The Progress and Practical Testing of Adapting Marxist Theory of Ownership to the Chinese Context and the Needs of the Times

Marxism is the fundamental guiding ideology for socialist revolution and construction. Times progress, society develops, and Marxism must be adapted to the Chinese context and the needs of the times as times progress and practice develops. This is what Xi Jinping pointed out in the report to the 20th National Congress of the CPC: “Upholding and developing Marxism must be integrated with China’s specific realities. When we take Marxism as our guide, we must apply its scientific worldview and methodology to solve China’s problems, rather than reciting and repeating its specific conclusions and phrases, still less treating Marxism as a rigid dogma.” Adapting Marxism to the Chinese context and the needs of the times requires emancipating the mind, proceeding from reality in everything, focusing on solving the practical problems of reform and opening up and socialist modernization in the New Era, constantly answering the questions posed by China, by the world, by the people, and by the times, making correct answers that conform to China’s actual conditions and the requirements of the times, arriving at scientific understandings that conform to objective laws, forming theoretical achievements that keep pace with the times, and better guiding China’s practice.

马克思主义是指导社会主义革命和建设的根本指导思想。时代在进步，社会在发展，马克思主义必须随时代的进步和实践的发展而实现中国化时代化。这就是习近平在党的二十大报告中指出的：“坚持和发展马克思主义，必须同中国具体实际相结合。我们坚持以马克思主义为指导，是要运用其科学的世界观和方法论解决中国的问题，而不是要背诵和重复其具体结论和词句，更不能把马克思主义当成一成不变的教条。”马克思主义中国化时代化就是要求解放思想，一切从实际出发，着眼解决新时代改革开放和社会主义现代化建设的实际问题，不断回答中国之问、世界之问、人民之问、时代之问，作出符合中国实际和时代要求的正确回答，得出符合客观规律的科学认识，形成与时俱进的理论成果，更好地指导中国实践。

The theory of ownership is the core theory of Marxist economics. Although Marxist economics demonstrates the objective law of public ownership replacing private ownership, its theory still leaves room for development by later generations. The practice of China’s reform and opening up took the theory of ownership as a breakthrough, promoted the adaptation of Marxist economics to the Chinese context and the needs of the times, and formed a series of major theories guiding reform and development. These include: adhering to the dominance of public ownership while developing a diverse range of ownership forms; endowing state-owned assets with the attribute of capital, enhancing the competitiveness and controlling power of the state-owned economy; making the modern property rights system the core of the modern enterprise system; and making factor ownership the basis for factor remuneration. Taken together, all of these have formed the basic framework of Marxist ownership theory in the 21st century.

所有制理论是马克思主义经济学的核心理论。虽然马克思主义经济学论证了公有制取代私有制的客观规律，但其理论还是为后人留下了发展的空间。中国改革开放的实践以所有制理论为突破口，推动马克思主义经济学的中国化时代化，形成了一系列指导改革和发展的重大理论。其中包括：坚持公有制为主体，发展多种所有制经济；赋予国有资产的资本属性，增强国有经济的竞争力和控制力；现代产权制度成为现代企业制度的核心；要素所有权成为要素报酬的依据。所有这些综合起来形成了 21 世纪马克思主义所有制理论的基本框架。

I. The Primary Stage of Socialism Requires Adhering to the Dominance of Public Ownership While Developing a Diverse Range of Ownership Forms

一、社会主义初级阶段需要坚持公有制为主体，发展多种所有制经济

Ownership is a core category of Marxist economics. The ownership Marx refers to means ownership of the means of production. It concerns the relations formed around the attribution and possession of the means of production in the production process. Marx said: “Whatever the social form of production, laborers and means of production always remain its factors. But in a state of separation from each other either of these factors can be such only potentially. For production to go on at all they must unite. The specific manner in which this union is accomplished distinguishes the different economic epochs of the structure of society.” In the small-scale production mode, laborers and the means of production are directly united; in capitalist private ownership, laborers are separated from ownership of the means of production; in socialist public ownership, the means of production belong collectively to the united laborers.

所有制是马克思主义经济学的核心范畴。马克思所讲的所有制指的是生产资料所有制。涉及的是人们在生产过程中围绕生产资料的归属和占有形成的关系。马克思说：“不论生产的社会的形式如何，劳动者和生产资料始终是生产的因素。但是，二者在彼此分离的情况下只在可能性上是生产因素。凡要进行生产，它们就必须结合起来。实行这种结合的特殊方式和方法，使社会结构区分为各个不同的经济时期。”在小生产方式中，劳动者和生产资料直接结合，资本主义私有制中劳动者和生产资料所有权分离，在社会主义公有制中，生产资料归联合起来的劳动者共同所有。

Marx and Engels clearly declared in the *Communist Manifesto*: “The theory of the Communists may be summed up in the single sentence: Abolition of private property.” But when they put forward this thesis, they had a clear qualification, namely, what they emphasized: “The distinguishing feature of Communism is not the abolition of property generally, but the abolition of bourgeois property.” In addition, the *Communist Manifesto* also emphasizes: “Communism deprives no man of the power to appropriate the products of society; all that it does is to deprive him of the power to subjugate the labor of others by means of such appropriation.” These qualifications also left room for the socialist system established after the Communists seized power to allow private appropriation of the products of society.

马克思和恩格斯在《共产党宣言》中明确声明：“共产党人可以把自己的理论概括为一句话：消灭私有制。” 但他们在提出这一论断时有明确的限定，即他们所强调的：“共产主义的特征并不是要废除一般的所有制，而是要废除资产阶级的所有制。”此外，《共产党宣言》还强调：“共产主义并不剥夺任何人占有社会产品的权力，它只剥夺利用这种占有去奴役他人劳动的权力。”这些界定也为共产党人夺取政权后建立的社会主义制度允许私人占有社会产品留出了空间。

The basic paradigm of Marxist economics is that productive forces determine relations of production. The socialism Marx envisioned at the time was to be established in developed capitalist countries. Under conditions of a relatively high level of productive forces, there is no doubt about the proposition of abolishing private property. However, whether private property should be abolished immediately upon the establishment of a socialist society should be determined by the national conditions of each country, especially the stage of its productive forces. Marx pointed out: “No social order is ever destroyed before all the productive forces for which it is sufficient have been developed, and new superior relations of production never replace older ones before the material conditions for their existence have matured within the framework of the old society.” This means that what relations of production a society establishes, and what relations of production it allows to continue to exist, depend on whether they are adapted to and promote the development of productive forces. In the preface to the first volume of *Capital*, Marx wrote the following passage concerning the relations of production in the backward countries of continental Europe at the time: these countries “suffer not only from the development of capitalist production, but also from the incompleteness of that development. Alongside the modern evils, a whole series of inherited evils oppress us, arising from the passive survival of antiquated modes of production, with their accompanying train of anachronistic social and political relations.” This means that the relations of production in a society are generally not a single form of ownership, but an ownership structure composed of multiple forms of ownership.

马克思主义经济学的基本范式是生产力决定生产关系。马克思当时设想的社会主义是在发达的资本主义国家上建立起来的。在达到较高生产力水平的条件下提出消灭私有制是没有疑问的。但是，是否在建立社会主义社会的同时就要立即消灭私有制，这应该由各个国家的国情，尤其是所处的生产力阶段来决定。马克思指出：“无论哪一个社会形态，在它所能容纳的全部生产力发挥出来以前，是决不会灭亡的；而新的更高的生产关系，在它的物质存在条件在旧社会的胎胞里成熟以前，是决不会出现的。”这就意味着一个社会建立什么样的生产关系，允许什么样的生产关系继续存在，取决于它们是否适应和促进生产力发展。马克思在《资本论》第一卷序言中针对当时欧洲大陆的落后国家的生产关系写下这么一段话：这些国家，“不仅苦于资本主义生产的发展，而且苦于资本主义生产的不发展。除了现代的灾难而外，压迫着我们的还有许多遗留下来的灾难，这些灾难的产生，是由于古老的、陈旧的生产方式以及伴随着它们的过时的社会关系和政治关系还在苟延残喘”。这意味着一个社会的生产关系一般不可能是单一的所有制，而是由多种所有制组成的所有制结构。

After the establishment of a socialist society, what structure of relations of production is established is determined by the level of development of productive forces. Marx envisioned at the time that a developed capitalist society would be the entry point for socialism. According to Marx’s analysis, the developed capitalism that serves as the entry point for socialism has several important characteristics: first, capitalism has entered the monopoly stage, especially the stage of state monopoly capitalism; second, the joint-stock system has become the main form of enterprise system; third, production is highly socialized. However, in practice, the socialist countries that were established were not originally developed capitalist countries, just as China was originally a semi-colonial and semi-feudal society. Although China had an early sprouting of capitalism, the development of national capitalism was very slow. If capitalism is underdeveloped, it lacks the capacity to eliminate pre-capitalist modes of production. Therefore, when we established New China, not only did the capitalist mode of production exist, but also pre-capitalist modes of production such as the small-scale peasant mode of production in rural areas. The basic economic system initially established in our country attempted to practice the classic socialism of abolishing private property, at the cost of damage to productive forces. This shows that in the primary stage of socialism, the reason why private ownership cannot yet be completely abolished is that the full productive forces that all types of non-public ownership economies can accommodate have not yet been unleashed, and they need to fully exert their respective advantages in developing productive forces under the condition of the dominance of public ownership.

