Fundamental Principles of Xi Jinping Economic Thought
Xi Jinping Economic Thought on Socialism with Chinese Characteristics for a New Era(referred to as Xi Jinping Economic Thought)established the principle of relationship between supply-side and demand-side.The essence of"demand-side management"is to establish a people-centered development concept,comprehend people's aspirations for a better life and their growing needs for a better life,accelerate the formation of a sound domestic demand system,and focus on expanding consumption demand supported by income and investment demand with reasonable returns.The essence of"supply-side structural reform"is to implement the people-centered development concept,establish a new development concept,promote high-quality development,accelerate the construction of a modern economic system,build a new development pattern,develop new quality productive forces,and continuously improve the supply-demand dynamics.As the pivotal force connecting and regulating both supply and demand sides,the market and government serve as the"driving engine"for achieving a dynamic equilibrium where demand propels supply while supply creates demand.In this theoretical system,General Secretary Xi Jinping has integrated the principle of the inherent unity between the"supply-side"and"demand-side"into his economic thought,systematically answering fundamental questions such as why China needs high-quality development in the new era,what kind of high-quality development should be pursued,and how to achieve it.As a result,he creatively elucidated the laws governing China's economy in the new era with regards to high-quality development and its dynamics.This provides a scientific approach for resolving key social contradictions in this era and constitutes an original contribution to Marxist political economy.
Xi Jinping Economic Thoughtdemand-sidesupply-sidefundamental principlesthe law of high-quality development
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