole. Combining accumulation and consumption, capitalism will be accompanied by periodic crises of overproduction. This means that the basic contradiction of capitalism has multiple manifestations: on the supply side, the contradiction between organized production activities in individual enterprises and the disorder and chaos of production in society as a whole; on the demand side, the contradiction between the unlimited expansion of production and the continuous accumulation of commodities on the one hand, and the shrinking purchasing power of ordinary workers on the other. Its root cause lies in the contradiction between the accumulation of wealth by the bourgeoisie and the accumulation of poverty by the proletariat under capitalism. On this basis, Marx and Engels proposed scientific socialism, advocating the establishment of public ownership of the means of production and the completion of resource allocation and the direction of the social reproduction process through a planned economic system.

马克思的社会再生产理论以资本主义市场经济的社会再生产过程为研究对象，所揭示的是资本主义经济循环的运行逻辑。资本主义主导的社会再生产以获取资本增殖为目的，其中蕴含着社会化大生产与资本主义生产资料私有制之间的矛盾。资本为了在竞争中获得超额收益，总是有动机提高生产效率，降低个别劳动时间，而这种竞争机制将推动整个产业部门的资本有机构成持续提高。一方面，资本有机构成提高将推动平均利润率降低，而资本主义积累体制本身就以逐利为目的，因此利润水平下降将抑制积累需求与扩大再生产。另一方面，资本有机构成的提高表现为在生产过程中加速以机器替代人的劳动，从而导致相对过剩人口增加，并且日益庞大的产业后备军又会削弱劳动力的议价能力，压低工资水平，从而进一步导致社会整体具有支付能力的消费需求不足。综合积累和消费来看，资本主义将伴随着周期性的生产过剩危机。这意味着资本主义的基本矛盾具有多重表现形式：在供给侧，个别企业中有组织的生产活动与整个社会生产的无序和混乱构成矛盾；在需求侧，生产无限扩大、商品不断积压与普通劳动者购买力不断萎缩构成矛盾。其根源在于，资本主义导致的资产阶级财富积累和无产阶级贫困积累的矛盾。在此基础上，马克思与恩格斯提出了科学社会主义，主张建立生产资料公有制，并以计划经济体制完成资源配置并支配社会再生产过程的运行。

Entering the New Era, Xi Jinping Economic Thought has achieved a creative development of the above theory, reshaping social reproduction under the conditions of a socialist market economy. The fundamental purpose of socialist production and reproduction is to meet the needs of the people and achieve common prosperity. Moreover, since reform and opening up, China has gradually explored the socialist market economy, that is, combining socialism with the market economy, thereby forming a socialist economic operation system with Chinese characteristics. Xi Jinping Economic Thought always emphasizes the fundamental stance of Marxist political economy that "development is for the people." Under the conditions of the socialist market economy, it both leverages the superiority of the socialist system and follows the general laws of the market economy, focusing on the coordinated cooperation of an effective market and a competent government to achieve the dynamic equilibrium of aggregate supply and aggregate demand, and to promote a high-quality social reproduction process through a smooth national economic cycle. In terms of ownership, it adheres to the dominant position of public ownership and the common development of multiple forms of ownership; in terms of the distribution system, it takes distribution according to work as the main body and allows multiple modes of distribution to coexist; in terms of resource allocation, it establishes a socialist market economy system. Different from both the capitalist market economy and the socialist planned economy, the market plays a decisive role in resource allocation, while the government also needs to play its role better. Specifically, in terms of ownership, the government can optimize the layout of state-owned capital, promote the reform of state-owned enterprises, and then optimize resource allocation through the competitive and cooperative relationship between the state-owned economy and the private economy; in terms of the distribution system, after the primary distribution in the factor market, the government can adjust the income distribution relationship through redistribution, thereby affecting the proportion and structure of consumption and accumulation; in terms of resource allocation, the optimization of resource allocation by the market needs to be carried out within the framework of the government's medium- and long-term plans and major national strategies, and the government also comprehensively uses various policy tools on both the supply and demand sides to stabilize economic growth and promote structural transformation. In particular, the Third Plenary Session of the 20th Central Committee of the CPC proposed focusing on building a high-level socialist market economy system, taking economic system reform as the lead, and further comprehensively deepening reform oriented toward Chinese-path modernization. It systematically sorts out the relationship between the government and the market, targeting various fields, levels, and links in high-quality development, promoting the formation of an economic order that is both "able to be enlivened" and "able to be managed," thereby, while stimulating the vitality and creativity of economic entities, ensuring that the social reproduction process operates in an orderly manner.