社会主义社会建立以后，建立什么样的生产关系结构，由生产力的发展水平决定。马克思当年设想发达的资本主义社会是社会主义的入口。根据马克思的分析，作为社会主义入口的发达的资本主义有几个重要特征：一是资本主义进入垄断阶段，尤其是国家垄断资本主义阶段；二是股份制成为企业制度的主要形式；三是生产的高度社会化。但在实践中建立起来的社会主义国家原先并不是发达的资本主义国家，就像我国原先是半殖民地半封建社会。虽然我国较早产生资本主义萌芽，但民族资本主义发展非常缓慢。如果资本主义不发展，就没有能力消灭前资本主义生产方式。因此当我们建立新中国时，不仅存在资本主义生产方式，还存在农村小生产方式等前资本主义生产方式。我国最初建立的基本经济制度试图实践消灭私有制的经典社会主义，付出了生产力遭到破坏的代价。这说明在社会主义初级阶段，私有制之所以还不能完全消灭，就是因为各类非公有制经济所能容纳的全部生产力还没有发挥出来，需要在公有制为主体的条件下充分发挥各自发展生产力的优越性。

The ownership structure of the dominance of public ownership and the common development of diverse forms of ownership is determined by the principal contradiction and the fundamental task of the primary stage of socialism, and it mobilizes all resources and vitality for developing productive forces in a form of ownership suitable for the primary stage of socialism. In the primary stage of socialism, public ownership and private ownership are not in a relationship of who defeats whom; public ownership and diverse non-public ownership economies need to jointly develop productive forces. Correspondingly, China’s reform of the ownership structure clearly established the “two unswervinglys” [1]1 The “two unswervinglys” (两个毫不动摇) is a policy principle first formally articulated at the 16th National Congress of the CPC in 2002, reaffirming the Party’s commitment to both the public and non-public sectors of the economy., namely, unswervingly consolidating and developing the public sector of the economy, and unswervingly encouraging, supporting, and guiding the development of the non-public sector of the economy. On this basis, the Third Plenary Session of the 18th Central Committee [2]2 The Third Plenary Session of the 18th Central Committee of the CPC was held in November 2013 and is best known for adopting the “Decision on Major Issues Concerning Comprehensively Deepening Reforms,” which outlined a broad reform agenda including economic, political, and social reforms. further put forward the principle that public property rights and non-public property rights are both inviolable. From the “two unswervinglys” to the “two inviolabilities,” this reflects the new creation and development of Marxist ownership theory in the process of its adaptation to the Chinese context and the needs of the times.

公有制为主体、多种所有制经济共同发展的所有制结构是由社会主义初级阶段的主要矛盾和根本任务决定的，以其适合社会主义初级阶段的所有制形式动员了一切发展生产力的资源和活力。在社会主义初级阶段公有制和私有制不是谁胜谁负的关系，需要公有制和多种非公有制经济共同发展生产力。与此相应，我国的所有制结构改革明确“两个毫不动摇”，即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。在此基础上党的十八届三中全会又进一步提出公有产权和非公有产权两个不可侵犯的原则。由“两个毫不动摇”到“两个不可侵犯”，反映了马克思所有制理论在中国化和时代化进程中的新创造和发展。

The abstract method of Marxian economics holds that, although multiple forms of ownership exist, “in all forms of society there is one specific kind of production which predominates over the rest, whose relations thus assign rank and influence to the others. It is a general illumination which bathes all the other colours and modifies their particularity.” [1]1 The “two unswervinglys” (两个毫不动摇) is a policy principle first formally articulated at the 16th National Congress of the CPC in 2002, reaffirming the Party’s commitment to both the public and non-public sectors of the economy. The traditional political economy of socialism often studied only the public-ownership economy that plays the role of this “general illumination.” Yet in the new stage of development entering the primary stage of socialism, not only does the public-ownership economy maintain its dominant position, but the development of multiple forms of ownership has mobilized all resources and vitality for developing the productive forces. The non-public-ownership economy has played an important role in stabilizing growth, increasing tax revenue, promoting innovation, expanding employment, and improving people’s livelihoods. On 1 November 2018, Xi Jinping pointed out at a forum of private enterprises: “The private economy exhibits the characteristics of ‘five, six, seven, eight, nine’ – that is, it contributes more than 50 per cent of tax revenue, more than 60 per cent of GDP, more than 70 per cent of technological innovation achievements, more than 80 per cent of urban employment, and accounts for more than 90 per cent of the number of enterprises.” [2]2 The Third Plenary Session of the 18th Central Committee of the CPC was held in November 2013 and is best known for adopting the “Decision on Major Issues Concerning Comprehensively Deepening Reforms,” which outlined a broad reform agenda including economic, political, and social reforms. As reform deepens, the fields into which the private economy enters have further expanded, not only breaking the dogma that the private economy can only enter low-level areas of socialization, but also entering the lifeline sectors of the national economy and public welfare fields. Therefore, the study of political economy should not only cover the study of the public-ownership economy, but should also study all types of non-public-ownership economies, and specifically explore the paths for the growth and expansion of each type of ownership economy. This is an important aspect of adapting Marx’s theory of ownership to the Chinese context and the needs of the times.

马克思经济学的抽象法认为，虽然存在多种所有制形式，但“在一切社会形式中都有一种一定的生产决定其他一切生产的地位和影响，因而它的关系也决定其他一切关系的地位和影响。这是一种普照的光，它掩盖了一切其他色彩，改变着它们的特点”。传统的政治经济学社会主义部分往往只是研究起普照的“光”作用的公有制经济。而在进入社会主义初级阶段的新发展阶段中，不仅公有制经济保持着主体地位，而且多种所有制经济的发展动员了一切发展生产力的资源和活力。非公有制经济在稳定增长、增加税收、促进创新、扩大就业和改善民生等方面发挥了重要作用。2018 年 11 月 1 日，习近平在民营企业座谈会上指出：“民营经济具有‘五六七八九’的特征，即贡献了 50% 以上的税收，60% 以上的国内生产总值，70% 以上的技术创新成果，80% 以上的城镇劳动就业，90% 以上的企业数量。”随着改革的深入，民营经济进入的领域进一步扩大，不仅打破了民营经济只能进入社会化水平低层次领域的教条，而且正在进入国民经济命脉部门和公益性领域。因此，政治经济学的研究就不仅应该涵盖研究公有制经济，还应该研究各类非公有制经济，有针对性地研究各类所有制经济的发展壮大路径。这是马克思所有制理论中国化时代化的重要方面。

II. Endowing State-Owned Assets with the Attribute of Capital, Enhancing Their Competitiveness and Controlling Power

二、赋予国有资产的资本属性，增强其竞争力和控制力

In Marx’s theory of ownership, capital as a factor of production is distinguished from capital as a capitalist relation. Marx and Engels fully affirmed the positive role of capital in the *Communist Manifesto*: “The bourgeoisie, during its rule of scarce one hundred years, has created more massive and more colossal productive forces than have all preceding generations together.” This is mainly attributable to the role of the capital factor in creating wealth. According to Marx’s analysis, the role of capital in wealth creation lies not only in the effect of its own input, but more importantly in its function as a binder of factors, raising the productivity of the productive forces through allocation among different factors. Marx once used the term “prime mover” to illustrate capital’s binding role in combining factors. Various factors of production, including labour power and land, are incorporated into the production process by capital. Moreover, “once capital has incorporated the two original factors of wealth – labour power and land – it acquires an expansive power.” [3]3 Karl Marx, *Capital*, Vol. 1, Chapter 14, Section 5. The phrase “prime mover” (*erste Bewegungsursache*) appears in Chapter 6 of *Capital*, Vol. 2. These roles of capital in wealth creation cannot be replaced by other factors, and in the socialist market economy, the roles of capital – including both private capital and state capital – are indispensable.

在马克思的所有制理论中，作为生产要素的资本与作为资本主义的资本是有区别的。马克思、恩格斯在《共产党宣言》中充分肯定了资本的积极作用：“资产阶级在它的不到一百年的阶级统治中所创造的生产力，比过去一切世代创造的全部生产力还要多，还要大。” 这主要归功于资本要素参与的财富创造作用。根据马克思的分析，资本在财富创造中的作用，不仅在于它本身的投入所起的作用，更重要的是它作为要素的黏合剂，在不同要素之间的配置中提高生产力作用。马克思曾经用“第一推动力”来说明资本作为要素结合的黏合剂作用。包括劳动力和土地等在内的各种生产要素是被资本并入生产过程的。而且“资本一旦合并了形成财富的两个原始要素——劳动力和土地，它便获得了一种扩张的能力”。资本在财富创造中的这些作用，其他要素是不能替代的，社会主义市场经济中包括私人资本和国有资本在内的资本的这些作用都不可或缺。

For a considerable period, socialist economic analysis treated capital as a category of capitalism, while state-owned assets did not use the category of capital, only the concepts of state-owned assets and state-owned funds. The dominant position of public ownership was defined by the number of public-ownership enterprises. In the process of market-oriented reform, the non-public-ownership economy developed rapidly, and coupled with the restructuring of public-ownership enterprises, in terms of the proportion of the number of enterprises, public-ownership enterprises appeared no longer to occupy a dominant position. A major theoretical breakthrough in China’s reform and opening up was the recognition and affirmation of the existence and positive role of capital in the socialist market economy. In 1993, the *Decision of the Central Committee of the Communist Party of China on Several Issues Concerning the Establishment of a Socialist Market Economy System* clearly stated: “The dominant position of public ownership is mainly reflected in the fact that the assets owned by the state and the collective account for an advantage in total social assets, and the state-owned economy controls the lifeline of the national economy and plays a leading role in economic development.” [4]4 The 1993 Decision was a landmark document of the Third Plenary Session of the 14th Central Committee, which formally established the goal of a “socialist market economy system.” The *Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform*, adopted at the Third Plenary Session of the 18th Central Committee in 2013, further clarified the categories of state capital and collective capital, and required that state capital amplify its functions, preserve and increase its value, and enhance its competitiveness; improve the state-owned assets management system, and strengthen the supervision of state-owned assets by focusing on managing capital. [5]5 The Third Plenary Session of the 18th Central Committee (2013) was a key meeting that adopted the “Decision on Comprehensively Deepening Reform,” which included major reforms to the state-owned enterprise system. The report to the 19th National Congress of the CPC pointed out: “We should improve the systems for managing all types of state-owned assets, reform the system of authorized operation of state capital, accelerate the optimization of the layout, structural adjustment, and strategic reorganization of the state-owned economy, promote the preservation and appreciation of state-owned assets, and make state capital stronger, better, and larger.” [6]6 The 19th National Congress of the CPC was held in October 2017. The report to the 20th National Congress of the CPC stated: “Deepen the reform of state-owned assets and state-owned enterprises, accelerate the optimization of the layout and structural adjustment of the state-owned economy, make state capital and state-owned enterprises stronger, better, and larger, and enhance the core competitiveness of enterprises.” [7]7 The 20th National Congress of the CPC was held in October 2022. In this way, public capital, including state capital and collective capital, has acquired clear capital attributes and requirements. This can be said to be an important creation in adapting Marx’s theory of public ownership to the Chinese context and the needs of the times.

