Social Sciences in China (Chinese Edition)

No. 6, 2021

Opening Up a New Realm of Chinese Discourse in Political Economy：Theoretical Innovation and Development of the Private Sector of the Economy in China

(Abstract)

Zhang Wanming and Liu Yingqiu

Since reform and opening up, the development of the practice of the private sector of the economy in China and its theoretical innovations have gone through four stages: seeing it as “a complement to the public ownership of the socialist economy”；taking it as China’s part of the “basic economic system”; insisting on the “Two Irresolutions” (There must be no irresolution about working to consolidate and develop the public sector; and there must be no irresolution about working to encourage, support, and guide the development of the non-public sector.); and reconfirming that the “private enterprises and private entrepreneurs are on our own side.” They are a response to the inherent requirements of the primary stage of socialism, to the correct choice for achieving common prosperity, and to the rationality of human behavior and the laws governing the claims of interest. The growth of the private sector is an important achievement and powerful force in the development of socialist market economy, and also an important part in building a modern economic system. Innovation in the development theory of the private sector of the economy has opened up a new realm for Marxist political economy.