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This paper aims to assess the comparative position of the national innovation system of Chinese state entrepreneurship versus liberal market entrepreneurship. Based on the comparative institutional framework, it asks whether Chinese state entrepreneurship has a comparative disadvantage because of its incoherent institutions in liberal or coordinated economies. Hence, does the Chinese institutional system of innovation lag behind that of US or liberal countries of Organisation for Economic Co-operation and Development (OECD) economies in the transformation of national science into economic products measured as high-technology exports?

This study uses panel data analysis based on 29 OECD economies and the Chinese economy over 23 years. Regarding national science productivity (explorative capabilities), it includes published and patented science streams; regarding technological transformation (exploitative capabilities), it measures the percentage of high-technology exports in gross domestic product (GDP). The interactions between the types of entrepreneurship and national science institutions serve as predictors in the design.

The results show that Chinese state entrepreneurship has a comparative advantage over liberal economies in published science. However, Chinese state entrepreneurship has a comparative disadvantage compared to liberal entrepreneurship in patent science. Regarding the dyadic level of comparability between the national economies, there are mixed results in the transformation of national science.

This study supports the three following theoretical points: national institutions differ regardless of the pressure of convergence through globalization; national science contingencies influence different paths of the transformation of national science to technology; and mixed economies, such as state entrepreneurship, can achieve high performance without fully conforming to liberal markets.

This study emphasizes institutional mechanisms for future research to support the innovation of incoherent institutions and suggests the benefit of cross-pollination of senior managers between state and private organizations for a defined duration.

Theoretically, this research combines an interdisciplinary and interinstitutional level of analysis, and in so doing, it deals with the transformation of national science in scientific publications and patents in the vertical value chain. Empirically, this study links the national published and patented science with the national economic artifacts in high-technology sectors. This novel approach to assess the national and discipline-level interaction sets a context for the future research in other settings. It also informs policy decisions regarding the growth of science, innovation and development.

The socialist political economy with Chinese characteristics is the scientific fruit of Xi Jinping thought on socialist economy with Chinese characteristics for a new era. People-centred philosophy is the core values of the Communist Party of China (CPC) Central Committee's governance of China with Xi Jinping as the core and has become the core values of the socialist political economy with Chinese characteristics. According to Xi Jinping thought on socialist economy with Chinese characteristics, it represents the interests of all people and determines the disciplinary attribute of the socialist political economy with Chinese characteristics, that is, people-centred economics. Xi Jinping has defined the essence of the socialism as eliminating poverty, improving people's livelihood and gradually realising common prosperity. That determines the main line of socialist political economy with Chinese characteristics is to liberate, develop and protect the productive forces and achieve common prosperity. This study aims to discuss the aforementioned statements.

Xi Jinping's scientific judgement on the new stage of development and the principal contradiction facing Chinese society has put forward the requirement of problem orientation for the study of socialist political economy with Chinese characteristics, involving the main contradiction facing Chinese society, high-quality development and modernisation. China's socialist basic economic system consists of a socialist market economy in which public ownership plays the leading role alongside other forms of ownership and distribution according to work is the mainstay, while other forms of distribution coexist alongside it. And this socialist basic economic system, marked out from three dimensions—production, distribution and exchange analysis, is the key of analysis of systems in the socialist political economy with Chinese characteristics. The economic operation analysis in political economy mainly involves resource allocation and the government's macroeconomic regulation and control.

The new thought and new practices about the role of the market and the government in the new era have opened up a new realm for the economic operation analysis in the socialist political economy with Chinese characteristics. The new development philosophy and new development paradigm define the content of the economic development theory in the socialist political economy with Chinese characteristics. The new development paradigm reflects the dual circulation theory of social reproduction.

The socialist political economy with Chinese characteristics is to study laws of economics in various aspects from economic system, economic operation, economic development to foreign economy and provide the basic principles of socialist political economy with Chinese characteristics. Its mainstream economic position will be consolidated continuously.

The socialist political economy with Chinese characteristics is a systematic economic discipline, which theoretically summarises the socialist economic system and the path of economic development with Chinese characteristics. It is a systematic economic theory of adapting Marxism to the Chinese context. The theoretical system construction for the discipline of socialist political economy with Chinese characteristics is currently a major task.

From the perspective of disciplinary cognition, the theoretical system of the discipline of socialist political economy with Chinese characteristics includes the disciplinary attributes and connotations, theoretical basis, the origin of thoughts, major principles, logical starting point, main logic and problem-based study of major theoretical and practical issues.

Developing the discipline and building the theoretical system of the socialist political economy with Chinese characteristics, several major principles should be adhered to, including building the socialist political economy with Chinese characteristics on the basis of historical materialism; building the theoretical paradigm of socialist political economy with Chinese characteristics around the analysis of production relations; adhering to the people-centred principle; taking common prosperity as the main logic of the socialist political economy with Chinese characteristics; studying the major theoretical and practical issues of building the socialism with Chinese characteristics in the new era based on problems; and reflecting the innovative development of the discipline in the textbook, The Socialist Political Economy with Chinese Characteristics.

Disciplinary cognition involves the connotations, attributes, mission and development path of the discipline, which is related to how to construct the discipline system and is a significant part of the disciplinary construction.