在相当长的时期中，社会主义经济分析中把资本当做资本主义范畴，而国有资产不使用资本范畴，只是使用国有资产和国有资金的概念。公有制为主体被界定为公有制企业数量。在市场化改革进程中，非公有制经济发展迅猛，再加上公有制企业的改制，从企业数量的比重上看，公有制企业表面上已不再占主体地位。中国改革开放的一个重大理论突破是承认并肯定资本在社会主义市场经济中的存在及其积极作用，1993 年《中共中央关于建立社会主义市场经济体制若干问题的决定》明确指出，“公有制的主体地位主要体现在国家和集体所有的资产在社会总资产中占优势，国有经济控制国民经济命脉及其经济发展的主导作用等方面”。2013年十八届三中全会审议通过的《中共中央关于全面深化改革若干重大问题的决定》又进一步明确国有资本、集体资本的范畴，并且要求国有资本放大功能、保值增值、提高竞争力；完善国有资产管理体制，以管资本为主加强国有资产监管。党的十九大报告指出，要完善各类国有资产管理体制，改革国有资本授权经营体制，加快国有经济布局优化、结构调整、战略性重组，促进国有资产保值增值，推动国有资本做强做优做大。党的二十大报告指出：“ 深化国资国企改革，加快国有经济布局优化和结构调整，推动国有资本和国有企业做强做优做大，提升企业核心竞争力。”这样包括国有资本和集体资本在内的公有资本有了明确的资本属性和要求。这可以说是马克思公有制经济理论中国化时代化的重要创造。

What are the attributes of capital? In Marx’s *Capital*, capital actually has five definitions. (1) Capital is a relation of production; under capitalist conditions, it is the relation of capital hiring labour. (2) Capital is a necessary factor of production. Various factors are integrated and incorporated into the production process by capital. (3) The essence of capital is to realize value augmentation; it brings surplus value through the production process. This is capital’s profit-seeking nature. (4) Capital is a movement of a living organism; once the movement of capital stops, it loses its attribute of capital. This is capital’s mobility. (5) Accumulation is the essence of capital, referring to the reproduction of capital on an ever-expanding scale. This is capital’s accumulative nature.

资本有哪些属性？在马克思的《资本论》中，资本实际上有五个方面定义。（1）资本是一种生产关系，在资本主义条件下是资本雇佣劳动的关系。（2）资本是必要的生产要素。各种要素是被资本所整合并融入生产过程中。（3）资本的本质是实现价值增殖，它通过生产过程带来剩余价值。这就是资本的逐利性。（4）资本是一种生命体的运动，一旦资本的运动停止，它就失去了资本的属性。这就是资本的活动性。（5）积累是资本的本质，指的是资本的规模不断扩大的再生产。这就是资本的积累性。

The main form of public capital in a socialist country is state capital. In a socialist economy, state capital refers to public capital whose ownership belongs to the entire people, and its attributes differ from those of capital embodying capitalist relations of production. Although state capital does not include the first definition above, it conforms to the latter four definitions. As for state capital, since state-owned assets are also recognized as capital, they must pursue augmentation and accumulation, realize value preservation and augmentation, and at the same time bear risks. Precisely because state-owned assets have the attribute of capital, they can form joint ventures or mixed ownership with private capital. Therefore, state-owned assets undergo strategic adjustments of advancing in some areas and retreating in others, state-owned enterprises undergo restructuring, and state-owned asset management also shifts from managing assets to managing capital. This effect is evident. Moreover, from the perspective of political economy theory, once capital is confirmed in socialist economic analysis, categories related to capital, such as fixed capital, circulating capital, and fictitious capital, will naturally be incorporated into the discourse system of socialist political economy with Chinese characteristics.

社会主义国家的公有资本的主要承载形式是国有资本。在社会主义经济中，国有资本是指所有权归属全体国民的公有资本，与体现资本主义生产关系的资本属性不同。尽管国有资本不包含上述第一个定义，但它符合后四个定义。就国有资本来说，既然确认国有资产也是资本，它就要追求增值和积累，实现价值保值、增殖，同时要承担风险。正因为国有资产具有资本属性，因此可以与私人资本合资或建立混合所有制。因此，国有资产会进行战略性的有进有退调整，国有企业进行改制，国资管理也会由管理资产转变为管理资本。这种效果是明显的。此外，从政治经济学理论上讲，一旦资本在社会主义经济分析中得到确认，与资本相关的范畴，如固定资本，流动资本和虚拟资本等，就会自然而然地纳入中国特色社会主义经济学的话语体系中。

Confirming the capital attribute of state-owned assets breaks the dogma that public ownership cannot be combined with the market economy. Carrying out corresponding reforms based on the capital attribute of state-owned assets can achieve the combination of public ownership and the market economy. First, mixed-ownership enterprises with clearly defined property rights that include public capital possess the full conditions for combining with the market economy. Second, state-owned assets as capital can exist in state-owned enterprises and collective enterprises, and can also operate in non-public-ownership enterprises through capital flow and transactions; similarly, non-public-ownership assets can also enter enterprises controlled by public capital. The public-ownership economy restructured in this way can achieve integration with the market economy. Finally, separating government functions from enterprise functions and then separating government functions from capital functions not only separates administrative management from state-owned asset management, but also shifts state-owned asset management from managing assets to managing capital. This institutionally resolves the issue of the market entity status of state-owned enterprises and eliminates the institutional obstacles to the combination of the public-ownership economy and the market economy. Based on the above reforms, Xi Jinping pointed out: “After years of reform, state-owned enterprises have generally become integrated with the market economy.” [8]8 This statement by Xi Jinping is from his speech at the National Conference on State-Owned Enterprise Party Building, 10 October 2016.

确认国有资产的资本属性就打破了公有制不能同市场经济结合的教条。根据国有资产的资本属性进行相应的改革就能实现公有制同市场经济的结合。首先，包含公有资本的产权明晰的混合所有制企业具备了同市场经济结合的完全条件。其次，国有资产作为资本既可以存在于国有企业和集体企业，也可以通过资本的流动和交易，在非公有制企业中经营，同样，非公有制资产也可以进入公有资本控股的企业。经过这种方式改制的公有制经济就可能实现与市场经济的结合。最后，在政企分开基础上政资分开，不仅将行政管理同国有资产管理分开，而且国资管理由管资产转向管资本，这就从制度上解决了国有企业的市场主体地位，消除了公有制经济与市场经济结合的制度性障碍。基于上述改革，习近平指出：“经过多年改革，国有企业总体上已经同市场经济相融合。”

The practical significance of confirming the capital attribute of state-owned assets lies in requiring the preservation and appreciation of state-owned capital, and promoting the strategic adjustment of the state-owned economy in accordance with this requirement. Just as the 20th National Congress of the CPC demanded, we must deepen the reform of state-owned assets and state-owned enterprises, and accelerate the optimization of the layout and structural adjustment of the state-owned economy. The fields that the state-owned economy enters fall into two categories: one is the competitive field, and the other is the field of public welfare and natural monopoly. The competitive field is where the private economy can fully play its role. In the past, the layout of the state-owned economy pursued being all-encompassing and entering everywhere, leading to an overly dispersed layout of the state-owned economy, low efficiency in many fields, and serious losses, resulting in an inability to strengthen control over the lifelines of the national economy and difficulty in ensuring the dominant position of public ownership. Now that the nature of state-owned capital to proliferate is clarified, there is no need to enter all fields, especially those lacking competitiveness. The state-owned economy has no requirement to occupy a dominant position in the competitive field, so there is no need to compete over proportions in fields where the private economy can fully play its role. In this field, state-owned capital that has long been at a disadvantage and has suffered persistent losses needs to withdraw. Of course, some state-owned enterprises that have advantages and sufficient competitiveness in the competitive field can also become stronger and bigger, enhancing their own competitiveness in fair competition, and making state-owned capital stronger, better, and larger. After state-owned capital withdraws from competitive fields where it is not competitive, its investment and operation should be directed more towards important industries and key areas related to national security and the lifelines of the national economy, focusing on providing public services, developing important forward-looking strategic industries, protecting the ecological environment, supporting scientific and technological progress, and ensuring national security. State-owned capital should increase investment in public welfare enterprises and make greater contributions to providing public services. These can be said to be a positive list for the direction of state-owned capital investment. The natural monopoly industries (such as water, electricity, gas) in which state-owned capital continues to hold controlling shares are not monopolistic in all links. In their objectively existing competitive links, competitive businesses can be liberalized, and the marketization of public resource allocation can be promoted. Practice has proven that state-owned enterprises, through restructuring, have withdrawn more from low-efficiency competitive fields and concentrated more on the lifeline sectors of the national economy, maintaining the control of the state-owned economy over the national economy. State-owned enterprises are no longer synonymous with "loss-making enterprises."

