Xi Jinping’s economic thought steers China toward modernity 

Published: March 05,2023

New China Research, the think tank of Xinhua News Agency, on Wednesday released a report titled “Toward Modernity: The Value of Xi Jinping’s Economic Thought.”

The report expounds on the rich connotations of Xi Jinping’s economic thought from the philosophical, strategic and tactical dimensions as well as its implications for the world, and explores the origins of the thought in practice. Following the guidance of Xi Jinping’s economic thought, marching forward in tandem and fostering strong synergy for development, is key for the Chinese economy to forge ahead at its current stage and in the future, and is the source of assurance for overcoming challenges and advancing with full strength, says the report.

DISTINCTIVE FEATURES

The report focuses on the distinctive features of Xi Jinping’s economic thought. It 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 with five key points: a better life, the real economy, effective governance, harmonious development and common prosperity. Xi Jinping’s economic thought starts from the principal contradiction facing Chinese society, coordinates needs and wants, focuses on a “better life,” and establishes the economics that seeks happiness for people, the report says. It also starts from the labor theory of value, coordinates the dual implications of economics and philosophy on value, focuses on the “real economy,” and establishes the economics that lays a stronger material foundation for national rejuvenation. 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 achieving “effective governance” and constructing socialist market economics in a new era, says the report.

Starting from a new stage of development, Xi Jinping’seconomic thought creates a synergy between economy and society, between humans and nature, and between materials and culture, with a focus on achieving “harmonious development” and establishing peace for all future generations, the report says. It also starts from the essence of socialism, coordinates efficiency and fairness, focuses on “common prosperity,” and constructs the economics of common prosperity and a harmonized world. 

Over the past decade, China’s economic strength has seen a historic rise, with the country’s GDP growing from 54 trillion yuan (about 7.78 trillion U.S. dollars) to 121 trillion yuan, ranking second in the world. Over the past three years, China managed to achieve an average annual growth of 4.5 percent, far exceeding the global average. The historic achievements and historic changes of the Chinese economy in the new era serve as a profound indication for the great strength of Xi Jinping’s economic thought in practice, says the report.

HIGH-QUALITY DEVELOPMENT

The report of the 20th National Congress of the Communist Party of China (CPC) put forward that “to build a modern socialist country in all respects, we must, first and foremost, pursue high-quality development.” One of the essential requirements for solidly promoting the Chinese path to modernization is pursuing high-quality development. Wednesday’s think tank report says that from a strategic dimension, Xi Jinping’s economic thought highlights basing on the new development stage, applying the new development philosophy and building a new pattern of development. 

Themed on high-quality development, it points out the practical path for striving to press ahead with the Chinese path to modernization. To fully grasp the new development stage, it is imperative to use the “golden key” of high-quality development to promote the effective improvement of quality and reasonable growth of quantity, says the report. In the coming period, the characteristics of China’s domestic market-led economic flows will become more obvious, and the potential of domestic demand will continue to be unleashed to boost economic growth. China has the confidence to enhance its viability, competitiveness, development and sustainability, according to the report.

CHINESE WISDOM

Based on a full understanding of the fast-changing world from a historical perspective, Xi Jinping’seconomic thought creatively poses the task of boosting sound development of economic globalization, the report says. From the strategic perspective of building a community with a shared future for humanity, the thought calls for steering economic globalization to see it become more open, inclusive, balanced and beneficial for all, it says. 

Against a backdrop in which the COVID-19 pandemic deals a heavy blow and the development agenda is being politicized and marginalized, Xi proposed the Global Development Initiative (GDI). Since then, the GDI has won the support of more than 100 countries and international organizations, and close to 70 countries have joined the Group of Friends of the GDI.

The report points out that China has been making development a top priority and proven that problems arising from development can only be solved through development. The great achievements of China’s economy in the new era are the best interpretation of the wisdom behind Xi Jinping’s economic thought in the economic governance of a major country, according to the report. China has always placed its own development in the broad picture of human development, says the report, adding that Xi Jinping’seconomic thought offers the best starting point for the world to observe China’s economy, understand China’s model and draw on China’s experience. 

Xinhua