进入新时代，习近平经济思想对上述理论实现了创造性发展，将社会再生产置于社会主义市场经济条件下进行重塑。社会主义生产以及再生产的根本目的是满足人民需要、实现共同富裕。并且，改革开放以来，中国逐步探索社会主义市场经济，即将社会主义与市场经济结合起来，进而形成中国特色的社会主义经济运行体制。习近平经济思想始终强调“发展为了人民”这个马克思主义政治经济学的根本立场，在社会主义市场经济条件下，既发挥社会主义制度的优越性，又遵循市场经济的一般规律，注重有效市场和有为政府的协同配合，实现总供给与总需求动态平衡，以畅通的国民经济循环推动高质量的社会再生产过程。在所有制方面，坚持以公有制为主体，多种所有制经济共同发展；在分配制度方面，以按劳分配为主体、多种分配方式并存；在资源配置方面，建立社会主义市场经济体制。与资本主义市场经济以及社会主义计划经济均不相同，市场在资源配置中起决定性作用，同时还需要更好发挥政府作用。具体而言，在所有制方面，政府可以优化国有资本布局，推动国有企业改革，进而通过国有经济与民营经济的竞争合作关系，优化资源配置；在分配制度方面，政府可以在要素市场完成一次分配之后，通过再分配调整收入分配关系，进而影响消费与积累的比例以及结构；在资源配置方面，市场对资源配置的优化需要在政府制定的中长期规划和重大国家战略的框架下进行，并且政府还综合运用供需两侧各种政策工具稳定经济增长并促进结构转型。特别是党的二十届三中全会提出聚焦构建高水平社会主义市场经济体制，以经济体制改革为牵引，面向中国式现代化进一步全面深化改革。重点针对高质量发展中的各个领域、各个层面、各个环节，系统性梳理了政府与市场的关系，促进形成既“放得活”又“管得住”的经济秩序，从而在激发经济主体活力与创造力的同时，保证社会再生产过程运行有序。

To summarize, on the basis of leveraging the joint role of an effective market and a competent government to promote the dynamic equilibrium of aggregate supply and aggregate demand, the regularity-based understanding formed by Xi Jinping Economic Thought is: strengthen the Party's overall leadership over economic work, uphold and improve the basic socialist economic system, enable the market to play a decisive role in resource allocation and the government to play its role better, achieve optimization of resource allocation efficiency and maximization of benefits, increase effective supply, expand effective demand, and thereby build a strong and resilient national economic circulation system, effectively promoting high-quality development.

概括来讲，在发挥有效市场与有为政府共同作用的基础上促进总供给与总需求动态平衡，习近平经济思想形成的规律性认识是：加强党对经济工作的全面领导，坚持和完善社会主义基本经济制度，使市场在资源配置中起决定性作用和更好发挥政府作用，实现资源配置效率最优化和效益最大化，增加有效供给，扩大有效需求，进而建设强大而有韧性的国民经济循环体系，有效推动高质量发展。

IV. Coordinating the Relationship between Aggregate Supply and Aggregate Demand to Promote the Steady and Long-term Development of China's Economy

四、统筹好总供给与总需求的关系，促进中国经济行稳致远

Coordinating the relationship between aggregate supply and aggregate demand must be oriented toward Chinese-path modernization and firmly grasp high-quality development as the primary task. From the supply side, efforts should focus on cultivating new quality productive forces and accelerating the development of a modern industrial system. From the demand side, efforts should focus on expanding domestic demand and accelerating the construction of a new development pattern. From the perspective of supply-demand linkage, it is necessary to improve the institutional system for ensuring and improving people's livelihoods and accelerate the construction of a unified national market. Only by coordinating efforts on both the supply and demand sides, organically combining the strategy of expanding domestic demand with deepening supply-side structural reform, and promoting efficient circulation in the links of production, distribution, exchange, and consumption, can we ensure the steady and long-term development of China's economy.

统筹好总供给和总需求的关系，必须面向中国式现代化，牢牢把握高质量发展这个首要任务。从供给侧看，要着力培育新质生产力，加速发展现代化产业体系。从需求侧看，要着力扩大国内需求，加速构建新发展格局。从供需衔接看，要健全保障和改善民生制度体系，加快建设全国统一大市场。只有供需两端协同发力，把扩大内需战略同深化供给侧结构性改革有机结合起来，促进生产、分配、交换、消费各个环节实现高效循环，才能确保中国经济行稳致远。

(I) On the supply side, focus on cultivating new quality productive forces and accelerating the development of the modern industrial system

（一）在供给侧，着力培育新质生产力，加速发展现代化产业体系

Since reform and opening up, China’s economy has sustained rapid growth, achieving historic accomplishments in expanding the scale of supply and enhancing supply capacity. China has completed in a few decades the industrialization process that took developed countries centuries, building a complete, independent, and modern industrial system with a full range of sectors. The added value of manufacturing has ranked first in the world for more than a decade, accounting for about 30% of the global share; among 500 major industrial products, China ranks first globally in output for over 40% of them. At the same time, it must be recognized that China still faces problems such as insufficient supply quality, a supply structure that needs optimization, and weak adaptability of supply to demand. Therefore, to properly coordinate the relationship between aggregate supply and aggregate demand, efforts must first be made on the supply side.

改革开放以来，中国经济持续快速增长，在供给规模扩大以及供给能力提升等方面取得了历史性成就。中国用几十年走完发达国家几百年的工业化历程，建成了门类齐全、独立完整的现代工业体系，制造业增加值连续十余年位居世界第一，占世界份额30%左右，在500种主要工业产品中，中国有四成以上产品产量全球第一。同时也要看到，中国依然存在供给质量不高、供给结构有待优化、供给对需求的适应性偏弱等问题。为此，统筹好总供给与总需求的关系，首先需要在供给侧发力。

