Editor's note: This article is part of CGTN's series called "A New Vision for China's Economic Future," in which global economists and eminent academics share their personal views and insights on China's economic development. 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.

At the celebration of the 100th anniversary of the founding of the Communist Party of China, President Xi Jinping proposed "Chinese-style Modernization", a core goal of which is achieving common prosperity for all.

Achieving common prosperity requires balancing fairness and efficiency. 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 amounts of labor earning the same amount of income. China's basic economic system includes the ownership system with public ownership as the main pillar and other types of ownership as complements, as well as the distribution system with distribution according to the amount of work as the main pillar and multiple distribution methods coexisting. This system ensures fairness in the possession of the capital of production and the return of labor. As a great innovation in localizing Marxism in China, this system gives full play to the vitality of all market participants in society, and it is the guiding principle to ensure common prosperity.

Strengthening and optimizing state-owned enterprises is a fundamental guarantee for maintaining the dominant position of public ownership, ensuring people's livelihoods and promoting social equity. The social attribute of state-owned enterprises being owned by all the people determines their leading role in achieving national strategies, as well as their pivotal role in stabilizing the national economy. It also requires state-owned enterprises to play a fundamental role in eliminating urban-rural, regional, and wealth disparities, filling the gaps in market-oriented resource allocation, and building a bridge for common prosperity.

Protecting the property rights of firms and the rights and interests of entrepreneurs and private enterprises on an equal basis, improving 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 foundations to improve the efficiency of economic operation and move towards common prosperity. Moving towards common prosperity is a gradual process that involves some people and some regions becoming prosperous first. The private economy promotes entrepreneurship and employment of disadvantaged groups through various channels, expands their path to wealth, improves their wealth creation capability, and creates a sustainable chain of common prosperity. The active participation of social capital led by private economy in the construction of public utilities can quickly improve infrastructure and enhance people's well-being. Private enterprises' tax payments and charitable donations are important channels for giving back to society and promoting common prosperity, which can effectively resolve the problem of social wealth polarization.

Adhering to the principle of distribution according to the amount of work, improving the reward 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, implement Marxist theory of labor values, ensure that workers and innovators fully share the outputs of development, and stimulate the creation of social wealth. On this basis, it becomes increasingly important to establish a coordinated system of initial distribution, redistribution, and third distribution, which improves income adjustment through taxation, social security, and transfer payments, and guides and supports willing and capable enterprises, social organizations, and individuals to actively participate in public welfare undertakings.

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 resource allocation efficiency and building a healthy ecological system for social equity, justice and stability. With a commitment to build a unified national market, we are able to establish fair competition market rules, promote the exchange and sharing of information, build a standardized and transparent business environment, break through barriers such as industry monopolies, ownership discrimination, and market access restrictions, allow various market entities to compete in a healthy market economy, ensure fair returns for various production factors, and provide basic institutional guarantees for narrowing the income gap among residents.

The Confucian ideal of Great Harmony was a vision of the future of society, and its core meaning is also the common aspiration of all mankind. Common prosperity is an important aspect of Great Harmony. Chinese-style Modernization has drawn a grand blueprint for the Chinese people and all mankind to achieve common prosperity and point out the direction of advancement. Achieving common prosperity requires adherence to the Marxist people-centered idea of development, taking the people's interests and happiness as the major goal, and letting the achievements from reform and development benefit the greatest number of people in a more equitable way. Achieving common prosperity also requires a focus on economic construction to encourage all the people in the country to work together to promote development and lay a solid material foundation for ensuring social fairness and justice, and coordinate efficiency and fairness through reasonable institutional arrangements to fully reflect the superiority of the socialist system.

Chinese-style Modernization 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 traditional Chinese culture with the common values of mankind, allowing China's ideas and solutions to be used to achieve common prosperity for all and greater harmony in the world.