Breakthroughs on Fundamental Issues of Socialist Political Economy in China’s Economic Reform

Abstract

How to effectively integrate the basic economic system of the primary stage of socialism in which public ownership is the dominant and diverse economic sectors develop side by side with a resource allocation model in which the market plays a decisive role is a fundamental issue in building a socialist political economy with Chinese characteristics. Western bourgeois economics and the traditional understanding of Marxist classical writers reject the possibility of such integration. In the transitional countries of Central and Eastern Europe, the practice and theoretical exploration of combining the two ended by abandoning public ownership. The fundamental feature of socialist economic reform practice with Chinese characteristics is to uphold their organic unity. This approach has already achieved great progress but at the same time is confronting a series of new problems.