Abstract
Not very long ago, the Fudan University Economics Institute and the Shanghai bonds and securities journal jointly held a conference on the development of Chinese economics, to which eminent Beijing economic thinkers such as Yu Guangyuan also came. One of the conference's topics was whether Western economics theory could be applied to China at all. All schools of Western economics, including the Marxist ones, seemed preoccupied after all with the study of market economies, yet there was no clear family resemblance between this category and China. Some conference participants argued that the Chinese would have to develop their own economic theory. Other participants shrank from this, preferring the position that Western economic theory was still one of the treasures of human development, even if most of its practitioners criticized Marxist theory without knowing anything about it. For them the answer remained of learning how to apply Western theory most appropriately to Chinese circumstances.
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