Creative Theoretical Contributions to the Socialist Market Economy

Xi Jinping’s economic thought offers a profound exposition of a series of theoretical and practical issues concerning the advancement and improvement of the socialist market economy system. In particular, its deep elaboration on the core issue of handling the relationship between the government and the market in economic system reform, on the stipulations of the basic economic system of the socialist market economy system, and on the characteristics and behavioral patterns of capital has enriched and developed socialist political economy with Chinese characteristics. It has made creative theoretical contributions to adapting Marxist political economy to the Chinese context and the needs of the times, endowing 21st-century Marxist political economy with new contemporary connotations.

习近平经济思想关于推进完善社会主义市场经济体制的一系列理论和实践问题的深刻阐述，特别是关于经济体制改革中处理好政府和市场关系的核心问题、社会主义市场经济体制的基本经济制度规定性问题以及资本特性和行为规律问题的深刻阐述，丰富发展了中国特色社会主义政治经济学，对马克思主义政治经济学中国化时代化作出创造性理论贡献，赋予21世纪马克思主义政治经济学以新的时代内涵。

Creative Judgment on the Core Issue of Socialist Market Economy System Reform

社会主义市场经济体制改革核心问题的创造性判断

In light of the new trends and new requirements of socialist market economy reform and development in the New Era, the Third Plenary Session of the 18th Central Committee of the CPC put forward the new judgment that “economic system reform is the focus of comprehensively deepening reform, and the core issue is to handle the relationship between the government and the market.” This highlights the logical progression of the socialist market economy from a focus on reform at the level of economic mechanisms to reform at the level of the system, and further to the perfection and finalization of reform at the institutional level. It also highlights the profound connotation of General Secretary Xi Jinping’s statement that “regarding the relationship between the government and the market, we have been constantly seeking a new scientific positioning based on the expansion of practice and the deepening of understanding,” making a creative theoretical contribution to the socialist market economy.

根据新时代社会主义市场经济改革和发展的新态势和新要求，党的十八届三中全会提出“经济体制改革是全面深化改革的重点，核心问题是处理好政府和市场的关系”的新判断，凸显了社会主义市场经济由经济机制层面改革重点向体制层面改革重点转化，进而向制度层面改革重点完善定型的逻辑进程，凸显了习近平总书记提出的“对政府和市场关系，我们一直在根据实践拓展和认识深化寻找新的科学定位”的深刻内涵，对社会主义市场经济作出创造性理论贡献。

From the Third Plenary Session of the 11th Central Committee in 1978 to the Third Plenary Session of the 12th Central Committee in 1984, China’s economic system reform continuously explored practical and theoretical issues concerning the relationship between planning and the market within the economic system. The Third Plenary Session of the 11th Central Committee profoundly analyzed the serious shortcomings of China’s highly centralized planned economy system and put forward the reform requirement of emphasizing the role of the law of value. The process by which the law of value functions is fundamentally the process through which the regulatory functions of the price mechanism, the supply-demand mechanism, and the competition mechanism come into play. In 1981, the “Resolution on Certain Historical Issues of the Party since the Founding of the People’s Republic of China,” adopted at the Sixth Plenary Session of the 11th Central Committee, proposed implementing a planned economy on the basis of public ownership while allowing market regulation to play a supplementary role. In 1982, the 12th National Congress of the CPC put forward the major proposition of “building socialism with Chinese characteristics,” emphasizing “a planned economy as the mainstay, supplemented by market regulation.” Although at this stage economic reform remained at the level of adjusting economic mechanisms, it still delivered a significant shock to the single method of resource allocation through planning that the highly centralized planned economy system had rigidly adhered to. It can be said to have opened a door to the socialist market economy.

从1978年党的十一届三中全会到1984年党的十二届三中全会这一阶段，我国经济体制改革对经济体制中计划和市场关系的实践和理论问题不断作出探索。党的十一届三中全会深刻分析我国高度集中的计划经济体制存在的严重缺点，提出重视价值规律的作用的改革要求。价值规律的作用过程，在根本上就是价格机制、供求机制和竞争机制调节功能发挥作用的过程。1981年，党的十一届六中全会通过的《关于建国以来党的若干历史问题的决议》提出，在公有制基础上实行计划经济，同时发挥市场调节的辅助作用。1982年，党的十二大提出“建设有中国特色的社会主义”重大命题，强调“计划经济为主、市场调节为辅”。尽管这时经济改革还只停留在经济机制调整的层面，但对高度集中的计划经济体制所固守的单一的计划配置资源方式，还是产生了重大冲击，可以说是打开了通向社会主义市场经济的一扇大门。

