The Characteristics of Socialist Market Economy with Chinese Characteristics in the New Era

Under the strong leadership of the Communist Party of China, socialist economic construction of our country has always been guided by the Sinicization of Marxism that achieves a dialectical unity between "co-creation of value" and "sharing of value". Entering the new era, with the goals of implementing the new development philosophy, building a dual circulation system, and promoting high-quality development, "co-creation of value" are committed to enhancing value creation and innovation capabilities, pursuing comprehensive development that encompasses new quality productive forces and new production relations. At the same time, "sharing of value" aims to optimize the circulation of economic value, achieving effective enhancement of quality and appropriate level of growth. The dialectical unity of these two aspects promotes the high-quality development of the socialist market economy in the new era. From the socialist transformation in the early days of the People's Republic of China, to the great turning point of reform and opening up, and then to the new stage of high-quality development in the new era, China has established a theoretical system of the socialist market economy with Chinese characteristics, which organically integrates the basic principles of Marxism with the achievements of China's economic practices. Guided by this theoretical system, the institutional mechanisms of the socialist market economy in the new era have undergone significant optimization, which provides an important institutional guarantee for cultivating new quality productive forces and new production relations in the aspect of "co-creation of value" and achieving the efficient flow of value in the aspect of "sharing of value". To achieve greater advancement and sustainable development of new quality productive forces, this paper will review the three major stages of China's economic development from the early days of the People's Republic of China to the present, deeply analyze the connotation of the socialist market economy in the new era, and explore the directions of institutional mechanism innovation in China's market economy.