Improving supply quality hinges on cultivating and forming new quality productive forces, which specifically includes the following four aspects: First, vigorously promote scientific and technological innovation. Strengthen original and disruptive scientific and technological innovation, and win the battle for key core technologies. We must thoroughly implement the strategy of invigorating China through science and education, the strategy of strengthening the nation through human resources, and the innovation-driven development strategy. While fully leveraging the advantages of the new nationwide system for mobilizing resources [7]7 The “new nationwide system for mobilizing resources” (新型举国体制) refers to a state-led mechanism for concentrating resources on strategic technological breakthroughs, updated from the planned-economy era to incorporate market mechanisms and enterprise participation., cultivate and form an innovation ecosystem oriented toward the market and led by core enterprises, promoting the deep integration of the innovation chain, industrial chain, supply chain, capital chain, and talent chain. Second, use scientific and technological innovation to drive industrial innovation. Promote the safe and healthy development of emerging industries such as commercial aerospace, the low-altitude economy, and deep-sea technology; cultivate future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G; and simultaneously promote the transformation and upgrading of traditional industries. Third, promote the deep integration of the digital economy and the real economy. Implement industrial digitalization in manufacturing, services, agriculture, and other fields, and actively expand new application scenarios for the digital economy. Accelerate the innovative development of the industrial internet, optimize the national layout of computing power resources, and achieve internationally competitive digital industrialization. Fourth, continuously advance the “Artificial Intelligence+” action. On this point, China and the United States have distinctly different development paths. The United States focuses more on achieving the “strongest AI” or “super AI,” emphasizing seizing early opportunity windows through technological breakthroughs and absolute dominance. China focuses on understanding AI as a general-purpose technology, emphasizing industrial development through the large-scale application, diffusion, and iterative upgrading of technology across various economic sectors. Its existing powerful industrial system and complete industrial and supply chains precisely provide natural soil for “AI+.” Therefore, it is necessary to better integrate AI with manufacturing and market advantages, support the widespread application of large models, and ultimately integrate mature AI products applied in various scenarios to form a multifunctional “super AI.”

提升供给质量，关键是要培育和形成新质生产力，具体包括以下四个方面：第一，大力推进科技创新。加强原创性、颠覆性科技创新，打好关键核心技术攻坚战。要深入实施科教兴国战略、人才强国战略、创新驱动发展战略。在充分发挥新型举国体制优势的同时，培育形成面向市场并且以核心企业为主导的创新生态，促进创新链、产业链、供应链、资金链、人才链深度融合。第二，以科技创新推动产业创新。要推动商业航天、低空经济、深海科技等新兴产业安全健康发展，培育生物制造、量子科技、具身智能、6G等未来产业，同时推动传统产业改造提升。第三，促进数字经济和实体经济深度融合。在制造业、服务业和农业等领域实施产业数字化，积极拓展数字经济应用新场景。加快工业互联网创新发展，优化全国算力资源布局，实现具有国际竞争力的数字产业化。第四，持续推进“人工智能+”行动。在这一点上，中国与美国有着截然不同的发展路径。美国更加关注“最强人工智能”或“超级人工智能”的实现，强调以技术的率先突破和绝对主导权获得早期机会窗口。中国侧重于将人工智能理解为一种通用目的技术，强调通过技术在经济各个部门中的大规模应用、扩散和迭代升级来实现产业发展，而现有强大的工业体系和完整的产业链供应链恰好能为“人工智能+”提供天然土壤。因此，要将人工智能与制造优势、市场优势更好结合起来，支持大模型广泛应用，最终再将应用于各个场景且不断成熟的人工智能产品整合形成具有多重功能的“超级人工智能”。

Optimizing the supply structure focuses on building a modern industrial system. The modern industrial system is an important component of the modern economic system, specifically including the following four aspects: First, build a modern industrial system. Strengthen the principal role of enterprises in scientific and technological innovation, encourage enterprises to increase innovation investment, and continuously expand the group of specialized and sophisticated enterprises that produce new and unique products [8]8 “Specialized and sophisticated enterprises that produce new and unique products” (专精特新企业) refers to small and medium-sized enterprises that are specialized, refined, distinctive, and innovative, often focused on niche markets or core components.. Leverage the advantages of the new nationwide system for mobilizing resources to build a number of national manufacturing innovation centers and pilot-scale and application verification platforms with high quality. Focus on intelligence, green development, and high-end orientation to promote the transformation from a large manufacturing country to a strong manufacturing country. Second, build a modern agricultural system. Consolidate the foundations of food security in all respects, making the Chinese people’s rice bowl more secure and stable. Promote innovation in agricultural science, technology, and equipment across all fields, accelerating the achievement of high-level self-reliance and strength in agricultural science and technology. Advance the upgrading of the agricultural industry system across the entire chain, enhancing the comprehensive benefits of agriculture, and use the modern agricultural system to accelerate the building of an agricultural powerhouse and promote comprehensive rural revitalization. Third, build a modern service industry system. Promote the integrated development of producer services, supporting the development of professional service industries covering the entire process and multiple business forms, such as technology R&D, business consulting, industrial design, standard certification, engineering construction, equipment maintenance, operation services, energy-saving management, and talent training, which are matched with manufacturing. Vigorously develop industrial internet platforms to accelerate the formation of an industrial ecosystem through digital, networked, and information-based methods. Promote the diversified development of consumer services, facilitate moderate population agglomeration and deepen the social division of labor, tap into segmented and in-depth service demands in the process of labor force reproduction, and combine self-employment, flexible employment, and internet platforms to form a supporting service system around all aspects of people’s lives. Fourth, enhance the resilience and security level of the industrial and supply chains. For core technologies, key components, major equipment, basic operating systems, and strategic energy and mineral resources, accelerate the organization of technological breakthroughs, industrial backup, and systematic layout.