In 1984, the “Decision of the Central Committee of the CPC on Economic System Reform,” adopted at the Third Plenary Session of the 12th Central Committee, made a preliminary exploration of the relationship between the planned economy and the commodity economy, proposing that “the socialist planned economy must consciously rely on and utilize the law of value; it is a planned commodity economy on the basis of public ownership.” In 1987, based on new developments in the theory and practice of China’s economic system reform, the 13th National Congress of the CPC further proposed “a system that integrates planning and the market internally,” clearly defining the operational model of the economic system characterized by “the state regulating the market and the market guiding enterprises.” The shift from adjustment at the level of economic mechanisms to reform at the level of the economic system opened up new pathways for economic reform and new objectives for system design. The advancement of practice promotes theoretical innovation, and theoretical innovation elevates the realm of practice. In 1992, Deng Xiaoping pointed out: “A planned economy is not equivalent to socialism, for capitalism also has planning; a market economy is not equivalent to capitalism, for socialism also has markets. Both planning and the market are economic means.” Starting from an analysis of economic mechanisms, this explanation of the systemic stipulations of the planned economy and the market economy ascended to a new level on the path toward the socialist market economy.

1984年，党的十二届三中全会通过的《中共中央关于经济体制改革的决定》，对计划经济和商品经济之间的关系作了初步探索，提出“社会主义计划经济必须自觉依据和运用价值规律，是在公有制基础上的有计划的商品经济”。1987年，党的十三大根据我国经济体制改革理论和实践的新发展，进一步提出“计划与市场内在统一的体制”，明确“国家调节市场，市场引导企业”为特征的经济体制的运行模式。由经济机制层面的调整走向经济体制层面的改革，开拓了经济改革的路径选择和体制设计的新的目标。实践发展推进理论创新，理论创新提升实践境域。1992年，邓小平指出：“计划经济不等于社会主义，资本主义也有计划；市场经济不等于资本主义，社会主义也有市场。计划和市场都是经济手段。”从经济机制分析入手，对计划经济和市场经济的体制性规定作出阐释，迈上了通向社会主义市场经济的新台阶。

The 14th National Congress of the CPC formally proposed that “the goal of China’s economic system reform is to establish a socialist market economy system,” making the important judgment that “correctly understanding and handling the relationship between planning and the market” is “the core of the issue.” This judgment summarized the theory and practice of economic system reform in the 14 years following the Third Plenary Session of the 11th Central Committee. It marked the transition of economic reform from focusing on mechanism adjustment to focusing on system transformation, and it was also an important manifestation of developing the socialist market economy after the establishment of the target model for the socialist market economy system.

党的十四大正式提出“我国经济体制改革的目标是建立社会主义市场经济体制”，作出“正确认识和处理计划与市场的关系”是“问题的核心”的重要判断。这一判断是对党的十一届三中全会之后14年经济体制改革理论和实践的概括，是经济改革由以机制调整为着力点向以体制转型为着力点转化的标志，也是社会主义市场经济体制改革目标模式确立后发展社会主义市场经济的重要体现。

General Secretary Xi Jinping points out that “theoretical innovation plays a significant guiding role in practical innovation, and comprehensively deepening reform must take theoretical innovation as its precursor.” The 15th National Congress of the CPC proposed “enabling the market to play a fundamental role in resource allocation under the state’s macroeconomic regulation.” The 16th National Congress proposed “giving fuller play to the market’s fundamental role in resource allocation.” The 17th National Congress proposed “better leveraging the market’s fundamental role in resource allocation from an institutional perspective.” The 18th National Congress proposed “giving the market a greater and broader role in resource allocation.” At the Third Plenary Session of the 18th Central Committee, General Secretary Xi Jinping reviewed the course of economic reform over the more than 20 years since the 14th National Congress, emphasizing that “positioning the market to play a decisive role in resource allocation is conducive to establishing a correct understanding of the relationship between the government and the market throughout the entire Party and society.”