The aim of this paper is reviewing the discipline development course of the history of socialist political economy with Chinese characteristics and recognising the changes of its development and its historic mission in the new stage will be beneficial to the construction of socialist political economy with Chinese characteristics from the perspective of doctrinal history.

In this paper from the aspect of discipline formation and development, the history of China’s socialist political economy has experienced two stages: emergence and formation (the first stage) and steady development (the second stage). It has explored new research fields and improved the quality of research levels. However, the role of studying the history of socialist political economy with Chinese characteristics has not been fully played regarding satisfying the needs of constructing socialist political economy with Chinese characteristics.

In this study when the construction of socialist political economy with Chinese characteristics entered a new era, the study of the history of socialist political economy also entered a new stage, showing new features in terms of research objectives, principles, scale and methods.

Therefore, the research on the history of socialist political economy with Chinese characteristics should be highly emphasised, and the focus on serving the construction of socialist political economy with Chinese characteristics should be its historic mission and core task. Also, researchers should pay attention to changing ideas, laying a good foundation, highlighting key points, building platforms and broadening horizons.

The socialist construction with Chinese characteristics must be based on history and reality. According to the requirements of liberation and development of productivity, efforts must be made to reform and improve the production relations, as well as continually consolidate the socialist system with Chinese characteristics. The purpose of this paper is to prove the necessity and superiority of a socialist system through China’s modernization achievements.

Marxist political economics is a critical legacy from classical economics. Its core question is also social production and distribution, which is epitomized in the labor theory of value and the theory of surplus value.

Regarding the significant principles that must be followed, these speeches summarized the logical system and prominent features of the socialist political system in the new normal from several significant and interrelated aspects such as basic methods, core propositions, main tasks and fundamental goals.

The socialist system with Chinese characteristics will gradually appear through further research and prove its superiority. How can a socialist system with Chinese characteristics innovate and develop? Does the system have a future? Is there any historical necessity for the socialist system to replace the capitalist system in human history? These are the questions that need urgent answers and in-depth exploration.

It is scholars' great mission in this era to creatively develop new implications, paradigms and discourses of China's political economy and establish a theoretical system of political economy with Chinese characteristics based on the fundamental principles of Marxist theory and the practice and historical process of Chinese economic reform, through theorizing and systemizing the practices of China's socialist market economy construction. The purpose of this paper is to give some suggestions to establish a socialist theoretical system with Chinese characteristics.

This paper makes a comprehensive analysis of the principles, objectives, study objects, methodologies as well as the framework of the theoretical system of the political economy with Chinese characteristics.

Additionally, starting from the unity of opposites between public ownership of resources and resource allocation in a market mechanism, which is the fundamental dialectical relation of China's socialist market economy, the authors will adopt the dual dialectical analysis approach to discover and understand the duality features of the socialist economic system with Chinese characteristics.

With adherence to the mission of China's socialist economic system, the goal of China's market economic reform, and the perspectives of Marxist political economy, the authors must explicitly define the so-called Chinese characteristics and then summarize the dynamics and innovations during the evolution of Chinese socialist political economy with high theory confidence and theory self-consciousness.

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.

The theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.

The economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.

Accordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue.

However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial.

Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization.

According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

The purpose of this paper is to promote the theoretical innovation of socialist economics with Chinese characteristics in these areas.

We must “excavate new materials, discover new problems, propose new ideas, and construct new theories from the practice of China’s reform and development.”

Giving full play to the government’s role in realizing optimal allocation of resources required for the public economy to better exert its control, influence and guidance, and at least assume the following three responsibilities. The first is to iron out the economic cycle. The second is to lead the industry to upgrade. The third is to ensure national economic security.

Some deep-rooted issues still need to be further studied in order to establish the scientific and practical nature of the socialist economics with Chinese characteristics. For instance, why is the theory of a socialist economy with Chinese characteristics summarized from the development practice in China a scientific theory?

At present, the Chinese economy has entered the “new normal” phase with the transformation of development stages from the low-income to the middle-income ones. Accordingly, there appear a series of innovations in development theories. Innovations involve creative destructions. Therefore, innovative development theories at the present stage either deny the prevailing principles of development economics, or deny the theories that once effectively guided development at the low-income stage, or even sublate some of the development polices which were propelled and proved effective at the beginning of the reform and opening-up. The fundamental reason is that, as the development stages evolve, there occur new development tasks, new periodical characteristics and new laws of development. The paper aims to discuss these issues.

Any development theory from abroad will find it difficult to correctly guide and clarify development problems in a socialist country, such as the huge population and the extreme imbalance between the urban and the rural and among regional developments.

In conclusion, China, as a large world economy, has made innovations in its economic development theory, which indicates that it intends to perfect itself rather than seek hegemony. As the world’s second largest economy, China should adapt to the transformation and further free people’s minds instead of adhering to the old patterns of thinking. It should think over the path of development for a great world economy from the historical starting point of a large world economy and find development strategies to transform itself from a large economy to a great economy, so as to realize the dream of the Chinese nation to build a powerful country.

Only political economy studies both the relations of production and the productive forces, and only a theory combining both can correctly guide China’s economic development, which especially needs to be promoted by taking advantage of socialist economic system. Therefore, the first and foremost principle for a socialist political economy with Chinese characteristics is to insist on liberating and developing productive forces.