确认国有资产的资本属性的实践意义在于要求国有资本保值和增值，并且按此要求促进国有经济的战略性调整。就如党的二十大所要求的深化国资国企改革，加快国有经济布局优化和结构调整。国有经济所进入的领域有两类：一类是竞争性领域，另一类是公益性和自然垄断性领域。竞争性领域是民营经济能够充分发挥作用的领域，过去国有制经济的布局追求无所不包和无处不进，导致国有制经济布局过于分散，在许多领域低效益，亏损严重，导致无力增强对国民经济命脉领域的控制力，难以保证公有制的主体地位。现在明确了国有资本增殖的本性，就没有必要在所有领域，特别是缺乏竞争力的领域都进入。国有经济在竞争性领域没有占主导地位的要求，也就没有必要在民营经济能够充分发挥作用的领域在比例上争个高低。在这个领域中，长期不占优势而且长期亏损的国有资本就需要退出。当然，一部分在竞争性领域占有优势、有足够的竞争力的国有企业也可以做大做强，在平等竞争中增强自身的竞争力，做强做优做大国有资本。国有资本在退出竞争力不强的竞争性领域后，其投资运营要更多投向关系国家安全、国民经济命脉的重要行业和关键领域，重点提供公共服务、发展重要前瞻性战略性产业、保护生态环境、支持科技进步、保障国家安全。国有资本加大对公益性企业的投入，在提供公共服务方面作出更大贡献。这些可以说是国有资本投向的正面清单。国有资本继续控股经营的自然垄断行业（水、电、汽等）不是所有环节都是垄断性的。在其客观存在的竞争性环节，可以放开竞争性业务，推进公共资源配置市场化。实践已经证明，国有企业通过改制较多的退出处于低效益的竞争性领域，更多地集中在国民经济命脉部门，保持了国有经济对国民经济的控制力。国有企业也不再成为“亏损企业”的代名词。

Both the 19th and 20th National Congresses of the CPC proposed making state-owned capital and state-owned enterprises stronger, better, and larger. Under the background of fair competition, making state-owned capital stronger, better, and larger requires, first, adhering to the nature of capital, and second, following a market-oriented path. The capital attribute of the state-owned economy and capital operation can provide mechanisms for making state-owned capital stronger, better, and larger through capital accumulation and flow. State-owned capital enhances its proliferation capacity through multiple forms of realization; state-owned capital becomes stronger through strategic adjustment; state-owned capital is made larger through the accumulation of state-owned capital; state-owned capital is made larger through capital operation and the use of mixed ownership. This is the enormous productive force generated by endowing state-owned assets with a capital attribute.

党的十九大和二十大都提出推动国有资本和国有企业做强做优做大。在公平竞争背景下国有资本的做强做优做大，一是坚持资本本性，二是市场化路径。国有经济的资本属性及资本运作就可以在资本积累和流动中为国有资本做强做优做大提供的机制，国有资本在多种实现形式中提高增殖能力；国有资本在战略性调整中做强；以国有资本的积累做大国有资本；以资本运作和利用混合所有制做大国有资本。这是赋予国有资产资本属性后产生的巨大生产力。

III. Making Enterprises Stronger, Better, and Larger through the Property Rights Organization of Mixed Ownership

三、以混合所有制的产权组织做强做优做大企业

Marx did not explicitly propose the term "mixed ownership," but in *Capital*, he stated: "The stock companies of capitalism, like cooperative factories, should be regarded as transitional forms from the capitalist mode of production to the associated mode of production." [9]9 Karl Marx, *Capital*, Volume 3, Chapter 27. Marx discussed joint-stock companies as a transitional form towards socialism. In this sense, joint-stock companies can be seen as a pathway for the socialization of private capital, thus serving as an entry point to socialism. Marx's discourse system on joint-stock companies can be used to explain the property rights characteristics, functions, and operations of the current joint-stock economy. In reality, the primary stage of socialism, which has not passed through a highly developed stage of capitalism, needs to achieve the socialization of production. It is necessary to establish modern enterprise systems in the form of mixed ownership, such as joint-stock companies. This is necessary for both state-owned capital and private capital. The joint-stock system is a form of capital organization for modern enterprises. The joint-stock system is neither "socialist" nor "capitalist." It can be used by capitalism, and it can also be used in the primary stage of socialism.

马克思没有明确提出“混合所有制”的话语，但在《资本论》中提出：“资本主义的股份企业，也和合作工厂一样，应当被看作是由资本主义生产方式转化为联合的生产方式的过渡形式。”马克思讲股份制是将其作为向社会主义的过渡形式提出来的。从这一意义上说，股份公司可以被视为私人资本社会化的途径，从而可以成为社会主义入口。马克思关于股份制的话语体系可以用来说明现阶段的股份制经济的产权特征、功能及运行。现实中没有经过资本主义高度发达阶段的社会主义初级阶段要实现生产的社会化，有必要建立股份制之类的混合所有制形式的现代企业制度，这无论是对国有资本，还是对民营资本都是必要的。股份制是一种现代企业的资本组织形式。股份制不姓“社”，也不姓“资”。资本主义可以用，社会主义初级阶段也可以用。

The Third Plenary Session of the 18th Central Committee of the CPC proposed: The mixed-ownership economy, in which state-owned capital, collective capital, and non-public capital hold cross-shareholdings and integrate with each other, is an important form of realization of the basic economic system. [10]10 The Third Plenary Session of the 18th Central Committee of the CPC, held in November 2013, was a landmark meeting that adopted a comprehensive plan for deepening reforms, including major decisions on the role of the market and the reform of state-owned enterprises. Mixed ownership becoming a form of realization of the basic economic system is mainly based on two theoretical breakthroughs: first, the enhanced role of private property rights in the socialist market economy; and second, the fact that public ownership can have multiple forms of realization.

党的十八届三中全会提出：国有资本、集体资本、非公有资本等交叉持股、相互融合的混合所有制经济，是基本经济制度的重要实现形式。混合所有制成为基本经济制度的实现形式主要基于两个理论突破：一是私人产权在社会主义市场经济中的增强作用，二是公有制可以有多种实现形式。

The role of private property rights is related to the private economy. In the past, there was a view that used the degree of socialization of production and the level of productive forces as the criteria for various ownership economies, i.e., fields with a high degree of socialization of production were suitable for state-owned enterprises, while those with a low degree were suitable for private enterprises. However, practice has broken this dogma. The ownership nature of an enterprise is no longer determined by the level of productive forces or the scale of the enterprise. For example, private enterprises like Huawei have reached a scale and level of productive forces far exceeding many state-owned enterprises. This shows that various levels of productive forces can accommodate both state-owned and private enterprises. Private enterprises initially start as small and micro enterprises, and all have the requirement to become bigger and stronger.

私人产权的作用与民营经济相关。过去有一种观点以生产社会化程度、生产力层次作为各种所有制经济的标准，即生产社会化程度高的适合国有企业、生产社会化程度低的适合民营企业。然而实践已经打破了这个教条。企业所有制性质不再以生产力层次、企业规模来决定，比如华为之类的民营企业所达到的规模和生产力层次都大大超过了许多国有企业。这说明各种生产力层次都可以包容国有和民营。民营经济一开始都是小微企业，都会有做大做强的要求。

Realizing the expansion of an enterprise's scale and strength requires both objective and subjective conditions. Objective conditions include providing mechanisms for growth, the main path of which is forming mixed-ownership enterprises through property rights flow. In addition, the family system of private enterprises indeed played a significant role in the early stages of development, but similar to the problem of the lack of separation between government and enterprise in state-owned enterprises, there is an internal dilemma of the lack of separation between family and enterprise, which limits their growth and development. Therefore, the path to breaking through the family system is to establish a modern enterprise system within mixed ownership. In the past, the forms of realization of public ownership were limited to state-owned enterprises and collective enterprises. However, the capital attribute of public assets raises the issue of multiple forms of realization of public ownership. State-owned capital can exist in different forms of enterprises. Similarly, public ownership can have multiple forms of realization. State-owned capital can invest in private enterprises, it can also invest in foreign-invested enterprises; foreign capital can enter enterprises controlled or participated in by state-owned capital; and state-owned capital can also enter foreign companies through joint-stock enterprises. Various types of mixed-ownership enterprises, including those containing private property rights, can become forms of realization of public ownership. If the coexistence of public ownership enterprises and non-public ownership enterprises represents the external relationship of multiple ownership economies, then the mixed-ownership economy embodies the common development of public capital and non-public capital within the same enterprise.

实现企业的规模和实力的扩大既需要客观条件，也需要主观条件。客观条件包括提供做大的机制，其中主要路径是通过产权流动形成混合所有制企业。另外，民营企业的家族制在发展初期确实发挥了显著作用，但与国有企业的政企不分问题类似，其内部存在着家企不分的困境，这限制了其成长和发展。因此，突破家族制的路径就是在混合所有制中建立现代企业制度。过去公有制的实现形式仅限于国有企业和集体企业。但公有资产的资本属性提出了公有制的多种实现形式问题。国有资本可以存在于不同的企业形式中。同样地，公有制可以有多种实现形式，国有资本可以投资于民营企业，也可以投资于外资企业，外国资本可以进入国有资本控股或参股的企业，国有资本也可以通过股份制企业进入外国的公司。各种类型的混合所有制企业，包含私人产权，都可成为公有制的实现形式。如果说公有制企业和非公有制企业并存是多种所有制经济的外部关系，那么混合所有制经济则体现了公有资本和非公有资本在同一企业内部共同发展。

In a market economy, mixed ownership generally takes the form of joint-stock companies. As Marx pointed out in *Capital* at the time: through the relatively smooth method of joint-stock companies, many already formed or forming capitals are fused together, "the quantity of capital assembled overnight through concentration, like other quantities of capital, is constantly reproduced and increased, only at a faster rate, thus becoming a new and powerful lever for social accumulation." [11]11 Karl Marx, *Capital*, Volume 1, Chapter 25. The mixed ownership established in China's current stage basically takes the form of joint-stock companies, and the joint-stock system can also become a form of realization of public ownership, providing a method for the realization of state-owned enterprises. In joint-stock companies, "enterprises that were formerly government enterprises have become social enterprises." [12]12 Karl Marx, *Capital*, Volume 3, Chapter 27. In reality, whether state-owned enterprises or private enterprises can become joint-stock companies, they become "social" enterprises through listing on the stock market. In a globalized economy, the flow of international capital also occurs among joint-stock enterprises. Private enterprises and Sino-foreign joint ventures that possess public capital thus become forms of realization of public ownership.