优化供给结构，重点是建设现代化产业体系。现代化产业体系是现代化经济体系的重要组成部分，具体包括以下四个方面：第一，建设现代化工业体系。强化企业科技创新主体地位，激励企业加大创新投入，不断壮大专精特新企业群体。发挥新型举国体制优势，高质量建设一批国家制造业创新中心和中试、应用验证平台。要以智能化、绿色化、高端化为重点，推动制造大国向制造强国转变。第二，建设现代化农业体系。全方位夯实粮食安全根基，把中国人的饭碗端得更牢更稳。全领域推进农业科技装备创新，加快实现高水平农业科技自立自强。全链条推进农业产业体系升级，提升农业综合效益，以现代化农业体系加快建设农业强国、推进乡村全面振兴。第三，建设现代化服务业体系。推进生产性服务业融合发展，支持与制造业相配套的技术研发、业务咨询、工业设计、标准认证、工程施工、设备维修、运营服务、节能管理、人才培训等全流程与多业态的专业服务业发展，大力发展产业互联网平台，以数字化、网络化、信息化的方式推动产业生态加速形成。推进生活性服务业多样化发展，促进人口适度集聚以及深化社会分工，挖掘劳动力再生产过程中的细分服务需求以及深度服务需求，结合自主创业、灵活就业以及互联网平台，围绕人民生活的各个方面形成配套的服务体系。第四，提升产业链供应链韧性和安全水平。针对核心技术、关键零部件、重大装备、基础性操作系统、战略性能源与矿产资源，加快组织技术攻关、产业备份以及系统性布局。

(II) On the demand side, focus on expanding domestic demand and accelerating the construction of the new development pattern

（二）在需求侧，着力扩大国内需求，加速构建新发展格局

With the deepening of reform and opening up, China’s consumption and investment scales have continuously expanded. Especially after the global financial crisis in the new century, the structure of domestic and external demand has undergone significant changes. At the same time, it must be recognized that although China has the advantage of a super-large market, the potential of domestic demand has not yet been fully released. Particularly in the face of the United States’ attempts to restructure the global trade system and its unconventional tariff policies, constructing and forming a new development pattern has become more urgent. Therefore, to properly coordinate the relationship between aggregate supply and aggregate demand, efforts must also be made on the demand side.

伴随着改革开放的深入推进，中国的消费和投资规模不断扩张，特别是在新世纪的全球金融危机之后，内需与外需结构发生了显著变化。同时也要看到，中国虽然拥有超大规模的市场优势，但是内需潜力还未能充分释放。特别是面对美国重构全球经贸体系的企图以及超常规的关税政策，构建并形成新发展格局变得更为迫切。为此，统筹好总供给与总需求的关系，也需要在需求侧发力。

First, focus on expanding domestic consumption demand, specifically including the following four aspects: First, promote the upgrading and renewal of bulk consumption. Increase support for trade-in programs for consumer goods, make good use of ultra-long-term special government bonds [9]9 “Ultra-long-term special government bonds” (超长期特别国债) are a fiscal instrument issued by the Chinese central government with maturities typically exceeding 10 years, used to fund specific national strategies or major projects., and promote the intelligent and green upgrading of bulk durable consumer goods such as automobiles, home appliances, and home furnishings. Second, promote the quality improvement and public benefit of service consumption. Optimize the supply of services for the elderly and young children, boost consumption of lifestyle services, expand cultural, sports, and tourism consumption, actively develop the debut economy, the ice and snow economy, and the silver economy, and further develop inbound consumption. Third, promote the rapid emergence of new types of consumption. Encourage the integration of fine traditional Chinese culture into product design, promote consumption of animation, games, e-sports, and their peripheral derivative products, and explore domestic and international incremental markets for trendy domestic products [10]10 “Trendy domestic products” (国货“潮品”) refers to Chinese-brand consumer goods that incorporate traditional cultural elements and have gained popularity, especially among younger consumers.. Use “AI+” to promote new types of consumption, accelerate the development, application, and promotion of new technologies and products such as autonomous driving, smart wearables, and home robots, opening up new tracks for high-growth consumption. Accelerate the improvement of the regulatory system for the low-altitude economy, and orderly develop low-altitude consumption such as low-altitude tourism, aviation sports, and consumer-grade drones. Fourth, promote the improvement and enhancement of the consumption environment. Strictly implement the paid annual leave system, encourage combining paid annual leave with short holidays, and use holiday guarantees to promote experience-based consumption. Improve the standard system for consumer goods and service consumption, strengthen the construction of the credit system in the consumption field, and implement more efficient methods for consumer rights protection. In conjunction with urban renewal, build infrastructure and consumption scenarios conducive to the development of various types of consumption.