习近平总书记指出，“理论创新对实践创新具有重大先导作用，全面深化改革必须以理论创新为先导”。党的十五大提出“使市场在国家宏观调控下对资源配置起基础性作用”，党的十六大提出“在更大程度上发挥市场在资源配置中的基础性作用”，党的十七大提出“从制度上更好发挥市场在资源配置中的基础性作用”，党的十八大提出“更大程度更广范围发挥市场在资源配置中的基础性作用”。在党的十八届三中全会上，习近平总书记对党的十四大以来20多年经济改革历程进行回顾，强调“作出‘使市场在资源配置中起决定性作用’的定位，有利于在全党全社会树立关于政府和市场关系的正确观念”。

This “positioning” of the “core issue” of the relationship between the government and the market represents a creative exploration of the reform path proposed by the 14th National Congress: to “initially establish a new economic system” in the 1990s, and then “after another twenty years of effort, by the centenary of the Party’s founding, we will have formed a more mature and finalized system in all aspects.” This “positioning” shifts our understanding of the relationship between the market economy and the socialist economic system as a whole from one of “compatibility” to one of “integration,” achieving the “finalization” of the socialist market economy in an “institutional” sense.

对政府和市场关系“核心问题”的“定位”，是对实现党的十四大提出的在20世纪90年代“初步建立起新的经济体制”，然后“再经过二十年的努力，到建党一百周年的时候，我们将在各方面形成一整套更加成熟更加定型的制度”改革路径的创造性探索。这一“定位”，使我们对市场经济同社会主义经济关系总体的“兼容”关系转向“结合”关系，对社会主义市场经济作出“制度”意义上的“定型”。

Creative Theory on the “Finalization” of the Socialist Market Economy System

社会主义市场经济制度“定型”的创造性理论

General Secretary Xi Jinping points out that “as reform and opening up has gradually deepened, our Party’s understanding of institutional construction has become increasingly profound.” Incorporating the socialist market economy system as an important component of the basic socialist economic system is an original theoretical contribution of Xi Jinping’s economic thought to the socialist market economy.

习近平总书记指出，“随着改革开放逐步深化，我们党对制度建设的认识越来越深入”。把社会主义市场经济体制作为社会主义基本经济制度的重要组成部分，是习近平经济思想对社会主义市场经济的原创性理论贡献。

This creative exploration is theoretically grounded in the new scientific positioning of the “core issue” of the relationship between the government and the market, proposed by General Secretary Xi Jinping at the Third Plenary Session of the 18th Central Committee. It is also the result of rational reflection on the practice of comprehensively deepening economic system reform during this period.

这一创造性的探索，是以习近平总书记在党的十八届三中全会提出的对政府和市场关系“核心问题”新的科学定位为理论基础的，也是对这一时期全面深化经济体制改革实践的理性思考的结果。

From the fundamental nature of the ownership structure, the Third Plenary Session of the 18th Central Committee offered a new interpretation of the “pillar” and “foundation” of the socialist market economy, proposing that “the basic economic system with public ownership as the mainstay and diverse forms of ownership developing together is an important pillar of the socialist system with Chinese characteristics and also the foundation of the socialist market economy system.” The basic economic system with public ownership as the mainstay acts like the “universal light” [n] within the overall socialist economic relations. It alters and determines the “color” and “proportion” of each link and factor existing within this overall set of economic relations, laying the “foundation” of the socialist market economy system and endowing the socialist market economy system with the stipulations of a basic economic system.

从所有制结构的根本性质上，党的十八届三中全会对社会主义市场经济的“支柱”和“根基”作出新的阐释，提出“公有制为主体、多种所有制经济共同发展的基本经济制度，是中国特色社会主义制度的重要支柱，也是社会主义市场经济体制的根基”。以公有制为主体的基本经济制度，如同社会主义经济关系中的“普照的光”，它改变和决定着存在于这一经济关系总体内的各个环节和各种因素的“色彩”和“比重”，奠定了社会主义市场经济体制的“根基”，赋予社会主义市场经济体制以基本经济制度的规定性。

From the perspective of the fundamental system and the most essential characteristics of socialism, General Secretary Xi Jinping has clarified the essential institutional stipulations of the socialist market economy. General Secretary Xi Jinping pointed out: “What China practices is a socialist market economy; we must still give full play to the superiority of the socialist system and the positive role of the Party and the government. The market playing a decisive role in resource allocation does not mean it plays the entire role.” The socialist market economy system is integrated with the superiority of the socialist system and with the nature of the leadership of the Communist Party of China as the most essential characteristic of socialism with Chinese characteristics. General Secretary Xi Jinping pointed out: “We are developing a market economy under the premise of the leadership of the Communist Party of China and the socialist system; we must never forget the attribute ‘socialist.’ The reason it is called a socialist market economy is precisely to uphold our institutional superiority and effectively prevent the drawbacks of the capitalist market economy.” Strengthening the Party’s overall leadership over economic work ensures that the development of the socialist market economy always embodies the fundamental nature and characteristics of the socialist system. Efforts must be made in integrating the basic socialist system with the market economy, giving full play to the advantages of both sides.