在市场经济中，混合所有制一般采取股份制。就如马克思当年在《资本论》中指出的：通过股份公司这种较为平滑的方式，把许多已经形成或正在形成的资本融合起来，“通过集中而在一夜之间集合起来的资本量，同其他资本量一样，不断再生产和增大，只是速度更快，从而成为社会积累的新的强有力的杠杆”。我国现阶段建立的混合所有制基本上都采取股份制形式，而且股份制还可以成为公有制的一种实现形式,为国有企业的实现提供了方式。在股份公司中，“以前曾经是政府企业的那些企业，变成了社会的企业”。现实中，不管是国有企业还是民营企业都可以成为股份制，通过公司上市成为“社会的”企业。在全球化经济中，国际资本的流动也在股份制企业之间发生。拥有公有资本的民营企业和中外合资企业也就成了公有制的实现形式。

Practice has proven that standardized joint-stock companies, due to their clear property rights, clear rights and responsibilities, and scientific management, have become a form of realization of the modern enterprise system. The important significance of the integration of multiple equity stakes within the same enterprise is that the fusion of public and private property rights produces a complementary effect of learning from each other's strengths to offset weaknesses, which is conducive to the mutual promotion and common development of various types of ownership capital.

实践证明，规范运作的股份制由于其产权明晰、权责分明和管理科学而成为现代企业制度的实现形式。在同一个企业中多元股权融合的重要意义是公有产权和私人产权融合产生取长补短的互补效应，有利于各种所有制资本相互促进、共同发展。

First, property rights relations have been clarified and have received attention. State-owned assets, however, actually lack a property rights subject, and this leads to insufficient attention to the interests of state-owned assets. Private property rights are inherently clear. An economic system that includes private property rights pays attention to its own interests. Private property rights can effectively avoid the mixing of government and enterprise functions, ensuring that enterprises operate independently, assume sole responsibility for their profits and losses, and bear their own risks. Private property rights have a full incentive and disciplinary effect. Their operation is not only cautious but also embodies an innovative spirit that dares to take risks. These institutional characteristics of private capital are not assimilated by other types of capital in mixed-ownership enterprises. When state-owned capital enters a mixed-ownership enterprise, the prerequisite for it to be mixed together with private equity is the clarification of each party’s property rights; thus, the property rights of state-owned capital are also clarified, influencing the enterprise’s operational decisions and improving the enterprise’s overall efficiency.

第一，产权关系得以明晰并得到关注。而国有资产实际上产权主体缺失，并使得对国有资产的利益的关注不足。私人产权生来就是明晰的。包含私人产权的经济体系关注自身利益。私人产权能够有效避免政企不分，保障企业自主经营、自负盈亏和自担风险。私人产权具备充分激励和约束作用。其经营不只是谨慎，更有敢冒风险的创新精神。私人资本的这些制度性特征在混合所有制企业不被其他资本同化。国有资本进入混合所有制企业后，与私人股权混合在一起的前提是明晰各自的产权，国有资本的产权也由此得以明晰，并影响企业的经营决策，提高企业的整体效益。

Second, the operational objectives of various types of capital complement each other. The existence of state-owned capital must embody its state-owned value, primarily pursuing the public interest and implementing social objectives, such as full employment. The operation of non-publicly owned capital, on the other hand, pursues private interests and implements profit objectives. When these two types of capital are mixed in the same enterprise, it is not merely a mixture of asset property rights but also a fusion of their operational objectives and operational rules. In a mixed-ownership enterprise, the public-interest objectives and social responsibility objectives pursued by publicly owned property rights cannot be abandoned, and the profit objectives and efficiency requirements of private property rights also cannot be abandoned. The two complement each other within the enterprise’s operational rules (including the enterprise’s social responsibilities and efficiency principles).

第二，各类资本的运行目标互补。国有资本的存在要体现其国有的价值，主要追求公共利益，贯彻社会目标，例如充分就业等。非公有制资本的运行则是追求私人利益，贯彻利润目标。这两类资本混合在同一个企业中，不只是资产产权的混合，也是其运行目标和运行规则的融合。在混合所有制企业中，公有产权追求的公共利益目标和社会责任目标不能放弃，私人产权的利润目标和效率要求也不能放弃。两者在企业运行规则（包括企业的社会责任和效率原则）中相互补充。

Third, the overall efficiency of capital operation has been improved. Although each investment subject entering a mixed-ownership enterprise needs to clarify its respective capital share to define its respective rights and responsibilities, once capital is invested in the enterprise, it is mixed together and operates as a whole, making it impossible to distinguish which part belongs to whom. Investors from all sides can only care about the operational efficiency of their own capital by focusing on the operation of the overall capital. Moreover, the overall capital is entrusted to the enterprise’s legal person to operate according to the laws of capital, and no investor can arbitrarily use or control the capital. In particular, the capital operation in a mixed-ownership economy is a combination of the scale advantage of state-owned capital and the mechanism advantage of private capital, reflecting complementary advantages. For publicly owned capital, mixed ownership can effectively solve the property rights defects of the original public ownership system: avoiding the mixing of government and enterprise functions; solving the problem of being responsible only for profits but not for losses; and ensuring that publicly owned property rights and privately owned property rights receive equal valuation, thereby enhancing the overall value of capital.

第三，资本运行的整体效率得到提高。虽然进入混合所有制企业各个投资主体需要明确各自的资本份额，以明确各自的权益和责任，但是一旦资本投入企业就混合在一起整体运行，无法分辨哪个部分属于谁的。各方投资者只能在关注整体资本运行中关心自己的资本运行效益。而且整体资本交由企业法人按资本规律运行，任何投资者都不能随意动用和支配资本。尤其是混合所有制经济中的资本运行是国有资本的规模优势和民营资本的机制优势的结合，体现了优势互补。对于公有资本来说，混合所有制可以有效解决原公有制中的产权弊病：避免政企不分；解决只负责赢利不负责亏损问题；公有产权与私有产权得到同等的价值评估，增强了资本的整体价值。

Fourth, an enterprise interest community is formed. Mixed ownership includes not only the combination of multiple investment subjects but also allows employee stock ownership within mixed-ownership enterprises, thereby forming a community of interests between capital owners and laborers. Enterprise employees can share in the surplus of the enterprise owners and will be concerned about the impact of enterprise development on their own property rights interests.

第四，形成企业利益共同体。混合所有制不仅包括多元投资主体的结合，还允许混合所有制企业内的员工持股，由此形成资本所有者和劳动者利益共同体。企业员工能够分享企业所有者的剩余，会从关心企业发展对自身产权利益的影响。

Within the institutional framework of mixed ownership, which involves the internal integration of publicly owned capital and non-publicly owned capital, a new issue that arises is how to realize the dominant position of public ownership. Regarding the dominant position of public ownership in mixed ownership, it is necessary to analyze it from two levels: the commercial category and the public welfare category. In different types of economies, the dominant position of public ownership has different paths and methods of realization.

在公有资本同非公有资本的内部融合的混合所有制的制度框架中，面临的新课题是如何实现公有制的主体地位。对于公有制在混合所有制中的主体地位，需要从商业类和公益类两个层面进行分析。不同类型的经济中，公有制的主体地位有不同的实现路径和方式。

State-owned capital entering the commercial category should not have ownership boundaries. Like capital of other ownership types, state-owned capital here also seeks value appreciation. Where appreciation is possible, capital flows there. In this field, there are both well-performing publicly owned enterprises and well-performing non-publicly owned enterprises. State-owned capital entering a mixed-ownership enterprise does not necessarily seek to hold a controlling stake in that enterprise, but it does seek the value appreciation capacity of the enterprise it enters. Therefore, it should be invested in enterprises with strong appreciation capacity, including private enterprises. In this way, a relatively large total amount of state-owned capital is still distributed among enterprises with strong appreciation capacity. Even if it does not hold a controlling stake, it still occupies a dominant position overall. In addition, in this field, there are also enterprises controlled by state-owned capital, and relative controlling stakes held by state-owned capital can reflect its controlling power.

进入商业类领域的国有资本不应该有所有制界限，同其他所有制性质的资本一样，在这里的国有资本也要追求价值增殖。哪里能增殖，资本就流向哪里。在这个领域中既有经营良好的公有制企业，也有经营良好的非公有制企业。进入混合所有制企业的国有资本不一定追求在所在企业中控股，但要追求所进入企业的资本增殖能力。因此应该投向增殖能力强的企业，包括民营企业。这样，总体数量较大的国有资本仍然分布在增殖能力强的企业中，哪怕不控股，总体上仍然占据主体地位。此外，在这个领域中还有国有资本控股的企业，国有资本相对控股就可体现其控制力。

The public welfare category must ensure the public interest and is usually operated by state-owned enterprises. In this field, it is impossible for publicly owned capital not to occupy a dominant position. To achieve control, full ownership is not necessary; a controlling stake is sufficient. Part of the equity can be given to the non-publicly owned economy. Through mixed ownership, non-state-owned capital is allowed to participate as a shareholder. Even infrastructure and public utilities operated exclusively by the state can promote market-oriented reforms, absorbing private capital and foreign capital. The dominant position of public ownership here is manifested in the controlling stake within the mixed ownership. As long as publicly owned capital maintains its controlling power in the mixed-ownership economy, it can actually control the non-state-owned capital that participates as a shareholder or invests, not just the capital it itself owns. Its controlling power and commanding power depend not only on the controlling stake but, more importantly, on the attractiveness of treating other ownership economies equally and sharing benefits. Here, the dominant position of public ownership is evident.

