Author: Wei-xiao Jia
E-mail: murphyjiaweixiao@163.com
Institution: Fudan University, China
ORCID: https://orcid.org/0000-0003-1975-5932
Year of publication: 2020
Source: Show
Pages: 9-29
DOI Address: https://doi.org/10.15804/ppsy2020302
PDF: ppsy/49-3/ppsy2020302.pdf

At the national symposium on the reform of state-owned enterprises, General Secretary Xi Jinping gave important instructions that state-owned enterprises are important forces in strengthening the country’s overall strength and safeguarding the common interests of the people. Therefore, the country must make state-owned enterprises „stronger, better, and bigger”. Huge objections arose in the academic field. This article thoroughly analyzes China’s state-owned economy from the perspective of Marx’s historical materialism, national productivity, and social development, and clarifies the historical status and role of China’s state-owned economy. At the same time, this article comprehensively analyzes the economic significance of making state-owned enterprises „stronger, better, and bigger” from the perspective of total factor productivity, and proposes that since the state-owned economy is backed up by the state, investing in technology research and development has its advantages. However, because the state-owned economy is biased toward administrative instructions, it often lacks efficiency, so if the state-owned economy wants to become „stronger, better, and bigger”, it must undergo reforms in terms of management efficiency.

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