9th March 2023 – (Beijing) The Communist Party of China (CPC) Central Committee, led by Comrade Xi Jinping, has pursued a strategy of national rejuvenation in the face of unprecedented global changes. Through accurate assessments of China’s economic development stage and position, the CPC has introduced new ideas, ways of thinking, and governance strategies. This has led to the formation and development of Xi Jinping’s economic thought, which represents the latest theoretical achievements of adapting Marxist political economy to the Chinese context and the needs of the times. New China Research, the think tank of Xinhua News Agency, has released a report titled “Toward Modernity: The Value of Xi Jinping’s Economic Thought.” The full excerpt of the article can be read HERE.

Xi Jinping’s economic thought encapsulates the CPC’s ideas and thoughts developed from their exploration of the path of socialist economic development. It provides a solid guide for China’s high-quality economic development and the building of a modern socialist country in all respects. As the saying goes, “Truth is developed and tested in practice.” China’s historic economic rise in the past decade is a testament to the success of Xi Jinping’s economic thought.

China’s GDP has grown from 54 trillion yuan to 121 trillion yuan, ranking second in the world. The country has resolved the issue of absolute poverty and completed the building of a moderately prosperous society on schedule. These achievements have placed China at a higher historical starting point of development.

In the face of multiple tests such as the COVID-19 pandemic and domestic economic downturns, China has withstood the challenges and effectively protected the lives and health of its people. The 14th Five-Year Plan (2021-2025) is off to a good start, and the Chinese economy is marching forward on the path of high-quality development. Despite unexpected factors such as the resurgence of COVID-19 and the Ukraine crisis in 2022, the Chinese economy stood up to the pressure with 3 percent year-on-year GDP growth, ensuring overall economic and social stability.

The success of the Chinese economy in the new era serves as a profound indication of the firm leadership of the CPC Central Committee with Comrade Xi Jinping at its core and the sound guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. These are the maximum certainty for dealing with uncertainties and a profound indication of the strength of Xi Jinping’s economic thought in practice.

Entering a new development stage, China enjoys multiple advantages and favorable conditions for further development. However, the foundations of economic recovery are not yet sound, and pressures of shrinking demand, supply impact, and weakening expectations remain high. The external environment is volatile and unstable, which has deep impacts on the Chinese economy. In the face of these challenges, the steadfastness of following the guidance of Xi Jinping’s economic thought is crucial for forging ahead and overcoming difficulties.

The distinctive features of Xi Jinping’s economic thought from a philosophical dimension include pursuing innovation on the basis of past success and opening up new frontiers for Marxist political economy. Five key points are social well-being, solid underpinning, strong effectiveness, sound coordination, and shared future.

From a strategic dimension, Xi Jinping’s economic thought guides the Chinese economy to pursue high-quality development and strengthens the material foundation for the building of a great modern socialist country in all respects.

From a tactical dimension, Xi Jinping’s economic thought demonstrates his wisdom in economic governance by managing the relationships between stability and progress, between crisis and opportunity, between supply and demand, between domestic and external situations, between establishing the new and abolishing the old, and between immediate and future concerns.

Finally, the report explores the significance of Xi Jinping’s economic thought for the world from a global dimension, answering questions about global development. It also recounts his stories of economic governance when he worked in different localities, providing insights into the origins of Xi Jinping’s economic thought in practice.

We must make an in-depth study of the new conditions and problems of the
world and Chinese economy on the basis of China’s national conditions and
development practices, reveal new features and laws, refine and summarise the
regular achievements of China’s economic development practices, crystallise the
country’s practical experience into a systematic economic theory, and constantly open
new horizons of Marxist political economy in contemporary China to contribute
Chinese wisdom to the innovative development of Marxist political economy
— Xi Jinping

Xi Jinping’s economic thought is rooted in China’s economic development, embodying firm ideals, clear people-centered positions, a grand global vision, and a profound practical foundation. It is committed to developing China’s economy with the arrow of Marxist political economics, marking a new height of socialist political economics with Chinese characteristics. The great achievements of China’s economy in the new era are a testament to the wisdom of governing a major country with Xi Jinping’s economic thought.

All countries in the world face the common subject of development, and China has always considered its own development in the context of the common development of humanity. Xi Jinping’s economic thought provides a direction for economic globalization and offers answers to the questions posed by the times and the world. It serves as an excellent window for the world to observe China’s economy, understand China’s model, and learn from China’s experience.

The light of truth transcends time and space, and the great power of thought goes beyond all boundaries. Xi Jinping’s economic thought is like an evergreen tree, prosperous and enduring. Presently, the CPC is leading the Chinese people on a new journey towards modernization, filled with glories and dreams. Like a mighty ship sailing through wind and waves, China will undoubtedly press ahead and realize national rejuvenation.