首先，着力扩大国内消费需求，具体包括以下四个方面：第一，促进大宗消费更新升级。加大消费品以旧换新支持力度，用好超长期特别国债，推动汽车、家电、家装等大宗耐用消费品智能化和绿色化升级。第二，促进服务消费提质惠民。优化“一老一小”服务供给，促进生活服务消费，扩大文体旅游消费，积极发展首发经济、冰雪经济、银发经济，进一步发展入境消费。第三，促进新型消费加速涌现。鼓励将中华优秀传统文化融入产品设计，促进动漫、游戏、电竞及其周边衍生品等消费，开拓国货“潮品”国内外增量市场。以“人工智能+”促进新型消费，加速推动自动驾驶、智能穿戴、家用机器人等新技术新产品的开发与应用推广，开辟高成长性消费新赛道。加快完善低空经济监管体系，有序发展低空旅游、航空运动、消费级无人机等低空消费。第四，促进消费环境改善提升。严格落实带薪年休假制度，鼓励带薪年休假与小长假连休，以休假保障促进体验型消费。健全消费品和服务消费标准体系，加强消费领域信用体系建设，推行更高效的消费维权方式。结合城市更新，构筑有利于发展各类消费的基础设施与消费场景。

Second, make every effort to expand domestic investment demand, specifically including the following four aspects: First, consolidate infrastructure investment. Accelerate the renovation and upgrading of underground pipeline networks, municipal infrastructure, and old urban districts, shore up weaknesses and deficiencies in urban infrastructure, and implement urban renewal actions in an orderly manner. Centering on advancing the implementation of major national strategies and capacity building in key areas of security, coordinate the use of construction funds such as central budgetary investment, ultra-long-term special government bonds, and new local special bonds, strengthen the construction of transport corridors, improve the cross-provincial major infrastructure system for transportation, resources, and energy, and appropriately advance the layout of new-generation internet, computing power, and other new types of infrastructure. Second, increase industrial investment. Implement a more proactive fiscal policy, combine the renewal of fixed assets with the digitalization and green transformation of industries, achieve digital empowerment as well as energy conservation and emission reduction, and promote the transformation and upgrading of traditional industries. Implement a moderately accommodative monetary policy, lower reserve requirement ratios and interest rates at appropriate times, maintain ample liquidity, reduce enterprise investment costs, and further provide financial support for scientific and technological innovation, green development, and the boosting of consumption. Encourage national-level funds to strengthen coordination with local funds, form a combined force of capital, and support investment in cutting-edge technology fields and key links in the industrial chain. Third, stabilize real estate investment. Continue to make sustained efforts to promote the stabilization and recovery of the real estate market, intensify the implementation of the renovation of urban villages and dilapidated houses, revitalize existing land and commercial office premises, and promote the construction of a new model for real estate development. Fourth, encourage private investment. Support the development of venture capital-type funds, expand patient capital, and cultivate innovative small and medium-sized enterprises in a gradient manner. Promote the fair and open access of competitive areas of infrastructure to business entities, effectively protect the legitimate rights and interests of private investment, effectively support small and micro enterprises, and cultivate and maintain an equal-competitive investment environment.

其次，着力扩大国内投资需求，具体包括以下四个方面：第一，巩固基础设施投资。加快地下管网、市政基础设施、老旧片区等更新改造，补齐城市基础设施的短板弱项，有序实施城市更新行动。围绕推进国家重大战略实施和重点领域安全能力建设，统筹用好中央预算内投资、超长期特别国债、新增地方专项债等建设资金，加强运输通道建设，完善交通、资源、能源等跨省区重大基础设施体系，适度超前布局新一代互联网与算力等新型基础设施建设。第二，加大产业投资。实施更加积极的财政政策，将固定资产更新与产业数字化绿色化相结合，实现数字赋能以及节能减排，推动传统产业转型升级。实施适度宽松的货币政策，适时降准降息，保持流动性充裕，降低企业投资成本，进一步为科技创新、绿色发展、提振消费提供金融支持。鼓励国家级基金加强与地方基金联动，形成资金合力，支持投资前沿科技领域和产业链关键环节。第三，稳定房地产投资。持续用力推动房地产市场止跌回稳，加力实施城中村和危旧房改造，盘活存量用地和商办用房，推动构建房地产发展新模式。第四，鼓励民间投资。支持发展创业投资类基金，壮大耐心资本，梯度培育创新型中小企业。推进基础设施竞争性领域向经营主体公平开放，切实保护民间投资合法权益，有效支持小微企业，培育和维护平等竞争的投资环境。

Finally, make every effort to expand world market demand. On the one hand, maintain strategic focus, concentrate on doing our own things well, and prepare to deal with various uncertainties of deglobalization. Use high-quality joint construction of the Belt and Road Initiative as a platform and carrier, and continuously strengthen industrial chain and supply chain cooperation through deep connectivity. On the other hand, expand high-level institutional opening up on a larger scale, in a wider scope, and at a deeper level. Shift from a flow-based opening up of goods and factors to an institutional opening up of rules, regulations, management, and standards, further create a market-oriented, law-based, and internationalized first-class business environment, summarize and promote the successful experience of pilot free trade zones, and pay more attention to the opening up of modern service industries such as finance, science and technology, education, and medical care.

最后，着力扩大世界市场需求。一方面，保持战略定力，集中精力办好自己的事，做好应对各种逆全球化不确定因素的准备。以高质量共建“一带一路”为平台载体，通过深度互联互通，不断加强产业链供应链合作。另一方面，在更大范围、更宽领域、更深层次扩大高水平制度型开放。从商品、要素流动型开放转向规则、规制、管理、标准等制度型开放，进一步营造市场化、法治化、国际化的一流营商环境，总结并推广自贸试验区的成功经验，更加重视金融、科技、教育、医疗等现代服务业的对外开放。

(III) In terms of connecting supply and demand, improve the institutional system for safeguarding and improving people's livelihoods, and accelerate the construction of a unified national market

（三）在供需衔接方面，健全保障和改善民生制度体系，加快建设全国统一大市场

To coordinate the relationship between aggregate supply and aggregate demand, it is necessary not only to exert efforts on both the supply and demand sides but also to exert efforts on the distribution and exchange links that connect supply and demand. Entering the New Era, China has achieved fruitful results in the practice of development in distribution and exchange. At the same time, it must also be recognized that there is still considerable room for improvement in China's distribution and exchange. On the one hand, the institutional system for safeguarding and improving people's livelihoods is not yet complete, and there is still a long way to go to better meet the people's aspirations for a better life. On the other hand, constructing a unified national market still needs to break through key blockages and bottlenecks; problems such as inconsistent rules, unconnected facilities, immobile factors, and uncoordinated supervision still exist. For this reason, coordinating the relationship between aggregate supply and aggregate demand also requires efforts in connecting supply and demand.