从社会主义的根本制度和最本质特征上，习近平总书记明确了社会主义市场经济制度性规定的要义。习近平总书记指出：“我国实行的是社会主义市场经济体制，我们仍然要坚持发挥我国社会主义制度的优越性、发挥党和政府的积极作用。市场在资源配置中起决定性作用，并不是起全部作用。”社会主义市场经济体制是同社会主义制度的优越性结合在一起的，是同中国共产党领导是中国特色社会主义最本质特征的性质结合在一起的。习近平总书记指出：“我们是在中国共产党领导和社会主义制度的大前提下发展市场经济，什么时候都不能忘了‘社会主义’这个定语。之所以说是社会主义市场经济，就是要坚持我们的制度优越性，有效防范资本主义市场经济的弊端。”加强党对经济工作的全面领导，使社会主义市场经济发展始终体现社会主义制度根本性质和特征，要在社会主义基本制度与市场经济的结合上下功夫，把两方面优势都发挥好。

From the fundamental attributes of the basic socialist economic system, General Secretary Xi Jinping proposed that “upholding the basic economic system with public ownership as the mainstay and diverse forms of ownership developing together is a major policy established by the Communist Party of China, an important component of the system of socialism with Chinese characteristics, and an inevitable requirement for perfecting the socialist market economy system.” In the process of developing and perfecting the socialist market economy system, the roles of the government and the market complement each other. It is necessary to adhere to overall planning, achieving complementary advantages, organic integration, and coordinated synergy. The socialist market economy manifests its institutional characteristics precisely in the “integration” of the market economy with the basic socialist system.

从社会主义基本经济制度的根本属性上，习近平总书记提出“实行公有制为主体、多种所有制经济共同发展的基本经济制度，是中国共产党确立的一项大政方针，是中国特色社会主义制度的重要组成部分，也是完善社会主义市场经济体制的必然要求”。在社会主义市场经济体制的发展和完善过程中，政府和市场的作用是相辅相成的，要坚持统筹把握，实现优势互补、有机结合、协同发力。社会主义市场经济就是在市场经济与社会主义基本制度的“结合”中彰显其制度特性的。

The Fourth Plenary Session of the 19th Central Committee of the CPC [2]2 "Traffic lights" (红绿灯): A metaphor used by the Chinese leadership to describe regulatory mechanisms that signal when capital is permitted to operate and when it must stop, analogous to traffic signals controlling the flow of vehicles. made a new summary of the connotation of the basic socialist economic system, stating that “the basic socialist economic systems, including public ownership as the mainstay with diverse forms of ownership developing together, distribution according to work as the mainstay with multiple forms of distribution coexisting, and the socialist market economy system, not only reflect the superiority of the socialist system but also are compatible with the level of development of the social productive forces in the primary stage of socialism in China. They are a great creation of the Party and the people.” Focusing on advancing the modernization of the national governance system and governance capacity, the Fourth Plenary Session of the 19th Central Committee, from the multi-level and multi-dimensional evolution of the mechanisms, systems, and institutions of the socialist market economy, clearly demonstrated the characteristics of institutional “finalization.” It creatively theorized that “adhering to public ownership as the mainstay with diverse forms of ownership developing together and distribution according to work as the mainstay with multiple forms of distribution coexisting, organically combining the socialist system with the market economy, and continuously emancipating and developing the social productive forces” are “significant advantages” of China’s national system and national governance system.

党的十九届四中全会对社会主义基本经济制度的内涵作出新的概括，提出“公有制为主体、多种所有制经济共同发展，按劳分配为主体、多种分配方式并存，社会主义市场经济体制等社会主义基本经济制度，既体现了社会主义制度优越性，又同我国社会主义初级阶段社会生产力发展水平相适应，是党和人民的伟大创造”。党的十九届四中全会围绕推进国家治理体系和治理能力现代化，从社会主义市场经济的机制、体制和制度多层面与多维度演进中，清晰地展现了制度“定型”特征，作出“坚持公有制为主体、多种所有制经济共同发展和按劳分配为主体、多种分配方式并存，把社会主义制度和市场经济有机结合起来，不断解放和发展社会生产力”是我国国家制度和国家治理体系具有的“显著优势”的创造性理论。

This creative theory highlights the basic characteristics of the ownership structure system in the relations of production and the pattern of the distribution system in distribution relations. It emphasizes the basic feature of the organic combination and integration of socialist system stipulations and market economy system stipulations. From the “established foundation” of emancipating and developing the productive forces, it underscores the solid foundation and essential stipulations of the basic economic system of socialism with Chinese characteristics. The socialist market economy system, through the “integration” of the market economy with socialist ownership and distribution systems, merges and generates the characteristics and stipulations of the basic socialist economic system. Determining the nature of the socialist market economy system as a basic economic system is a great pioneering achievement of our Party in the theory and practice of scientific socialism and a significant theoretical creation of Xi Jinping’s economic thought.