公益类领域要保证公共利益，通常都是由国有企业经营。在这个领域公有资本也不可能不占主导地位。要实现控制，并不需要全资，只要控股即可，可以将部分股权给非公有制经济，通过混合所有制，允许非国有资本参股，甚至国家独家经营的基础设施和公用事业也可以推进市场化改革，吸收民间资本和外来资本进入。公有制在这里的主体地位表现在混合所有制中的控股地位。只要保持公有资本在混合所有制经济中的控制力，实际上它可以支配参股和入股的非国有资本，而不仅限于自身拥有的资本。其控制力和支配力不仅依赖于控股地位，更重要的是平等对待其他所有制经济并共享利益的吸引力。在这里公有制的主体地位是显而易见的。

IV. Using a Perfect Property Rights System to Incentivize Economic Actors

四、以完善的产权制度激励经济行为者

Although Marx’s theory of property rights did not directly use the concept of property rights, his research based on joint-stock companies revealed the internal property rights relations. Within a joint-stock company, “the function has become separated from the ownership of capital, and labor has therefore become completely separated from the ownership of the means of production and from the ownership of surplus labor. This result of the highest development of capitalist production is a necessary transitional point for the reconversion of capital into the property of the producers, though this property is no longer the private property of separate producers, but the property of associated producers, i.e., direct social property. On the other hand, it is a transitional point for the transformation of all those functions in the reproduction process which are still linked with the ownership of capital into mere functions of the associated producers, into social functions.” [13]13 Karl Marx, Capital, Volume 3, Chapter 27. The characteristic of the governance mechanism of the joint-stock company is: “a large part of social capital is used by non-owners of social capital. Such people act in a way completely different from the owner who personally performs the function and carefully weighs the limits of his private capital.” [14]14 Karl Marx, Capital, Volume 3, Chapter 27. Obviously, under the conditions of his time, Marx had already discovered that in the joint-stock system, the function had become separated from the ownership of capital, and he clearly pointed out that it was a transitional point for transformation into the social function of the associated producers. Here, he had actually already touched upon the issue of the property rights system in mixed ownership. Of course, in Marx’s era, the joint-stock system was only in its infancy. He could not have conducted more in-depth research on the property rights system. Therefore, an important aspect of adapting Marx’s theory of property rights to the times is to establish a modern property rights theory and use it to develop and perfect the theory of property rights. In this regard, the practice of China’s ownership reform has made contributions. Starting from the property rights system to perfect the basic socialist economic system can be said to be an important entry point for adapting Marxist economics to the Chinese context and the needs of the times. The 19th National Congress of the CPC [15]15 The 19th National Congress of the CPC was held in October 2017. clearly identified perfecting the property rights system as one of the two key areas of reform. The 20th National Congress of the CPC [16]16 The 20th National Congress of the CPC was held in October 2022. further identified perfecting property rights protection as one of the basic systems of the market economy. For the institutional advantages of the ownership structure of the basic socialist economic system to be transformed into governance advantages, it is necessary to go deeper into the property rights level. The issue of ownership is not just about public ownership and private ownership, and studying property rights issues should not be seen as diluting the study of ownership. Property rights theory is an extension of ownership theory. Its focus is on enhancing the incentive function for economic actors.

马克思的所有制理论虽然没有直接使用产权概念，但他基于股份制的研究揭示了内部的产权关系。在股份公司内，“职能已经同资本所有权相分离，因而劳动也已经完全同生产资料的所有权和剩余劳动的所有权相分离。资本主义生产极度发展的这个结果，是资本再转化为生产者的财产所必需的过渡点，不过这种财产不再是各个互相分离的生产者的私有财产，而是联合起来的生产者的财产，即直接的社会财产。另一方面，这是再生产过程中所有那些直到今天还和资本所有权结合在一起的职能转化为联合起来的生产者的单纯职能，转化为社会职能的过渡点”。股份公司的治理机制的特点是：“很大一部分社会资本为社会资本的非所有者所使用。这种人办起事来和那种亲自执行职能、小心谨慎地权衡其私人资本的界限的所有者完全不同。”显然，马克思在当时条件下已经发现股份制中职能已经同资本所有权相分离，并且明确指出它是转化为联合起来的生产者的社会职能的过渡点。在这里实际上已经涉及了混合所有制中的产权制度问题。当然，马克思所处的时代，股份制才初露端倪。他不可能对产权制度有更深入的研究。因此，马克思所有制理论时代化的重要方面是建立现代产权理论，并以此来发展和完善所有制理论。在这方面，中国所有制改革的实践作出了贡献。从产权制度入手完善社会主义基本经济制度可以说是马克思主义经济学中国化、时代化的重要切入点。党的十九大明确将完善产权制度作为两大改革重点之一。党的二十大又将完善产权保护作为市场经济基础制度之一。社会主义基本经济制度的所有制结构的制度优势转化为治理优势需要深入到产权层面。所有制问题不仅仅是公有制和私有制问题，更不能把研究产权问题看作是淡化所有制研究。产权理论是所有制理论的拓展。其重点在于增强对经济行为人的激励功能。

Western property rights theory is basically based on the existence of transaction costs and incomplete information, emphasizing the use of property rights systems to incentivize economic actors in order to reduce transaction costs and opportunistic behavior. Our country, on the other hand, has made perfecting the property rights system one of the key points for further perfecting the socialist market economy. Within the framework of the basic socialist economic system, the property rights system has become the core and main content of ownership research. Property rights involve not only the attribution of private property rights and publicly owned property rights but also the rights and corresponding structures related to the ownership, control, and use rights of property. This means that, for various types of enterprises and individual property, it is not enough to stop at the surface of public or private attribution; it is also necessary to conduct in-depth research on the internal property rights relations and property rights structures.

西方产权理论基本上是基于交易成本和信息不完全的存在，强调通过产权制度激励经济行为人，以减少交易成本和机会主义行为。我国则把完善产权制度作为进一步完善社会主义市场经济的重点之一。在社会主义基本经济制度框架内，产权制度成为所有制研究的核心和主要内容，产权不仅涉及私人产权和公有产权的归属，还涉及产权的所有、支配和使用权等方面的权利及相应的结构。这就是说，针对各类企业和个人财产，不能只停留在公有、私有归属的表面，还必须深入研究内部的产权关系和产权结构。

The property rights system involves the form of realization and mode of operation of a given type of ownership. Property rights have two meanings. The first is the structure of property rights in the sense of ownership, such as the equity structure. Mixed ownership has become the form of realization of the basic economic system in the primary stage of socialism, and it faces a series of property rights issues, including the attribution of ownership within mixed ownership. The equity shares of multiple forms of ownership within a single enterprise involve the clear delineation of equity income and risk-bearing shares. The second is property rights in the sense of powers and functions, involving investor property rights and legal person property rights, ownership and management rights, and so on. Specifically, the governance structure of a joint-stock company involves the arrangement of the property rights structure, such as the separation of investor property rights and legal person property rights.

产权制度涉及某种所有制的实现形式和运行方式。产权有两个方面的含义，第一是所有权意义上的产权结构，如股权结构。混合所有制成为社会主义初级阶段基本经济制度的实现形式，面临着一系列产权问题，包括混合所有制中所有权的归属。多种所有制经济在同一个企业内的股权份额，涉及股权收益和风险承担份额明晰。第二是权能意义上的产权，涉及出资者产权和法人产权、所有权和经营权等。具体地说，股份制企业的治理结构涉及产权结构的安排问题，如出资者产权和法人财产权的分离。

An important goal of perfecting the property rights system is to strengthen the incentive function of property rights. The definition, allocation, and transfer of property rights closely link people’s economic activities with property rights, providing stable and lasting incentives. “One who has constant property has constant heart.” [17]17 A classical Chinese saying from *Mencius*, emphasizing that stable property ownership fosters stable and responsible behavior. The clear definition and protection of property rights can stimulate the vitality of investment from all sides. When the attribution of property rights, property income, and property damage are all clear, the property rights system becomes the most powerful driving force of the market economy. For an enterprise, the most fatal risk is the loss of property rights, and the most important gain is the appreciation of property. Property rights incentives are the foundation of the vitality of market entities. The fundamental reason market entities can submit to market regulation is that their own property rights interests are linked to their market behavior. This is because only under a certain property rights system can market entities both bear profits and bear losses, and assume risks.

完善产权制度的重要目标是加强产权的激励功能。产权的界定、配置和流转把人们经济活动的努力和财产权利紧密联系在一起，是稳定持久的激励。有恒产者有恒心。产权的明确和保护可以激发各方面投资的活力。在产权归属、产权收益和受损都明确时，产权制度成为市场经济最强大的动力源。对企业来说，最致命的风险是产权丧失，最重要的收益是财产增值。产权激励是市场主体活力的基础。市场主体能够服从市场调节的根本原因在于自身的产权利益与其市场行为相关。这是因为只有在一定的产权制度下，市场主体既能负赢又能负亏，承担风险。

The institutional construction required on the basis of property rights incentives mainly involves: first, establishing a modern property rights system with clear property rights, clear powers and responsibilities, and symmetrical risks and returns. This is the core of the modern enterprise system. The status of an enterprise as a market entity is not only about independent operation and self-financing of profits and losses, but also requires becoming a property rights subject. Provide property rights incentives and constraints for all types of enterprises to enhance their vitality. Second, establish a strict property rights protection system. This not only involves fair trade and exchange at equal value, but also permits the transfer and transaction of property rights, to prevent property rights from being damaged during the transfer process. Third, the management of state-owned assets shifts from managing assets to managing capital; the state-owned capital investment companies established by the state are in fact property rights operations. Fourth, joint-stock companies improve their corporate governance mechanisms in accordance with the requirement of separating investor property rights and legal person property rights. This includes allowing mixed-ownership enterprises to implement employee stock ownership, thereby forming a community of interests between capital owners and laborers. All these arrangements of the property rights system further amplify the incentive function of property rights.