统筹好总供给与总需求的关系，不但需要在供需两侧发力，而且需要针对衔接供需的分配环节和交换环节发力。进入新时代，中国在分配与交换方面的发展实践成果丰硕。同时也要看到，中国在分配与交换方面还有较大改进空间，一方面保障和改善民生制度体系还不健全，更好满足人民对美好生活的向往依然任重道远；另一方面，构建全国统一大市场还需要突破关键的堵点卡点，规则不统一、设施不联通、要素不流动、监管不协同等问题依然存在。为此，统筹好总供给与总需求的关系，还需要在供需衔接方面发力。

In the distribution link, improve the institutional system for safeguarding and improving people's livelihoods, specifically including the following three aspects: First, promote high-quality and full employment, and strengthen the protection of workers' rights and interests. Fully implement the employment-first strategy, improve the public service system supporting employment, guide the development of new types of employment, and improve the policy system for promoting employment through entrepreneurship. Protect the legitimate rights and interests of workers in terms of remuneration, leave, and safety, with a focus on strengthening the protection of the rights and interests of workers in flexible employment and new forms of employment. Second, increase the share of household income in the distribution of national income, and increase the share of labor remuneration in primary distribution. Adhere to distribution according to work, form a wage determination mechanism that guarantees the high-quality reproduction of labor, a remuneration growth mechanism based on the improvement of labor productivity, and a stricter payment guarantee mechanism. Promote the organic combination of distribution according to work and distribution according to factors of production. In primary distribution, adhere to the market evaluating contributions and determining distribution according to contributions, while at the same time giving play to the role of the government in regulating income distribution and standardizing wealth accumulation, and gradually explore and form an institutional system that effectively increases the income level of low-income groups, steadily expands the size of the middle-income group, and reasonably regulates the income level of high-income groups. Third, accelerate the improvement of the social security system and promote the equalization of basic public services. Against the backdrop of declining birth rates, an aging population, and the miniaturization of families, strengthen the people's guaranteed needs for childbirth support, elderly care services, medical services, care services, and housing. At the same time, strengthen the urban-rural coordination and cross-regional coordination of the social security system, promote the optimal allocation of resources through the equalization of basic public services, and solidly advance common prosperity.

在分配环节，健全保障和改善民生制度体系，具体包括以下三个方面：第一，促进高质量充分就业，加强劳动者权益保障。全面实施就业优先战略，完善支持就业的公共服务体系，引导发展新型就业，健全以创业促进就业的政策体系。维护劳动者在报酬、休假、安全等方面的合法权益，重点加强灵活就业和新就业形态劳动者权益保障。第二，提高居民收入在国民收入分配中的比重，提高劳动报酬在初次分配中的比重。坚持按劳分配，形成保障劳动力高质量再生产的工资决定机制、根据劳动生产率提升的报酬增长机制以及更严格的支付保障机制。促进按劳分配与按生产要素分配有机结合，在一次分配中坚持以市场评价贡献、按贡献决定分配，同时发挥政府调节收入分配、规范财富积累的作用，逐步探索形成有效增加低收入群体收入水平、稳步扩大中等收入群体规模、合理调节过高收入群体收入水平的制度体系。第三，加快健全社会保障体系，促进基本公共服务均等化。在少子化、老龄化、家庭小型化等背景下，强化人民群众对生育支持、养老服务、医疗服务、照护服务、房屋居住等方面的保障性需求。同时，加强社会保障体系城乡统筹以及异地统筹，以基本公共服务均等化促进资源优化配置、扎实推进共同富裕。

