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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.

General Secretary Xi Jinping pointed out that to uphold and develop socialist political economics with Chinese characteristics, the authors should be guided by Marxist political economics.

It is an essential methodological principle for building a theoretical system of socialist political economics with Chinese characteristics as a “systematic economic theory”.

To implement this principle, the authors need to understand the rich connotation of Marxist political economics and its relationship with socialist political economics with Chinese characteristics fully and correctly and unswervingly uphold and inherit, creatively transform and innovatively develop the theoretical achievements of Marxist economics, especially capital.

It is also an essential and necessary way to build a theoretical system of socialist political economics with Chinese characteristics.

Expanding the research on traditional history of economic ideology into the research on the history of economics composed of three elements – history of ideology, history of policies and events – is a new idea for researching the history of socialist political economy with Chinese characteristics. The start of the history of socialist political economy with Chinese characteristics is consistent with that of the Sinicization of Marxist political economy and can be dated from at least 1917.

The key point of the research on the history of ideologies of the socialist political economy with Chinese characteristics is to treat the relationship between theory and people properly, i.e. we should not neglect the effect brought out by the economists on theory construction while we attach importance to the theoretical contribution of the leaders and leading group of the Communist Party of China (CPC).

For the research on the history of economic policies of socialist political economy with Chinese characteristics, on the one hand, we should clarify the relationship among ideologies, strategies and policies; on the other hand, we should not evade the summarization of lessons from history.

Besides presenting the development route of socialist political economy with Chinese characteristics under competition, the research on the events in the history of socialist political economy with Chinese characteristics should also help develop the socialist political economy with Chinese characteristics.

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.

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 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 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.

As there are different interpretations of the object of study in the preface to the first edition of Capital (Volume I) by Karl Marx, disagreements arise over the object of study on political economy, which becomes a “difficult problem.” The purpose of the paper is to bring a new solution to the “difficult problem.”

Based on the analysis of the logic of the original text, the authors attempted to give a new interpretation of the “difficult problem” by analyzing the structure of Capital. The object of study of political economy is “the relations of production in the broad sense” of the capitalist mode of production.

It comprises relations of production in the narrow sense and exchange relations in the broad sense, and the latter can be divided into exchange relations in the narrow sense and distribution relations. The three of them correspond to Volume I, II and III of Capital, respectively. Consumption in “the four-section theory” is not studied by the political economy.

And the four-section theory is not a part of the theory of Marxist economics but a part of the classical economics criticized by Marx. Therefore, the object of study of socialist political economy with Chinese characteristics is “the relations of production in the broad sense” regarding the socialist mode of production with Chinese characteristics, which is different from the capitalist relations of production in the broad sense.

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.

Francois Quesnay, known as the “Confucius of Europe”, was profoundly influenced by traditional Chinese culture to form his thoughts, which contained strong Chinese characteristics. This paper aims to examine economic thought of Francois Quesnay from the perspective of the construction of socialist political economics with Chinese characteristics.

Moreover, his thoughts also profoundly influenced subsequent economists, such as Adam Smith and Karl Marx. It can be said that Francois Quesnay was at the intersection of Chinese, Western and Marxist thought systems, so it is quite important to examine his thoughts critically and conduct source-tracing in China.

Hence, in the process of constructing and developing socialist political economy with Chinese characteristics, there is an urgent need to focus on exploring the value of excellent traditional Chinese culture at the theoretical level and combining the development and dissemination of the history of thoughts and the historical position of Chinese reality to realize the innovation and development of socialist political economy with Chinese characteristics.

Meanwhile, while absorbing nutrition from excellent traditional Chinese culture, it is necessary to establish scientific coordinates rather than use the discourse systems and paradigms of Western economics to interpret ancient Chinese economic thoughts. It is necessary to adhere to, inherit and develop Marxist political economy and absorb nutrition from Chinese excellent traditional culture to construct socialist political economy with Chinese characteristics.