这一创造性理论，突出了生产关系中所有制结构体系和分配关系中分配制度格局的基本特征，强调了社会主义制度规定和市场经济体制规定有机结合、融为一体的基本特征，并且从解放生产力和发展生产力这一“既定基础”上，凸显了中国特色社会主义基本经济制度的坚实基础和本质规定。社会主义市场经济体制是在市场经济与社会主义所有制和分配制度的“结合”中，才融汇和生成社会主义基本经济制度特征和规定的。确定社会主义市场经济体制的基本经济制度性质，是我们党对科学社会主义理论和实践的一个伟大创举，也是习近平经济思想显著的理论创造。

The Thought Method and Theoretical Innovation of “Finalizing” the Socialist Market Economy System

社会主义市场经济制度“定型”的思想方法和理论创新

General Secretary Xi Jinping emphasizes, “We must treat science with a scientific attitude, pursue truth with the spirit of truth, and continuously endow Marxism with new contemporary connotations.” The theoretical innovation and theoretical creation of the socialist market economy manifested in Xi Jinping’s economic thought are the crystallization of the theoretical quality of keeping pace with the times, upholding fundamental principles and breaking new ground. They are brilliant achievements in applying the Marxist stance, viewpoint, and method to the exploration of the political economy of socialism with Chinese characteristics.

习近平总书记强调，“我们要以科学的态度对待科学，以真理的精神追求真理，不断赋予马克思主义以新的时代内涵”。习近平经济思想中彰显的社会主义市场经济的理论创新和理论创造，是坚持与时俱进、守正创新的理论品质的结晶，是把马克思主义立场观点方法运用于中国特色社会主义政治经济学探索的辉煌成果。

“Problem orientation” and “problem-driven” are major innovations in the methodology of Xi Jinping’s economic thought and also the basic method of General Secretary Xi Jinping’s theoretical innovation regarding the socialist market economy

“问题导向”“问题倒逼”是习近平经济思想方法论的重大创新，也是习近平总书记对社会主义市场经济理论创新的基本方法。习近平总书记在对社会主义市场经济问题的探索中，坚持从实际的和现实的问题出发，在对经济史、经济思想史和经济现实相结合的分析中，以问题为导向，发现问题、梳理问题，以问题“倒逼”为主导，分析问题、解决问题，强调“要有强烈的问题意识，以重大问题为导向，抓住关键问题进一步研究思考，着力推动解决我国发展面临的一系列突出矛盾和问题”。在对政府和市场关系“核心问题”的探讨中，习近平总书记以强烈的问题意识，提出“改革是由问题倒逼而产生，又在不断解决问题中得以深化”“经过20多年实践，我国社会主义市场经济体制已经初步建立，但仍存在不少问题”“这些问题不解决好，完善的社会主义市场经济体制是难以形成的”。可以说，问题意识是习近平总书记实现社会主义市场经济理论创新的方法论根据。

“Dialectics, the theory of two points” is the fundamental essence of the methodology of Xi Jinping’s economic thought, and it is also the fundamental method of General Secretary Xi Jinping’s theoretical innovation on the socialist market economy. Since the 18th National Congress of the CPC, General Secretary Xi Jinping has, from the perspective of “dialectics, the theory of two points,” made innovative theoretical explorations of the basic institutional and systemic issues of the socialist market economy: First, he raised the question of “dialectics, the theory of two points” in the relationship between the structure of ownership of the means of production and the market economy system. Upholding the dominance of public ownership and the common development of multiple forms of ownership is an inevitable requirement for perfecting the socialist market economy system. To uphold and improve the basic socialist economic system, it is necessary to unswervingly consolidate and develop the public sector of the economy, unswervingly encourage, support, and guide the development of the non-public sector of the economy, and promote all forms of ownership to learn from each other’s strengths, complement each other, and develop together. General Secretary Xi Jinping emphasized, “The reason it is called a socialist market economy is precisely to uphold the superiority of our system and effectively guard against the drawbacks of a capitalist market economy” and “We must adhere to dialectics, the theory of two points, and continue to work hard on the integration of the basic socialist system with the market economy, giving full play to the advantages of both sides.” Second, he raised the question of “dialectics, the theory of two points” in the relationship between the role of the market and the role of the government. The two aspects of the role of the market and the role of the government are not mutually exclusive or negating, but rather mutually compatible and organically unified. General Secretary Xi Jinping pointed out, “Both the ‘invisible hand’ and the ‘visible

