(CSSN News, Reporters: Guo Xiaoya, Wu Yunliang; Interning Reporter: Sun Liangshun) During the process of China's social and economic transformation all kinds of economic problems have emerged, and the guiding role of Marxist economics is increasingly coming to the fore. On the 6th and 7th of August, the 14th symposium of the National Association of the History of Economic Theory of Marxism-Leninism was held in Kunming, and the symposium was attended by a number of scholars from several famous universities and research institutions, including the Chinese Academy of Social Sciences(CASS), Tsinghua University, Renmin University of China, Wuhan University, Beijing Normal University and the Central Compilation and Translation Bureau.

Opportunities and Challenges for China's economy

At present, China is undergoing multi-directional transformations in its system, economics and society. While the country is blessed with numerous opportunities, a variety of interrelated social issues have emerged. The difficulties and issues which have emerged during this period of transformation cannot be ignored and are worthy of further exploration and discussion.

Guo Tiemin, a professor at the School of Economics of Fujian Normal University, claimed during the symposium that China can presently count on four major opportunities:first of all, the fact that the western economies are under crisis provides a rare opportunity for China's economy; secondly, global transformation has led to a reversed transmission of the pressure for easing the monetary condition, which may bring systematic dividends for China; thirdly, the rising momentum of the emerging economies remains unchanged, offering a huge international market for China; and fourthly, the third industrial revolution has started, something which may bring technological dividends for China.

Guo also pointed out that China faces four major risks, which include the new risks, and even another potential financial crisis, which may be triggered in the post-crisis era, the rising awareness by western countries of the need to shift the effects of the crisis onto other places, the increasing security risks due to changes in international geopolitical economics, and some internal risks endogenous to China.

Professor Zhou Wen from Yunan University of Finance and Economics reminded those present that China has become the second largest economy in the world since its reform and opening-up. Over the last thirty years, China has been solving its development issues through a growth-oriented approach, and single mindedly pursuing GDP growth. When it was less well developed, the first challenge faced by China was to answer the demand for food and clothing, while special interest demands were relatively straightforward; however after the above problems were solved, special interest demands became increasingly complex and diversified, which meant that development issues became more crucial than the issue of growth.

The development of China's economy is guided by Marxist economics

The 18th CPC National Congress stressed the goal of completing the building of a moderately prosperous society in all aspects, and the grand tasks of speedinging up improvements to the socialist market economy and changing the growth model. In the current complicated environment both at home and abroad, the theoretical value of Marxist economics has become even more apparent.

Du Liming, an associate professor at Sichuan University, claimed that as long as human society still exists and the human being is not devoid of aspiration for pursuing all-round development, Marxist economic theory will not be out of date. During the process of economic transformation, China will have to face the issues of how to shift its model of development , narrow the gap between the rich and the poor, and achieve common prosperity. Marxist economics still has an instructive role to play in the present society, and provides the methodology and the guidance of behavioral choices which can guarantee China’s economic health.

Zhao Lei, a standing subeditor at Finance & Economics, sponsored by the Southwestern University of Finance and Economics, pointed out that Marxist political economics seems better equipped to explain reality than modern economics, something which has become increasingly obvious as times goes by. It is an inevitable objective law that China will change its economic model, and the emergence of the contradictions between man and man and between man and nature can be explained precisely by Marxist political economics. For example, the phenomenon of money shortage which appeared some time ago in China was caused mainly by monetary illiquidity. The masses’ ability and desire to consume were not proportionate to the large supplies of goods, which led to overproduction. After the real economy becoming unprofitable, large amounts of capital was invested in the fictitious economy, causing the so-called “bubble economy” to emerge. If the growth in ordinary people’s income does not catch up with the growth in consumption, this will result in polarization. Therefore, in order to solve the problems of the real economy, it is not enough to rely on reducing tax revenues, but the structure of income distribution also has to be adjusted so as to realize common prosperity. Only in this way can supplies be consumed, and the real economy stimulated.

Enriching the research method and developing theoretical research

As the society develops and the times change, Marxist political economics also needs to move with the times while sticking to the premise of the unchanged basic theory, and be continuously deepened and innovated while facing the new requirements of the times and of reality, so as to build up its theoretical confidence.

Cheng Enfu, a CASS Member, claimed that in a broad sense Chinese economics is still a school of Marxist economics, and represents one of the main global currents in the study of Marxist economics. Therefore, in order to make Chinese economics more influential abroad, China's research on Marxist economics should focus on external communication. At present, it mainly follows the principle of "treating Marxism as the main body, borrowing ideas from western achievements, and being based upon the Chinese situation and its long-term fruits so as to realize integrated innovation". It is also becoming increasingly international, mathematical, and oriented towards different schools and applications.

Du explained that it is necessary to pay attention to two issues above all in order to develop the research methods of Marxist economics. He explained that first of all, it is necessary to enrich and develop the research methods of Marxism, so as to grasp the significant economic issues in the course of sustainably and healthily developing the society as a whole; secondly, some particular economic issues can be separated from the overall field of economics through the comparative research method, after which they can be deeply and carefully studied at the micro level, so as to provide some references for overall research on Marxist economics. Besides that, foreign studies in Marxist economics focus on thoroughly revealing the inherent contradictions of capitalism, realizing the liberation of the proletariat and establishing an institutional guarantee of a free and holistic development, something which requires resolving various contradictions existing within the current capitalist society. From that perspective, foreign studies in Marxist economics can provide some beneficial enlightenment and reference for the development of Marxist economics in China.

　　                                                                                                          Translated by Chen Meina

　                                                                                                         　Revised by Gabriele Corsetti