In the exchange link, accelerate the construction of a unified national market, specifically including the following three aspects: First, improve the systems and mechanisms for fair competition. In terms of market institutions, improve relevant systems such as property rights and market access, and improve the social credit system. In terms of market entities, adhere to and implement the "two unswervinglys" [11]11 The "two unswervinglys" (两个毫不动摇) refer to the policy of unswervingly consolidating and developing the public sector of the economy and unswervingly encouraging, supporting, and guiding the development of the non-public sector., and promote the common development of various forms of ownership economies. In terms of market standards, promote the unification of basic institutional rules, fair and unified supervision, and high-standard connectivity of facilities. In terms of market competition, while strengthening anti-monopoly and anti-unfair competition, comprehensively manage "involution-style" competition [12]12 "Involution-style competition" (内卷式竞争) refers to a form of excessive, zero-sum competition within a closed system that leads to diminishing returns for all participants, often used in Chinese policy discourse to critique inefficient market behaviors.. Second, further comprehensively deepen the reform of factor markets. Regarding labor factors, promote the rational agglomeration and orderly flow of the population, and establish a mechanism where public services follow the people. Regarding capital factors, deepen the reform of the financial system, improve the financial market that effectively supports high-quality development, and effectively do a good job in the "five major articles" [13]13 The "five major articles" (五篇大文章) is a term from Chinese financial policy referring to five priority areas for financial services: technology finance, green finance, inclusive finance, pension finance, and digital finance. of science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Regarding land factors, explore effective mechanisms for the market entry of collectively operated construction land in rural areas, continuously improve the system for balancing the occupation and compensation of agricultural land, and at the same time establish a mechanism for allocating incremental construction land that is coordinated with the increase in the permanent urban population, revitalize existing land in conjunction with urban renewal, and improve economic efficiency. Regarding knowledge and technology factors, strengthen the intellectual property protection mechanism and improve the technology transfer market. Regarding data factors, establish mechanisms for the determination of data property rights ownership, market transactions, rights and interests distribution, and cross-border flow control. In addition, in conjunction with green and low-carbon development, continuously promote the price reform of energy and resources. Third, improve the circulation system. Accelerate the development of the Internet of Things, conform to the general trend of the widespread application of digital technology, and improve the efficiency of cargo warehousing, turnover, and loading. Reduce the overall logistics cost of society, deepen the reform of the comprehensive transportation system, unblock blockages and bottlenecks such as "road-to-rail" conversion, inland waterway shipping, multimodal transport, and international logistics, and promote the continuous decline in the ratio of total social logistics costs to GDP.

在交换环节，加快建设全国统一大市场，具体包括以下三个方面：第一，完善公平竞争的体制机制。在市场制度方面，完善产权、市场准入等相关制度，健全社会信用体系。在市场主体方面，坚持和落实“两个毫不动摇”，促进各种所有制经济共同发展。在市场标准方面，推动基础制度规则统一、监管公平统一、设施高标准联通。在市场竞争方面，既要强化反垄断和反不正当竞争，又要综合治理“内卷式”竞争。第二，进一步全面深化要素市场改革。针对劳动要素，促进人口合理集聚、有序流动，建立公共服务随人走的机制。针对资本要素，深化金融体制改革，健全有效支撑高质量发展的金融市场，切实做好科技金融、绿色金融、普惠金融、养老金融、数字金融“五篇大文章”。针对土地要素，探索农村集体经营性建设用地入市的有效机制，持续完善农业耕地占补平衡制度，同时建立同城市常住人口增加相协调的增量建设用地配置机制，结合城市更新盘活存量土地，提高经济效益。针对知识和技术要素，强化知识产权保护机制，并且完善技术转让市场。针对数据要素，建立数据产权归属认定、市场交易、权益分配以及跨境流动管控机制。此外，结合绿色低碳发展，持续推进能源资源的价格改革。第三，完善流通体制。加快发展物联网，顺应数字技术广泛应用大趋势，提升货物仓储、周转、配载效率。降低全社会物流成本，深化综合交通运输体系改革，打通“公转铁”、内河航运、多式联运、国际物流等堵点卡点，推动社会物流总费用占国内生产总值比重持续下降。

V. Conclusion

五、结语

Through studying the important expositions on the relationship between aggregate supply and aggregate demand in Volume I of *Selected Works of Xi Jinping on Economy*, four insights have been gained:

通过学习《习近平经济文选》第一卷关于总供给与总需求关系的重要论述，得到四点体会：

First, Xi Jinping's economic thought examines the process of economic circulation based on the theoretical logic of social reproduction, and understands aggregate supply and aggregate demand and their relationship based on the economic circulation process. Moreover, Xi Jinping's economic thought insists on using dialectical materialism to analyze and solve supply-demand problems, and therefore advocates for analysis and judgment based on actual economic conditions, then grasping the principal aspect of the supply-demand contradiction, and issuing targeted macroeconomic governance policies. In addition, the essence of coordinating the relationship between aggregate supply and aggregate demand is to smooth the circulation of the national economy, promote the orderly connection of production, distribution, exchange, and consumption, and maintain the coordination of major proportions between industries, regions, urban and rural areas, and domestic and international spheres, thereby achieving the optimization of resource allocation efficiency and the maximization of benefits.

首先，习近平经济思想基于社会再生产的理论逻辑来审视经济循环过程，并且立足经济循环过程认识总供给与总需求及其关系。并且，习近平经济思想坚持运用唯物辩证法来分析和解决供需问题，因此主张根据现实经济情况进行辨析并做出判断，进而抓住供需矛盾的主要方面，出台针对性的宏观经济治理政策。此外，统筹总供给与总需求关系的实质是畅通国民经济循环，要促进生产、分配、交换、消费有序衔接，并且保持产业之间、区域之间、城乡之间、国内国际之间的重大比例协调，进而实现资源配置的效率最优化与效益最大化。

Secondly, Xi Jinping’s economic thought is based on the Marxist political economy’s theory of social reproduction and economic circulation, while simultaneously integrating the economic development practice of socialism with Chinese characteristics in the New Era, carrying out systematic innovations with regard to Marx’s theory of social reproduction, and forming four aspects of regularity-based understanding, which have guiding significance for promoting high-quality development and improving macroeconomic governance. The first regularity-based understanding is that one must dialectically view the status and role of domestic circulation and international circulation in the entire national economic circulation during different periods, flexibly handle the relationship between domestic circulation and international circulation, and shape a national economic circulation structure conducive to economic development. The second regularity-based understanding is that one must pay attention not only to the aggregate balance of supply and demand but also to the structural balance of supply and demand; one must both continuously increase effective supply and optimize the supply structure, and perfect the income distribution system, regulate income distribution relations, and promote the formation of effective demand. The third regularity-based understanding is that one must both stabilize the present and take a long-term view, no longer simply pursuing economic growth rates, but achieving high-quality development that conforms to the five development concepts of innovation, coordination, greenness, openness, and sharing, promoting effective qualitative improvement and reasonable quantitative growth, and balancing the relationship between short-term growth and long-term development through a working method of seeking progress while maintaining stability. The fourth regularity-based understanding is that one must strengthen the Party’s comprehensive leadership over economic work, uphold and perfect the basic socialist economic system, enable the market to play a decisive role in resource allocation and the government to play its role better, and build a strong and resilient national economic circulation system.

