Bai Yongxiu and Zhao Xinghua, in their paper published in “Southeast Academic Research” 2nd Issue 2024, states that clarifying the evolution and the pattern of changes in the connotation of the concept of “Chinese Economics” is a prerequisite for constructing a “Chinese Economics” with an independent knowledge system.
“Chinese Economics” has evolved along three paths: Marxist political economy, modern Western economics, and a Chinese characteristic economic theory guided by Marxist political economy that also absorbs the rational components of modern Western economics and traditional Chinese economic thought. Ultimately, the development of "Chinese Economics" has followed three distinct trajectories:
1. An evolution rooted in Marxist political economy, which has been contextualized and modernized within the Chinese framework;
2. An adaptation of modern Western economic theories to the Chinese context;
3. A synthesis that takes Marxist economics as its guiding principle, selectively incorporates rational elements from modern Western economics, and draws upon the rational aspects of traditional Chinese economic thought, while revealing the laws of China's economic development.