“辩证法、两点论”是习近平经济思想方法论的根本要义，也是习近平总书记对社会主义市场经济理论创新的根本方法。党的十八大以来，习近平总书记从“辩证法、两点论”上，对社会主义市场经济的制度性和体制性的基础性问题作出创新性的理论探索：一是提出生产资料所有制结构和市场经济体制之间“辩证法、两点论”问题。坚持公有制为主体、多种所有制经济共同发展，是完善社会主义市场经济体制的必然要求。要坚持和完善社会主义基本经济制度，就要毫不动摇地巩固和发展公有制经济，毫不动摇地鼓励、支持、引导非公有制经济发展，推动各种所有制取长补短、相互促进、共同发展。习近平总书记强调，“之所以说是社会主义市场经济，就是要坚持我们的制度优越性，有效防范资本主义市场经济的弊端”“我们要坚持辩证法、两点论，继续在社会主义基本制度与市场经济的结合上下功夫，把两方面优势都发挥好”。二是提出市场作用和政府作用关系上的“辩证法、两点论”问题。市场作用和政府作用这两个方面不是相互排斥或相互否定的，而是相互契合和有机统一的。习近平总书记指出，“‘看不见的手’和‘看得见的手’都要用好，努力形成市场作用和政府作用有机统一、相互补充、相互协调、相互促进的格局”。把市场和政府的优势都充分发挥出来，才能更有效地体现社会主义市场经济体制的特色和优势。“辩证法、两点论”的思想方法，是理解和把握社会主义市场经济创新性理论方法论的枢纽。

The holistic method and the systematic method are important methods of Xi Jinping’s economic thought, and they are even more prominent methods in General Secretary Xi Jinping’s theoretical innovation concerning the socialist market economy. In terms of the holistic method, General Secretary Xi Jinping, in his exposition of the theory of the modernized economic system, pointed out that “the modernized economic system is an organic whole constituted by the interrelations and internal connections among all links, levels, and fields of socio-economic activity.” Within the overall relations of production, distribution, exchange (circulation), and consumption, the modernized economic system includes an industrial system led by innovation and coordinated development; a market system that is unified, open, competitive, and orderly; an income distribution system that embodies efficiency and promotes fairness; an urban-rural regional development system that highlights advantages and coordinates linkages; a green development system that is resource-conserving and environmentally friendly; a comprehensive opening-up system that is diversified, balanced, safe, and efficient; and an economic system that gives full play to the role of the market and better leverages the role of the government. General Secretary Xi Jinping pointed out: “The above several systems form a unified whole and must be built and advanced as one. The modernized economic system we build should draw on the beneficial practices of developed countries, but it must also conform to China’s national conditions and possess Chinese characteristics.” It can be said that this is a theoretical innovation in the development of the socialist market economy. The systematic concept is a foundational ideological and working method. Applying the systematic method, General Secretary Xi Jinping has made a systematic exposition on accelerating the construction of a modernized economic system, proceeding from the essential characteristics, operational laws, and development trends of the socialist market economy. Accelerating the construction of a modernized economic system requires deepening supply-side structural reform, accelerating the implementation of the innovation-driven development strategy, actively promoting coordinated urban-rural and regional development, striving to develop an open economy, and accelerating the improvement of the socialist market economy system. It can be said that this also embodies a sublimation of the theory of the socialist market economy.

总体方法和系统方法是习近平经济思想的重要方法，更是习近平总书记对社会主义市场经济理论创新的突出方法。在总体方法上，习近平总书记在对现代化经济体系理论的阐释中提到，“现代化经济体系，是由社会经济活动各个环节、各个层面、各个领域的相互关系和内在联系构成的一个有机整体”。在生产、分配、交换（流通）、消费关系的总体关系中，现代化经济体系包含创新引领、协同发展的产业体系，统一开放、竞争有序的市场体系，体现效率、促进公平的收入分配体系，彰显优势、协调联动的城乡区域发展体系，资源节约、环境友好的绿色发展体系，多元平衡、安全高效的全面开放体系，充分发挥市场作用、更好发挥政府作用的经济体制。习近平总书记指出：“以上几个体系是统一整体，要一体建设、一体推进。我们建设的现代化经济体系，要借鉴发达国家有益做法，更要符合中国国情、具有中国特色。”可以说，这是对社会主义市场经济发展的理论创新。系统观念是具有基础性的思想和工作方法。习近平总书记运用系统方法，从社会主义市场经济的本质特征、运行规律和发展趋势上，对加快建设现代化经济体系作出系统阐释。加快建设现代化经济体系，要深化供给侧结构性改革，加快实施创新驱动发展战略，积极推动城乡区域协调发展，着力发展开放型经济，加快完善社会主义市场经济体制。可以说，这也体现了对社会主义市场经济理论的升华。

