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By Shi Shujie, Research Team on “A Review of the Experience on Reform and Opening-Up over the Past 40 Years”, DRC

Research Report, No.127, 2019 (Total 5627) 2019-8-2

Abstract: From the perspective of transaction relations, the Western property-right theory emphasizes that the protection of property rights can reduce transaction costs and promote market expansion, whereas it ignores the inequality of the possession of the means of production behind market exchanges. With regard to production relations, Marxist ownership theory reveals that the possession of the means of production determines the distribution of surplus value, but its criticism of private ownership is dialectical and it aims at the elimination of the capitalist private ownership in which the minority possesses the maximum part of the means of production. In the new era, some people need to remove the mindset of public-private antagonism in advancing ownership reform, develop the theory of socialist ownership with Chinese characteristics in the new era, deepen their understanding of the status and function of public and private economic sectors and sharpen their awareness of the ownership-based common prosperity. It is believed that the public sector of the economy shores up the ownership for common prosperity, and the private sector is also in line with common prosperity. The key issue is to establish a fair social security system on the basis of adhering to the basic economic system and ensure equal ownership of the means of production.

Key words: ownership, common prosperity, fair social security system, reform