Social Sciences in China (Chinese Edition)

No. 8, 2025

Revisiting the Theory of Capital under the Conditions of the Socialist Market Economy

(Abstract)

Zhang Yu

Regulating and guiding the healthy development of capital under socialism is a major theoretical and practical issue that must be studied and addressed by the political economy of socialism with Chinese characteristics in the new era. It is essential to adhere to the guidance of Marxist political economy, ground research on the substantial innovations and achievements of the socialist market economy, and thoroughly study General Secretary of the Communist Party of China Central Committee Xi Jinping’s important discourses on capital. We must provide scientifically grounded and timely responses to key questions, including how to correctly understand and apply Marx’s theory of capital within the framework of the socialist market economy, how to conceptualize the conditions for capital’s emergence, the general and specific characteristics of capital and its functions, as well as how to regulate and promote its healthy development. Theoretical research on capital under these conditions must be deepened continuously, and the innovative development of Marxist capital theory advanced. In doing so, we can provide essential theoretical guidance for upholding and improving the basic socialist economic system and promoting the high-quality development of China’s economy.