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Chinese President Xi Jinping says Marxist political economy is the bedrock for nation’s growth
- The ‘dominant position of public ownership cannot be shaken’, general secretary of Chinese Communist Party says
- In an ever-changing global environment, steering the economy into the future will be a major test for the party, Xi says
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China’s Marxist political economy will continue to adapt to the ever-changing domestic and international environment, but must remain the bedrock on which the nation builds its future, Chinese President Xi Jinping said.
“The foundation of China’s political economy can only be a Marxist political economy, and not be based on other economic theories,” he said in an article published on Saturday in the political theory periodical Qiushi.
Xi, who is also general secretary of the Communist Party of China and chairman of the Central Military Commission, said the country’s economic model was a pillar of a socialist system with Chinese characteristics that not only guided economic development but also consolidated the party’s ruling position.
After 30 years of reform and opening up, and a changing global order, steering the economy into the future would be a major test for the party, he said.
Xi dismissed suggestions that China’s Marxist political economy was outdated, saying it allowed markets to play a decisive role in the allocation of resources but also enhanced the role of the government.
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