Socialist Political Economy With Chinese Characteristics And Research On The Chinese And Foreign Economies

• DOI: https://doi.org/10.13169/worlrevipoliecon.13.4.0476
• Published date: 20 October 2022
• Date: 20 October 2022
• Pages: 476-501
• Author: Xia Lu,Xiaoqin Ding
• Subject Matter: socialist political economy with Chinese characteristics,Marxist political economy,contemporary capitalist economy,the New Marxian Economics Synthesis School

WRPE Produced and distributed by Pluto Journals www.plutojournals.com/wrpe/

SOCIALIST POLITICAL ECONOMY WITH

CHINESE CHARACTERISTICS AND RESEARCH

ON THE CHINESE AND FOREIGN ECONOMIES

A Survey of the Viewpoints Expressed by the New

Marxian Economics Synthesis School in 2021

Xia Lu and Xiaoqin Ding

Xia Lu (left), PhD in Economics, is an Associate Researcher at the

School of Marxism, Shanghai University of Finance and Economics,

China. Email: 9015223@qq.com

Xiaoqin Ding (right), PhD in Economics, is Chair Professor at the

Shanghai University of Finance and Economics (SUFE) and Deputy

Director of the Institute of Economics of Shanghai School, SUFE,

China. Email: hpjjx@vip.163.com

Abstract: In 2021, responding to changes in the world political and economic situation

and basing itself on Marxist political economy, the New Marxian Economics Synthesis

School led by Professor Enfu Cheng carried forward its traditions and forged ahead

into the future. The school conducted active, in-depth research on how to uphold the

integrity of socialist political economy with Chinese characteristics and enrich it with new

elements, putting forward a series of theoretical innovations in areas that include the

ten essentials of socialist political economy with Chinese characteristics, its sources of

innovation and logical starting point, the orientation of its practice, and so forth. Based on

these theoretical innovations, many of the scholars who make up the school engaged in

lively discussion on a range of focal issues of today’s Chinese economy, including common

prosperity, the new “dual circulation” development pattern, artificial intelligence and

the digital economy, the modernization of national governance and so on. In addition,

they made searching criticisms of the financialization of the contemporary capitalist

economy and of the new developments seen in liberalism and hegemonism since the

COVID-19 pandemic broke out. In sum, they recorded a long series of fruitful theoretical

achievements.

Key words: socialist political economy with Chinese characteristics; Marxist political

economy; contemporary capitalist economy; the New Marxian Economics Synthesis School

DOI:10.13169/worlrevipoliecon.13.4.0476

SOCIALIST POLITICAL ECONOMY WITH CHINESE CHARACTERISTICS 477

World revieW of Political economy vol. 13 no. 4 Winter 2022

In 2021 the New Marxian Economics Synthesis School, whose leading figure is

Enfu Cheng, Chief Professor of the University of the Chinese Academy of Social

Sciences and Member of the Chinese Academy of Social Sciences, continued to

move forward, showing keen academic enthusiasm, a rigorous academic attitude

and a broad academic vision. Scholars adhering to the school discussed the theo-

retical and practical problems of Marxist economics, socialism with Chinese char-

acteristics in the new era and the contemporary capitalist economy, while

publishing many articles that featured original views and profound contents.

Maintaining their proud tradition, the scholars continued making important contri-

butions as they brought fresh innovations to policy research and to the theory of

Marxist political economy.

Socialist Political Economy with Chinese Characteristics

In response to President Xi Jinping’s call to strengthen the study of socialist politi-

cal economy with Chinese characteristics, Professor Cheng and his academic team

published some important and innovative ideas.

Ten Essentials of Socialist Political Economy with Chinese Characteristics

In a significant contribution, Professor Cheng (2021a) pointed out that socialist

political economy with Chinese characteristics needs to carry out substantive

development and innovation in the areas of methods, theories and policies through

the comparative analysis of diverse ideas and practices, while constructing a vari-

ety of theoretical systems. Referring to the theoretical logic of Marx’s Capital,

Professor Cheng summarized ten essentials of socialist political economy with

Chinese characteristics.

First, it is necessary to comprehensively and accurately interpret classical

Marxist writers and the leader’s ideas, as well as to incorporate all kinds of useful

economic ideas from ancient and modern, Chinese and foreign sources, so as to

scientifically lay the academic foundation for socialist political economy with

Chinese characteristics. This should be done while taking Marxism-Leninism and

Chinese economic theory as the guide, and as the style of study, the remarks by

former Vice-Premier of China’s State Council Chen Yun, “practice is the only

standard for truth, rather than theories from the books or words of the authority”

and “exchange, compare and repeat.”

Second, and while taking the economic relationship or economic system in

the material and cultural fields of primary socialism as the objects of study, it is

essential to examine the allocation of resources, economic operation, economic

behavior, economic development and human welfare, etc., in association with the

productive forces or economic forces and superstructure.