Xinhua Insight: "Xi political economics" takes shape

President Xi Jinping's insights on China's political and economic development, dubbed "Xi political economics," have reverberated through the Great Hall of the People throughout the yearly key political events.

Following Marxist political economics, Xi political economics has developed to reflect China's specific conditions and development practice, Hu Angang, a professor at Tsinghua University, wrote in an opinion piece published by the People's Forum magazine.

The Xi political economics has been evident in a number of speeches given by the president, who is also general secretary of the Communist Party of China Central Committee, during the two sessions, the annual sessions of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) National Committee.

Continuing Marxism's emphasis on the people, Xi said the people are always at the center of his strategies.

"We need to motivate frontline workers, industrial workers and migrant workers, as required by socialism," Xi told national legislators from Shanghai. "The working class are the masters."

China aims to complete the building of a moderately prosperous society in all respects by 2020, and pursues common prosperity for its citizens. Poverty reduction, an inherent task in the process, has been flagged by Xi as one top priority for the years to come.

Underscoring Xi's unwavering attention to poverty reduction, he raised the topic on occasions when engaging with NPC deputies who represent China's ethnic minorities.

It is imperative that China eradicate the poverty weighing down ethnic minorities, peasants and herdsmen, he said.

For that to happen, a healthy, sustainable development of economy is a basic requirement.

In Xi political economics, socialism is the institutional guarantee for all Chinese people to gain from economic development, and policies that benefit both the private and state-owned enterprises should be promoted.

The public and private sectors, both significant components of China's socialist economic system, should complement each other, Xi said in a discussion last week with CPPCC National Committee members from the China Democratic National Construction Association and the All-China Federation of Industry and Commerce.

He continued that the protection of the rights and interests of all kinds of ownership will stimulate vitality and creativity.

Going forward, China's economic growth philosophy will be driven by innovation, coordination, green development, openness and sharing, Xi emphasized on three occasions with NPC deputies from the financial and services hub of Shanghai, the resources-rich industrial base of Heilongjiang and the less-developed ecological habitat of Qinghai.

The government's role, as in Xi's philosophy, is "smart," while the market is "decisive."

As China's economy enters the "new normal," featuring slower growth but higher quality, it is important to use both the invisible and visible hands to synergize market forces and government functions, for efficiency and fairness, Xi advocated.

A balanced understanding of the "new normal," which according to Xi will pose both a challenge and an opportunity to China's economy, will lay the foundation for future economic development, he said.

To grow the economy, which has already been the world's second largest, requires not only informed confidence, but also targeted measures that respond to the economic reality.

Supply-side structural reform, which will help reduce ineffective and low-end supply of goods and services, was on Xi's mind. After an NPC deputy from Hunan Province raised the subject, Xi acknowledged it would be a "tough battle" but the one he vows to win.

China's economic miracle started decades ago with two major policies, the reform and opening up. While he continues to push forward reform, Xi understands the power that the opening up policy wields.

"The words of the general secretary are assuring and energizing," said Chen Liezhi, chair of the board of AUX Group and a national legislator.

"I meet entrepreneurs frequently and many have doubts as the economy faces downward pressure, but Xi's words clear the air," said Wang Naijing, a national political advisor. Endi