In comprehending Xi Jinping’s economic thought, it is necessary to deeply understand the positions, viewpoints, and methods that this thought consistently upholds and develops. This is also the concentrated embodiment of the scientific world outlook and methodology adhered to by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

在对习近平经济思想的领悟中，要深刻理解这一思想所一以贯之坚持和发展的立场观点方法，这也是习近平新时代中国特色社会主义思想所坚守的科学世界观和方法论的集中体现。

Creative Exploration of the Characteristics and Behavioral Laws of Capital in the Socialist Market Economy

社会主义市场经济中资本特性和行为规律的创造性探索

“We must strengthen theoretical research on capital under the conditions of the new era” and “deepen theoretical research on capital under the conditions of the socialist market economy”—these are important theoretical topics concerning the socialist market economy raised by General Secretary Xi Jinping. They represent an important theoretical creation of Xi Jinping’s economic thought regarding the issues of the socialist market economy in the new development stage.

“要加强新的时代条件下资本理论研究”“深化社会主义市场经济条件下资本理论研究”，这是习近平总书记提出的关于社会主义市场经济的重要的理论课题，是习近平经济思想对新发展阶段社会主义市场经济问题重要的理论创造。

Marx and Engels did not envision that a market economy could be practiced under socialist conditions, and naturally they did not envision how a socialist state would deal with the issue of capital. Lenin and Stalin, in leading the construction of socialism in the Soviet Union, basically did not encounter the problem of large-scale capital. Practicing a market economy under socialism is a great creation of the Communist Party of China. Correctly understanding and grasping the characteristics and behavioral laws of capital in the socialist market economy is a great theoretical creation of the Communist Party of China for contemporary Marxist political economy. Xi Jinping’s economic thought has made important contributions to this theoretical creation.

马克思、恩格斯没有设想社会主义条件下可以搞市场经济，当然也就没有设想社会主义国家如何对待资本的问题；列宁、斯大林在领导苏联社会主义建设中，基本上没有遇到大规模资本问题。搞社会主义市场经济是中国共产党的伟大创造，正确认识和把握社会主义市场经济中资本的特性和行为规律问题则是中国共产党对当代马克思主义政治经济学的伟大理论创造，习近平经济思想对这一理论创造作出了重要的贡献。

First, the issue of the characteristics and behavioral laws of capital in the socialist market economy is a major topic that cannot be avoided in the theory and practice of the socialist market economy in the new development stage. For a period of time, due to insufficient understanding and inadequate regulation, some areas in our country experienced disorderly expansion of capital, wanton manipulation, and profiteering. This requires regulating capital behavior, promoting the beneficial and curbing the harmful, so as neither to allow “capital sharks” to act recklessly nor to hinder the function of capital as a factor of production. General Secretary Xi Jinping pointed out, “We must explore how to bring into play the positive role of capital under the conditions of the socialist market economy, while effectively controlling its negative role.” This is a major political and economic issue that cannot be evaded.

第一，社会主义市场经济中资本特性和行为规律问题，是新发展阶段社会主义市场经济理论和实践的不容回避的重大课题。有一段时间，由于认识不足、监管缺位，我国一些领域出现资本无序扩张，肆意操纵，牟取暴利。这就要求规范资本行为，趋利避害，既不让“资本大鳄”恣意妄为，又要发挥资本作为生产要素的功能。习近平总书记指出，“我们要探索如何在社会主义市场经济条件下发挥资本的积极作用，同时有效控制资本的消极作用”。这是一个不容回避的重大政治和经济问题。

Second, the capital structure in the new development stage is notably characterized and fundamentally marked by the common development of multiple forms of capital within the socialist market economy. General Secretary Xi Jinping pointed out: “At the present stage, various forms of capital exist

第二，新发展阶段的资本结构，是以社会主义市场经济中多种资本共同发展为显著特色和基本特征的。习近平总书记指出：“现阶段，我国存在国有资本、集体资本、民营资本、外国资本、混合资本等各种形态资本，并呈现出规模显著增加、主体更加多元、运行速度加快、国际资本大量进入等明显特征。”多种资本形态并存的经济格局，是以社会主义初级阶段基本经济制度为前提的，是以我们“坚持毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展”为政策导向的。

