On the Paradigm Commitment of Socialist Economics with Chinese Characteristics

Abstract

The economic development of New China with unique attributes has changed not only the old image of China but also the world. The two miracles of China's economic development remain to be the mysteries that cannot be solved with the micro-macro paradigm of the Western mainstream economic theories. This paper analyzes the historical and cultural traits formed in the past thousands of years and the extraordinary practice of exploring the socialist development path over the past more than 70 years in the Chinese economy, focusing on the phenomenon of economic development with Chinese characteristics in the context of the coronavirus disease 2019 (COVID-19) pandemic. Then, the realm attribute of socialism with Chinese character is analyzed, and the specific role of local governments in regional economic development is discussed.