Editor's Note:  He Ping is a professor and deputy dean of School of Economics and Management, Tsinghua University. The article reflects the author's opinions and not necessarily the views of CGTN.

Fairness and efficiency are the core issues of economic development and the focus of major social reforms. Realizing the unity of fairness and efficiency is an important goal in building a socialist market economy in China. Marxism defines fairness from the perspective of equal possession of the capital of production and equal amount of labor obtaining the same amount of income. The Xi Jinping economic ideology system has clearly defined China's basic economic system. That includes the ownership system with public ownership as the main pillar and other types of ownership as complements. It also includes the distribution system with distribution according to the amount of work as the main pillar and multiple distribution methods coexisting. That ensures the fairness in the possession of the capital of production and the return of labor. It gives full play to the vitality of all market participants in the society, and is a great innovation in localizing Marxism in China. It is the guiding principle to lead all the people to common prosperity.

In the Xi Jinping economic ideology system, steadfastly strengthening and optimizing state-owned enterprises is a fundamental guarantee for maintaining the dominant position of public ownership, ensuring people's livelihood and promoting social equity. To protect the property rights of private enterprises and the rights and interests of entrepreneurs on an equal basis, optimize the environment for the development of the private economy. Building an intimate and transparent government-business relationship, and inspiring the private sector to fully release its vitality in innovation are important contents to improve the efficiency of economic operation and promote the healthy development of the economy. Adhering to the principle of distribution according to the amount of work, improving the factor rewarding system, increasing the proportion of labor remuneration in the initial distribution, and fully embodying the value of knowledge, technology and other innovative elements are the key measures to ease the conflict between capital and labor. They are also keys to implement Marxism theory of labor values, ensuring that workers and innovators fully share the outputs of development, and stimulate the creation of social wealth. Giving full play to the decisive role of the market in resource allocation and optimizing the regulation, supervision and service functions of the government are the basis for promoting the efficiency of resource allocation efficiency and building a ecological basis for social equity, justice and stability.

"Great Harmony World" was a beautiful vision of the future society in ancient China, and its core meaning is also the common aspiration of all mankind. Common prosperity is an important content and basis of the Great Harmony World. The Xi Jinping economic ideology system has drawn a grand blueprint for the Chinese people and all mankind to achieve common prosperity and point out the direction of advancing. The Xi Jinping economic ideology system economics adheres to the Marxism people-centered idea of development , comply with the people's yearning for a better life and always take the people's interests and happiness as the major goal. They also safeguard and improve the people's livelihood in the process of development, and let the achievements from reform and development benefit the broadest masses of the people in a more equitable way. The ideology system closely focuses on economic construction, encourages the people of the whole country to work together to promote development and lays a solid material foundation for ensuring social fairness and justice. It also fully reflects the superiority of the socialist system by coordinating efficiency and fairness through reasonable institutional arrangements.

The Xi Jinping economic ideology system is a great theoretical innovation that applies the basic principles of Marxism to the construction of a socialist market economy with Chinese characteristics. It is a great practical initiative to integrate the splendid traditional Chinese culture with the common values of mankind. It provides a powerful ideological weapon for China's economic operation in the new era, and also provides China's ideas and solutions for all mankind to move towards common prosperity and great harmony in the world.