基于产权激励要求的制度建设主要涉及：首先，建立产权明晰、权责分明、风险与收益对称的现代产权制度。这是现代企业制度的核心。企业市场主体地位不仅仅是自主经营、自负盈亏，还需要成为产权主体。为各类企业提供产权激励和约束，以增强其活力。其次，建立严格的产权保护制度。不仅涉及公平交易和等价交换，还允许产权的流转和交易，以防止在流转过程中产权受损。再次，国有资产的管理由管资产转向管资本，国家建立的国有资本投资公司实际上就是产权运作。最后，股份公司根据出资者产权和法人财产权分离的要求完善公司治理机制。其中包括允许混合所有制经济实行企业员工持股，从而形成资本所有者和劳动者利益共同体。所有这些产权制度安排进一步放大了产权的激励功能。

The “three rights separation” [18]18 The separation of rural land ownership (collective), contracting rights (household), and management rights (which can be transferred to other operators). of ownership, contracting rights, and management rights in China’s rural land system reform is an important aspect of the reform of the property rights system. In China, urban land is owned by the state, and rural land is collectively owned. The “three rights separation” refers to the separation of land ownership, contracting rights, and management rights. The core is the transfer of land contracted by peasant households, especially the transfer of management rights of contracted land. These are new theoretical innovations that have emerged with China’s reform. The rural reforms already carried out separated land ownership from contracting rights and management rights, stimulating the enthusiasm of contracted management households and increasing farmers’ labor income. The reform of the three rights separation further separates management rights from land contracting rights, allowing the transfer of land management rights. In the transfer of management rights of contracted land, large-scale and specialized land management is realized. This not only enables farmers to obtain income from the transfer of land management rights, but also allows for the cultivation and introduction of new types of agricultural management entities, thereby establishing the land system foundation for agricultural modernization.

我国农村土地制度改革的所有权、承包权和经营权的三权分置是产权制度的改革的重要方面。我国城市土地国有，农村土地集体所有。“三权分置”即土地所有权，承包权和经营权的分置。核心是农户承包的土地的流转，尤其是承包地的经营权流转。这些是随着我国改革出现的新的理论创新。已经进行的农村改革将土地所有权和承包权、经营权分开，激发了承包经营户的积极性，增加了农民的劳动收入。三权分置的改革则是在土地承包权中分离出经营权，允许土地经营权流转。在承包地经营权流转中实现土地规模经营、专业化经营。不仅使农民有条件获得土地经营权流转的收入，还可以培育和引入新型农业经营主体，从而建立农业现代化的土地制度基础。

In the past, discussions of ownership and property rights generally referred to the ownership and property rights of material means of production. Now, with the development of technological innovation and the knowledge economy, intellectual property rights corresponding to material property rights have emerged. With the development of the knowledge economy, innovation has become the primary driving force for development, and the importance of intellectual property rights is increasingly evident. Intellectual property rights have become one of the basic institutional arrangements for incentivizing innovation.

过去谈所有制和财产权一般是指的物质资料的所有制和财产权利。现在随着科技创新及知识经济的发展，产生了与物质产权相对应的知识产权。随着知识经济的发展，创新成为发展的第一动力，知识产权的重要性越来越明显。知识产权成为激励创新的基本制度安排之一。

V. Granting Property Rights to Residents and Obtaining Corresponding Property Income

五、赋予居民财产权利并获得相应的财产性收入

Marx’s theory of ownership in his time was limited to the ownership of the means of production, and he believed that in future society the means of production would all be publicly owned, with only labor power being privately owned, and there would be no issue of ownership of factors other than labor power. Therefore, the distribution of individual consumer goods would only adopt the method of distribution according to work. China’s market-oriented reform process broke through this limitation. First, the extension of ownership has expanded; it is no longer limited to the means of production, but also includes the ownership of other types of production factors. Labor factors, technology factors, capital factors, management factors, land factors, and, as clarified by the Fourth Plenary Session of the 19th Central Committee, [19]19 Held in October 2019, this plenary session of the CPC Central Committee adopted a decision on upholding and improving the socialist system with Chinese characteristics, which explicitly included data as a production factor. data factors, all belong to production factors. Among these factors, intangible factors do not all fall within the scope of the means of production, but they are all production factors. Hence, the ownership referred to today is no longer just the ownership of the means of production, but the ownership of various production factors, including the means of production. Second, among the current production factors, not only is the labor factor privately owned, but other factors may also be largely privately owned; even within state ownership, they belong to different enterprises. Therefore, the issue of ownership of production factors arises. The ownership of various production factors will not only determine the equity structure of enterprises, but also determine the income distribution structure. The current reform goal of “letting the vitality of all labor, knowledge, technology, management, and capital burst forth” [20]20 A formulation from the report of the 18th National Congress of the CPC (2012), calling for unleashing the dynamism of all productive factors. presupposes the recognition that various production factors belong to different owners. Based on these breakthroughs, a distribution system with distribution according to work as the main body and multiple modes of distribution coexisting has been formed. In particular, the principle has been established that production factors such as labor, capital, technology, management, and data participate in income distribution according to their contribution.

马克思当年的所有制理论限于生产资料所有制，并且认为在未来社会中生产资料都是公有的，只有劳动力是私人所有，不存在劳动力以外要素的所有权问题。因此个人消费品分配仅采用按劳分配方式。中国的市场化改革进程突破了这个限制。首先，所有制外延扩大了，不仅限于生产资料，还有其他各类生产要素的所有权问题。劳动要素、技术要素、资本要素、管理要素、土地要素，以及根据十九届四中全会明确的数据要素，都属于生产要素。这些要素中的无形要素并不都属于生产资料的范围，但都是生产要素，于是，现在所指的所有制就不再只是指生产资料所有制，而是包括生产资料在内的各类生产要素的所有制。其次，在现在的生产要素中，不仅劳动要素是私有，其他要素也可能有较大部分是私有的，即使是在国有制内部也分属于不同的企业。因此就提出生产要素所有权问题。各种生产要素的所有权不仅会决定企业的股权结构，也会决定收入分配结构。现在提出让一切劳动、知识、技术、管理、资本的活力竞相迸发的改革目标，前提是承认各种生产要素属于不同的所有者。基于这些突破，形成了以按劳分配为主体、多种分配方式并存的分配制度。尤其是确立了劳动、资本、技术、管理和数据等生产要素按照贡献参与收入分配的原则。

In fact, the multiple modes of distribution characterized by factor returns at the present stage can still be explained from Marx’s theory of ownership. First, distribution relations are only one aspect of historically determined relations of production. “Distribution relations are merely the expression of one aspect of the relations of production.” [21]21 Karl Marx, *Capital*, Volume III, Chapter 51. Since the ownership structure of the primary stage of socialism, with public ownership as the main body and multiple forms of ownership developing together, has been confirmed, the distribution system with distribution according to work as the main body and multiple modes of distribution coexisting is natural. Second, the so-called participation of factors in distribution is actually the economic realization of factor ownership, that is, the distribution of newly created value among the owners of different factors that create wealth. What Marx at the time called wages, profit, and ground rent were all regarded as forms of income for the owners of labor power, capital, and land. The newly created “part of value belongs or falls to the owner of labor power, another part belongs or falls to the owner of capital, and a third part belongs or falls to the owner of landed property. Hence, these are distribution relations or forms, because they express the relations in which the total newly produced value is distributed among the owners of the different production factors.” [22]22 Karl Marx, *Capital*, Volume III, Chapter 51. In the actual primary stage of socialism, not only is labor power privately owned, but factors such as capital, technology, and management also belong to different owners (including private individuals). In order to fully mobilize various factors to be invested in the economic development process and burst forth with the vitality to create wealth, factor returns must be recognized in the income distribution system. It is necessary not only to stimulate labor efficiency, but also to stimulate the input of various factors by owners of capital, technology, management, and other factors. The path is to obtain corresponding returns according to the input and contribution of factors such as capital, labor, resources, technology, and management in the production process. The institutional advantage of various production factors participating in income distribution to develop productive forces is manifested in both raising labor efficiency and fully mobilizing and incentivizing the input of factors belonging to different factor owners, so that the springs of social wealth gush forth in abundance. This allows the vitality of all labor, knowledge, technology, management, capital, and data that create wealth to burst forth.

