The Dominant Position of the Public Economy is the Heart of Chinese Socialism

The Dominant Position of the Public Economy is the Heart of Chinese Socialism The Speech on Winning the World Economics Award*

DING BING

We present to your attention the award acceptance the economies of all countries in the world with

speech of Prof. Ding Bing, professor at Capital the support of modern Marxist economy theory,

University of Economics and Business and General revealing their development laws and operating

Counsel of China Society of Foreign Economics, mechanisms, and exploring the promotion of eco-

at the Plenary Session I (Opening & Awarding nomic civilization, social progress, and the con-

Ceremony) of the Fifteenth Forum of World struction of a community with a shared future for

Association of Political Economy (WAPE), held mankind. It’s a great honor.

at the Shanghai International Studies University, I was born in April 1930 and began to engage

China, December 18-19, 2021. in education in 1954. In 1956, I entered Sichuan

University, a central university specializing in eco-

I am a professor at Capital University of Econom- nomics. In 1959, when I was a student, as one of

ics and Business and also the General Counsel of the editors-in-chief, I co-authored the “Lecture

the China Society of Foreign Economics. Many Notes on the History of Foreign National Econ-

important domestic magazines have praised me as omies”, the first “economic history of the world”

a prominent “Contemporary Marxist Economist”. work of modern China guided by Marxism. In the

At today’s conference, let me first thank the same year, this book was published by the high-

“World Association for Political Economy” for er education press and was selected as teaching

awarding me with the “World Marxist Economics material by some colleges and universities. After

Prize” in 2020. I am deeply aware that this is not graduating from Sichuan University in July 1961, I

only a personal encouragement, but also a strong was assigned to teach at Beijing Capital University

incentive for me to actively devote myself to this of Economics and Business. Since then, I have suc-

glorious cause pursued by the World Association cessively published a series of treatises, including

for Political Economy, observing and studying 15 individual independent monographs, co-au-

*The text has been sent to BRIQ by the WAPE Secretariat and translated from Chinese to English by Onurcan Balcı.

How to cite: Ding, B. (2022). The dominant position of the public economy is the heart of Chinese socialism. Belt & Road Initiative Quarterly, 3(2), 78-81.

Ding Bing, Professor of the Capital University of Economics and Business won the Marxian Economics Award in 2021. (Website of the Capital University of Economics and Business, 2021Website of the Capital University of Economics and Business (2021). The source article does not provide a separate full bibliographic entry for this citation.)

thorship, being chief editor and deputy chief ed- who is recognized as the leader of economics in

itor, a total of 104 works, as well as 260 important China, and believed that it broke new grounds in

academic papers and translations. Among them, China’s foreign economic research. Therefore, it

about 4 million words were written by me. has aroused strong repercussions, praise and sen-

Among my independent monographs, there are sational effect in social science and education. In

two books: “A Brief History of Marxist Political 1996 and 1998, it successively won the first prize

Economy” (1983) and “Contemporary Western of excellent achievements in Social Sciences at the

Economic Schools” (1993), which have won the municipal level in Beijing and the economics prize

second prize of academic excellence at the provin- of excellent achievements in Humanities and So-

cial and municipal levels in Sichuan and Beijing. cial Sciences research in colleges and universities

“Principles of Contemporary Western Economics” of the ministry of education.

(1988) won the Beijing Municipal Excellent Text- My main academic thoughts and distinctive

book Award in 2006 and the first prize of excellent opinions can be summarized into the following six

textbook award of Capital University of Economics aspects:

and Trade in 2000. It has been revised and released The first is on Western economics:

in the 7th Edition (September 2019). The cumula- Guided by Marxism, I have evaluated the theo-

tive number of prints is about three hundred thou- retical system of Western economics comprehen-

sand, one of the works with the longest distribution sively and systematically, adhering to the viewpoint

duration and the largest number of similar works of “One Divides into Two” to carry out the analy-

in China. The book “Modern Western Economic sis scientifically. I have evaluated the “Economic

Theory” edited and published by me in 1995, was Man” hypothesis, which makes the core of western

also highly praised by Professor Chen Daisun, economics, and pointed out that although it has

its relative rationality, it is actually a crude theory took the lead in defining the new economy as an

defending the eternal capitalist system. Moreover, economy based on information technology, driv-

