Xi Jinping on market economy under socialism

« Karl Marx and Frederick Engels did not envisage the possibility of a market economy under socialism. Thus they could not anticipate how socialist countries should treat capital. Though Vladimir Lenin and Joseph Stalin led socialist development in the Soviet Union under a highly centralized planned economy they did not encounter significant problems caused by capital.

Creating the socialist market economy has been one of our Party’s greatest achievements… Although capital in a socialist economy is inherently different in many respects from that in a capitalist economy, they both have a tendency to pursue profit…

We need to explore how to boost the positive contribution of capital in the socialist market economy while keeping its negative effects under control… We must not allow financial magnates to act unscrupulously. Meanwhile, we should ensure that capital functions properly as a production factor. »

Xi Jinping’s Governance of China vol. 4

From a speech named « Key Issues in the New Development Stage » from December 8, 2021