实际上，现阶段以要素报酬为特点的多种分配方式仍然可以从马克思的所有制理论上得到说明。首先，分配关系只是历史地规定的生产关系的表现之一。“分配关系不过表现生产关系的一个方面”。既然社会主义初级阶段以公有制为主体，多种所有制经济共同发展的所有制结构得到确认，以按劳分配为主体、多种分配方式并存的分配制度是自然而然的。其次，所谓要素参与分配实际上是要素所有权在经济上的实现，也就是新创造的价值在创造财富的不同要素所有者之间的分配。马克思当时所说的工资、利润、地租都被视为是劳动力、资本和土地所有权的收入形式。新创造“价值的一部分属于或归于劳动力的所有者，另一部分属于或归于资本的所有者，第三部分属于或归于地产的所有者。因此，这就是分配的关系或形式，因为它们表示出新生产的总价值在不同生产要素的所有者中间进行分配的关系”。在现实中的社会主义初级阶段，不仅是劳动力属于私人所有，而且资本、技术、管理等要素都属于不同的所有者（包括私人）所有。为了充分动员各种要素投入经济发展过程并迸发出创造财富的活力，就要在收入分配体制上承认要素报酬。不仅要刺激劳动效率，还要刺激资本、技术、管理等要素所有者的各种要素的投入。其路径就是根据资本、劳动、资源、技术和管理等要素在生产过程中的投入和贡献获得相应的报酬。各种生产要素参与收入分配，发展生产力的制度优势表现在既提高了劳动效率，又充分调动和激励属于不同要素所有者的要素投入，使创造社会财富的源泉充分涌流。使一切创造财富的劳动、知识、技术、管理、资本和数据的活力竞相迸发。

In response to the widening gap between labor income and income from other factors within the factor remuneration system, we argue that the path to promoting common prosperity is not to deny the participation of production factors in income distribution, but rather to increase the supply of non-direct labor factors by direct laborers. The root cause of the factor remuneration mechanism widening income gaps lies in the significant differences in the factors owned by different factor owners. Individuals with strong savings capacity, high levels of knowledge and technology, and strong management capabilities have a greater ability to become wealthy. If these factors are concentrated in a single person, their income level will be even higher. Conversely, the ability to become wealthy is very weak, thus generating income disparities. Research on the factor remuneration mechanism reveals that labor, capital, technology, management, and data are not mutually separate or substitutable. There is a complementary relationship among them. Laborers not only provide labor but can also become owners of certain technologies or managers; capital owners may also provide labor and management. Therefore, the path to narrowing income gaps is not to deny the participation of production factors in income distribution, but rather to increase the supply of non-direct labor factors by direct laborers in distribution, so that the income of direct laborers rises as they increase their input of non-direct labor factors, thereby narrowing the differences in the factors that different individuals possess for participation in distribution. Just as ownership of the means of production can be mixed, ownership of production factors can also be mixed with each other. When laborers become owners of multiple production factors, it can narrow the differences in the factors owned by different individuals for participation in distribution.

针对要素报酬体制中劳动收入与其他要素收入差距的扩大问题，我们认为推动共同富裕的路径不是否认生产要素参与收入分配，而是要增加直接劳动者的非直接劳动要素供给。要素报酬机制扩大收入差距的根源在于不同要素所有者所拥有的要素之间存在很大的差别。储蓄能力强、知识和技术水平高、经营管理能力强的个人，致富能力也更强，如果这些要素叠加在某个人身上，收入水平会更高。反之，致富能力则很弱，因此产生收入差距。研究要素报酬机制可以发现，劳动、资本、技术、管理和数据之间不是相互分割和相互替代的。它们之间存在着相互补充关系。劳动者不仅提供劳动，也可以成为某种技术的所有者，也能成为管理者；资本所有者也可能提供劳动和管理。因此缩小收入差距的路径不是否认生产要素参与收入分配，而是要在分配中增加直接劳动者的非直接劳动要素供给，使直接劳动者的收入随着他们增加对非直接劳动要素的投入而提高，缩小不同个人在参与分配的要素上的差别。正如生产资料所有权可能混合一样，生产要素的所有权也可能相互混合，劳动者成为多种生产要素的所有者，就能缩小不同个人所拥有的要素参与分配的差别。

In the past, what we referred to as residents’ income generally meant labor remuneration. With the advancement of production factors participating in income distribution, the proportion of property income in residents’ income has become increasingly higher. The widening of income gaps is largely attributable to the gap between property income and labor income. Faced with the resulting increasingly large income disparities, the way to narrow income gaps cannot be to deny private property and property income. The feasible approach, as pointed out in the report of the 20th National Congress of the CPC, is to explore multiple channels to increase the factor income of low- and middle-income groups, and to increase the property income of urban and rural residents through multiple channels.

过去我们讲的居民收入一般是指劳动报酬。随着生产要素参与收入分配的推进，财产性收入在居民收入中的比重越来越高。收入差距的扩大很大程度上归结为财产性收入与劳动收入之间的差距，面对因此产生的越来越大的收入差距，缩小收入差距的途径不可能否定私人财产和财产性收入，可行的途径是根据二十大报告指出的，探索多种渠道增加中低收入群众要素收入，多渠道增加城乡居民财产性收入。

In reality, the main cause of widening income gaps is not the gap in labor income, but the gap in property income. As Piketty states in *Capital in the Twenty-First Century*, the polarization of wealth and poverty is a polarization of property ownership. The main factor is that the rate of return on capital is higher than other growth rates. Under socialist conditions, it is necessary both to mobilize the enthusiasm of owners of all factors to make the “cake” bigger and to adhere to the socialist principle of fairness and justice. The feasible approach is not to deny property rights, but to increase household property and property income for urban and rural residents through multiple channels. Correspondingly, the main paths for granting residents property rights are as follows: First, incentivize residents’ private investment and provide them with multiple investment channels. Encourage private innovation and entrepreneurship, and open up avenues for increasing residents’ property income, such as purchasing movable property like stocks and immovable property like real estate; improve the equity structure of enterprises, allow employee stock ownership, encourage entrepreneurs to hold shares and technology to be converted into shares; provide an environment for laborers to innovate and start businesses, enabling them to obtain intellectual property income through innovation, and protect intellectual property rights and their income; and obtain capital gains and management income through entrepreneurship. Second, increase residents’ property income through multiple channels. Explore ways to increase the factor income of low- and middle-income groups through the right to use and the right to income from factors such as land and capital. This includes allowing farmers to obtain land income through the transfer of land management rights.

现实中造成收入差距扩大的主要不是劳动收入差距，而是财产收入差距。正如皮凯蒂的《21 世纪资本论》中所说，贫富两极分化是财产所有权的两极分化。其中的主要因素是资本收益率较其他增长率更高。在社会主义条件下，既要调动各种要素所有者的积极性以做大“蛋糕”，又要坚持公平正义的社会主义原则，可行的途径不是否认财产权利，而是多渠道增加城乡居民的家庭财产并增加其财产性收入。相应的赋予居民财产权利主要有以下路径：一是激励居民的私人投资并为之提供多种投资渠道。鼓励私人创新、创业，广开增加居民财产性收入的门路，如购买股票等动产、房地产等不动产，完善企业股权结构，允许员工持股，鼓励企业家持股和科技入股，为劳动者提供创新、创业的环境，使其在创新中获取知识产权收入，保护知识产权及其收入；在创业中获取资本收益和管理收入。二是多渠道增加居民财产性收入。探索通过土地、资本等要素使用权、收益权增加中低收入群体要素收入。包括允许农民在土地经营权流转中获取土地收入。

It is generally believed that the so-called participation of production factors in income distribution means that laborers receive labor remuneration (v), while owners of other factors obtain the surplus (m). The premise is that laborers do not hold assets, and owners of other factors are not laborers. This is inconsistent with the reality of the primary stage of socialism. At the present stage, laborers may have assets, including capital and intellectual property. Thus, labor income and laborers’ income are not the same concept. Although the proportion of labor remuneration in income will decline after various production factors participate in income distribution, laborers’ income will increase as they possess more non-labor production factors. This is the path to prosperity for laborers after obtaining property rights.

人们一般认为，所谓生产要素参与收入分配，指的是劳动者得到劳动报酬（v），其他要素所有者则是获取剩余（m）。其前提是劳动者不持有资产，其他要素所有者不是劳动者。这与社会主义初级阶段的现实是不相符的。现阶段劳动者可能有资产，包括资本和知识产权。这样，劳动收入和劳动者收入不是同一概念。虽然各种生产要素参与收入分配后，劳动报酬在收入中的比重会下降，但劳动者收入会随着其拥有更多的非劳动生产要素而提高。这是劳动者在获得财产权利后的实现富裕途径。

The above analysis shows that the theory of ownership, as the core theory of Marxist economics, has been adapted to the Chinese context and the needs of the times in multiple aspects through the theory and practice of China’s reform. The trajectory of this adaptation to the Chinese context and the needs of the times is: from “socialism means the abolition of private property” [23]23 A reference to the slogan from the *Communist Manifesto*: “The theory of the Communists may be summed up in the single sentence: Abolition of private property.” to utilizing private ownership to develop productive forces under the condition of public ownership playing the dominant role in the primary stage of socialism; on this basis, mixed ownership has become the form of realization of the basic economic system. From not recognizing the capital attribute of state-owned assets to confirming the capital attribute of state-owned assets, it has not only clarified the requirements for their preservation and appreciation but also clarified the path to achieving their strengthening and optimization under conditions of fair competition. From focusing solely on the ownership of the means of production to delving into the study of the property rights system, it has clarified that improving the property rights system has become the focus of China’s economic system reform. From being limited to the ownership of the means of production to expanding to the ownership of production factors, it has granted residents property rights and corresponding property income.

以上分析表明，所有制理论作为马克思主义经济学的核心理论，在中国改革的理论和实践中从多个方面实现了中国化和时代化。其中国化时代化的轨迹是：由社会主义就是消灭私有制到在社会主义初级阶段在公有制为主体的条件下利用私有制发展生产力，在此基础上，混合所有制成为基本经济制度的实现形式。由不承认国有资产的资本属性到确认国有资产的资本属性，不仅明确了其保值和增值的要求，而且明确了其在公平竞争条件下实现做强做优的途径。由单纯的所有制深入到产权制度研究，明确了完善产权制度成为我国经济体制改革的重点。由限于生产资料的所有制扩大到生产要素所有权，赋予居民财产权利和相应的财产收益。

The 21st-century Marxist theory of ownership constituted by all these aspects not only embodies the advancement of Marxist ownership theory with the times but also demonstrates its strong vitality through richer theories that fit China’s development reality, enhancing its explanatory and guiding power for the real economy. In particular, as verified by practice, it has improved overall efficiency in various types of ownership economies.

所有这些方面构成的 21 世纪马克思主义所有制理论，既体现马克思主义所有制理论的与时俱进，而且以更为丰富的切合中国发展实际的理论显示了其强大的生命力，增强了对现实经济的解释力和指导力，特别是经过实践验证，其在各类所有制经济中提高了总体效益

Source: *Contemporary Chinese Marxist Studies*, Issue 2, 2023

文章来源：《当代中国马克思主义研究》2023年第2期

Online Editor: Jing Mu

网络编辑：静穆