I have analyzed and criticized the wrong approach en by intellectual factors and network being the

of mentioning Marxist economics and Western basic production tool. Its essence digitalized and

economics in the same breath, which marginalizes intellectualized the economies. If we deeply ana-

Marxist economics. lyze this development pattern, the conclusion

would be: “The emergence and development of the New Economy further prove Marx’s assertion “Belt and Road” will also create an that mankind will eventually replace capitalism by important economic foundation and communism”. diplomatic line, taking us one step closer

to the realization of worldwide unity, a The fourth is from our studies on the 2008 in-

Community of Common Destiny for All ternational financial crisis:

Mankind. We have clearly pointed out that the world

overproduction crisis is the inevitable result of the

Secondly, adhering to the “Four Cardinal long-term implementation of financial liberaliza-

Principles” and the general principles and pol- tion policy by western developed countries after

icies of reform and opening up: the 1970s and 1980s and the rampant develop-

I do oppose neoliberalism, democratic social- ment of financial innovation and financial deriv-

ism, and other ideological trends that interfere atives. In the investigative process, we have found

with it. that this overproduction crisis is different from

the previous one. That is, it did not only stay as At the same time, it should be emphasized that a domestic crisis but also shifted transnationally. “adhering to the dominant position of public own- That is a remarkable feature of the overproduction ership is the lifeline of adhering to socialism with crisis. Chinese characteristics”. The fifth is based on research on the develop- Regarding property rights, I exposed and critiment strategy, the “Go Out policy”: cized some people who try to carry out privatiza- After the international financial crisis in 2008, tion policy in China in the name of “reform”, relythe US government put forward conservative ideing on some wrong views such as Western Coase as such as “Pivot to Asia” and “United States first”.

Theorem and the so-called “Inefficiency of State- Under the US government’s attempts on restrain-

owned Enterprises”. ing China’s peaceful rise, I promptly published

The third is on “New Economy”: “Break through the tight encirclement and create a

In the 1990s, with the rapid development of vast new world” and a series of papers, firmly sup-

new global high-technology, the academic circles porting and praising Chairman Xi Jinping’s for-

put forward the concept of “New Economy”. eign strategic foresight. “Belt and Road” is a new

I published the article “A Brief Discussion on form of economic globalization based on equality,

the Impact of The New Economy on Western sharing, mutual benefit, cooperation, and co-con-

Economic Theory and Economic System”, which struction. First of all, it is strictly differentiated

Prof. Ding Bing with Adnan Akfırat, Chairman of the Board of BRIQ in the 15th WAPE Forum.

from traditional economic globalization based on ulation. In addition, we are now in a favorable

negative factors such as exploitation, discrimina- situation within the fifth long wave rising period

tion, and hegemony, which are often led by the of the world economic cycle. Therefore, as long as

US-centered economic globalization. Therefore, we unite as one and work hard, if nothing goes

many countries, especially the developing coun- wrong, by the middle of this century, the realiza-

tries, have welcomed it and have formed unstop- tion of the Chinese Dream, the great rejuvenation

pable cooperation to change the destructive, old of the Chinese nation will be a long-term success.

way of economic globalization. “Belt and Road” To truly achieve this goal, four main issues need

will also create an important economic founda- special attention at present:

tion and diplomatic line, taking us one step closer First, we must bear in mind that we must ad-

to the realization of worldwide unity, a Commu- here to the dominant position of the public econ-

nity of Common Destiny for All Mankind. omy. Second, we must pay attention to the hidden

Sixthly, we should be confident about the fu- danger of government debts. Third, we should

ture: carefully prepare ourselves to use artificial intel-

Considering China’s institutional advantages, ligence (AI) technology wisely. It is suggested to

the advantages of late technological development, shorten the working hours to 4 working days a

independence and hard work, it is predicted week on the premise of adhering to the dominant

that China’s GDP will surpass the United States position of the public economy. Fourth, we should

by 2028. This also refutes the traditional view of be highly vigilant against falling into the “Thucy-

some scholars that the growth rate of a country’s dides Trap”.

economy will slow down due to its size and pop- Thank you!