其次，习近平经济思想既以马克思主义政治经济学的社会再生产与经济循环理论为基础，同时又结合新时代中国特色社会主义经济发展实践，针对马克思的社会再生产理论进行系统性创新，并形成了四个方面的规律性认识，对于推动高质量发展、完善宏观经济治理具有指导意义。第一个规律性认识是，必须辩证看待不同时期国内循环和国际循环在整个国民经济循环中的地位及作用，灵活处理国内循环与国际循环之间的关系，塑造有利于经济发展的国民经济循环结构。第二个规律性认识是，不但要关注供给与需求的总量平衡，而且要关注供给与需求的结构平衡，既要持续增加有效供给、优化供给结构，又要完善收入分配制度、调节收入分配关系，促进形成有效需求。第三个规律性认识是，既要稳定当前，又要着眼长远，不再简单追求经济增速，而要实现符合创新、协调、绿色、开放、共享五大发展理念的高质量发展，促进质的有效提升和量的合理增长，以稳中求进的工作方式平衡短期增长与长期发展的关系。第四个规律性认识是，加强党对经济工作的全面领导，坚持和完善社会主义基本经济制度，使市场在资源配置中起决定性作用和更好发挥政府作用，建设强大而有韧性的国民经济循环体系。

Thirdly, to coordinate the relationship between aggregate supply and aggregate demand at present and in the future, one must firmly grasp high-quality development, the primary task of comprehensively building a modern socialist country. One must not only persist in exerting force on both the supply side and the demand side, but also pay attention to the two key links of distribution and exchange that connect supply and demand. Specifically, on the supply side, one must cultivate new quality productive forces and accelerate the construction of a modern industrial system; on the demand side, one must expand domestic demand and accelerate the construction of a new development pattern; in terms of linking supply and demand, one must perfect the institutional system for safeguarding and improving people’s livelihoods and accelerate the construction of a unified national market. Only by making every effort to unblock the links of production, distribution, exchange, and consumption can a dynamic balance between supply and demand be achieved, thereby laying a stable and smooth national economic circulation foundation for comprehensively advancing the cause of building a strong country and the great rejuvenation of the Chinese nation.

再次，当前以及未来统筹好总供给和总需求的关系，必须牢牢把握高质量发展这个全面建设社会主义现代化国家的首要任务。不仅坚持在供需两侧双向发力，而且也注重衔接供需的分配和交换两个关键环节。具体而言，在供给侧要培育新质生产力，加快构建现代化产业体系；在需求侧要扩大国内需求，加快构建新发展格局；在供需衔接方面要健全保障和改善民生制度体系，加快建设全国统一大市场。只有着力打通生产、分配、交换、消费各个环节，才能实现供需动态平衡，进而为全面推进强国建设、民族复兴伟业奠定稳定且畅通的国民经济循环基础。

Finally, adhere to the guidance of Xi Jinping’s economic thought and accelerate the construction of an independent knowledge system for Chinese economics. Through studying and researching the regularity-based understanding of the relationship between aggregate supply and aggregate demand, one can deeply feel the methodological essence of Xi Jinping’s economic thought. This is to adhere to a problem-oriented approach, to scientifically answer the questions of China, the questions of the world, the questions of the people, and the questions of the era by adapting Marxism to the Chinese context and the needs of the times, and thereby continuously open up new horizons for the political economy of socialism with Chinese characteristics. In other words, Xi Jinping’s economic thought adheres to dialectical materialism and historical materialism as the scientific methodology for analyzing and solving real economic problems. Taking China as the reference and the era as the reference, based on new situations, studying new problems, proposing new concepts, revealing new laws, refining and summarizing regularity-based achievements, and enriching and expanding them into a systematized economic theory. This can not only innovatively develop Marxist political economy, but also effectively promote the construction of an independent knowledge system for Chinese economics.

最后，坚持以习近平经济思想为指导，加快构建中国经济学自主知识体系。通过学习和研究关于总供给与总需求关系的规律性认识，可以深刻感受到习近平经济思想的方法论精髓。这就是坚持问题导向，以马克思主义政治经济学中国化时代化的方式，科学回答中国之问、世界之问、人民之问、时代之问，进而不断开拓中国特色社会主义政治经济学新境界。换言之，习近平经济思想坚持以辩证唯物主义和历史唯物主义作为分析解决现实经济问题的科学方法论。以中国为关照、以时代为关照，立足新情况，研究新问题，提出新概念，揭示新规律，提炼和总结规律性成果，并丰富和拓展为系统化的经济学说。这不仅可以创新发展马克思主义政治经济学，而且也能有效推进中国经济学自主知识体系的构建。

Online editor: Paul

网络编辑：保罗