Five key aspects about Xi Jinping’s Economic Thought: think tank report

Published: March 17,2023

New China Research, the think tank of Xinhua News Agency, has summarized the distinct characteristics of Xi Jinping’s economic thought in five aspects, which are key to learning and understanding Xi Jinping’seconomic thought in terms of its theory system, thought logic and rich connotations.

In a report, titled “Toward Modernity: The Value of Xi Jinping’s Economic Thought,” the think tank expounds on how Xi Jinping’s economic thought pursues innovation on the basis of what has worked in the past, and opens up new frontiers for the Marxist political economics.

The five aspects are as follows:

Social well-being — Xi Jinping’s economic thought starts from the principal contradiction facing Chinese society, coordinates needs and wants, focuses on “social well-being,” and establishes the economics that seeks a better life for Chinese people.

Solid underpinning — Starting from the labor theory of value, Xi Jinping’s economic thought coordinates the dual implications of economics and philosophy on value, focuses on “solid underpinning,” and establishes the economics that lays a stronger material foundation for national rejuvenation.

Strong effectiveness — Based on laws of economics and reality, Xi Jinping’s economic thought has created a synergy between the government and the markets while focusing on “strong effectiveness” and constructing the economics that upholds socialist market economy in new era.

Sound coordination — Starting from this new stage of development, Xi Jinping’s economic thought creates a synergy between economy and society, between humans and nature, and between materials and culture, focuses on “sound coordination” and establishes the economics that brings peace and tranquility for future generations.

Shared future — Xi Jinping’s economic thought starts from the essence of socialism, coordinates efficiency and fairness, focuses on “shared future,” and constructs the economics that pursues common prosperity and universal harmony.

The historic achievements and historic changes of the Chinese economy in the new era have served as a profound indication for the great strength of Xi Jinping’s economic thought in practice, according to the report.

Source: Xinhua