Third, the theory of capital in the new stage of development is divided into two main aspects: the characteristics of capital and the laws of capital behavior. On the one hand, it is necessary to highlight the understanding of the attributes and essential stipulations of capital. In socialist economic relations, multiple forms of capital, including private capital, can and are able to combine with the "dominant" economic relations of public ownership of the means of production. At the same time, although capital in capitalist society and capital in socialist society are certainly very different, capital always pursues profit. We must explore how to give play to the positive role of capital under the conditions of the socialist market economy, while effectively controlling the negative role of capital. On the other hand, it is necessary to highlight the understanding of the "behavior" of capital in specific economic operations and processes. As General Secretary Xi Jinping pointed out in his analysis of capital "behavior," "all types of capital must not run amok," "we must prevent some capital from growing wildly," "we must oppose monopoly, oppose exorbitant profits, oppose sky-high prices, oppose malicious speculation, and oppose unfair competition." The key is to explore the "laws of behavior," curb the disorderly expansion of capital, and enable the orderly development of capital.

第三，新发展阶段资本理论分为资本特性和资本行为规律两个主要的方面。一方面，要突出对资本属性和本质规定的认识。在社会主义经济关系中，包括民营资本在内的多种资本形态可能而且能够同生产资料公有制“主体”经济关系相结合。同时，资本主义社会的资本和社会主义社会的资本固然有很多不同，但资本都是要追逐利润的。我们要探索如何在社会主义市场经济条件下发挥资本的积极作用，同时有效控制资本的消极作用。另一方面，要突出对资本在具体经济运行及其过程中“行为”的认识。正如习近平总书记在对资本“行为”分析中所指出的，“各类资本都不能横冲直撞”“要防止有些资本野蛮生长”“要反垄断、反暴利、反天价、反恶意炒作、反不正当竞争”。关键要探寻“行为规律”，遏制资本无序扩张，使资本有序发展。

Fourth, the understanding of capital as a factor of production. The role and characteristics of capital as a factor of production must be understood from the different links and the overall process of socialist economic operation: production, distribution, exchange (circulation), and consumption.

第四，对资本作为生产要素的理解。要从社会主义经济运行的生产、分配、交换（流通）、消费的不同环节和整体过程，理解资本作为生产要素的作用及其特征。

Fifth, the fundamental direction and main strategy of capital governance. The "ordering" of capital governance lies in "historically, developmentally, and dialectically understanding and grasping the various types of capital and their roles existing in our society," lies in a clear understanding that "capital has a profit-seeking nature; if not regulated and constrained, it will bring incalculable harm to economic and social development," and lies in setting up "traffic lights" for capital, combining loosening and tightening, applying different policies by category, preventing the disorderly expansion of capital, effectively preventing risks, and maintaining fair market competition.

第五，资本治理的根本方向和主要方略。资本治理的“有序化”就在于“历史地、发展地、辩证地认识和把握我国社会存在的各类资本及其作用”，就在于清醒认识“资本具有逐利本性，如不加以规范和约束，就会给经济社会发展带来不可估量的危害”，就在于为资本设置“红绿灯”，疏堵结合、分类施策，防止资本无序扩张，有效防范风险，维护市场公平竞争。

Adhering to the reform direction of the socialist market economy is an important principle of socialist political economy with Chinese characteristics; the theory of the socialist market economy is a great theoretical innovation of the Communist Party of China in Marxist political economy. Xi Jinping's economic thought, as the latest theoretical achievement of Marxist political economy in contemporary China and the world in the 21st century, makes creative theoretical contributions to the socialist market economy, endowing the theory of the socialist market economy with new contemporary connotations of the Sinicization of Marxist political economy.

坚持社会主义市场经济改革方向，是中国特色社会主义政治经济学的重要原则；社会主义市场经济理论，是中国共产党对马克思主义政治经济学伟大的理论创新。习近平经济思想作为马克思主义政治经济学在当代中国、21世纪世界的最新理论成果，对社会主义市场经济所作的创造性的理论贡献，赋予社会主义市场经济理论以马克思主义政治经济学中国化的新的时代内涵。

(The author is a Boya Chair Professor at Peking University and Director of the Peking University Research Center for Xi Jinping's Economic Thought.)

（作者系北京大学博雅讲席教授、北京大学习近平经济思想研究中心主任）

Online editor: Tongxin

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