Chinese President Xi Jinping has called for new advances in Marxist economic philosophy by turning practices and experiences in China's economic development into economic theories.

Xi made the remarks on Monday while presiding over a group study session of the Political Bureau of the Central Committee of the Communist Party of China (CPC), China's top leadership, on the basic theory and methodology of Karl Marx's political economy.

In face of the extremely complex economic situation at home and aboard as well as varied economic phenomena, the study of Marxist political economy could help conduct economic analysis in a scientific way, improve the capability of managing a socialist market economy, and better answer problems of economic development, Xi said.

The CPC has enriched Marxist political economy by combining its basic principles with new practices in reform and opening up and made many key theoretical achievements, Xi said, listing acknowledgment of the market's "decisive" role in allocating resources, the "new normal" theory and its development as examples.

"This new development concept should be used to guide and promote our country's economic development, unravel difficult problems, and create new dimension in economic development," Xi said.

As the fundamental standpoint of Marxist political economy, the theory of putting people at the center should be upheld while deploying work, setting down policies and promoting economic development, according to Xi.

The president highlighted the need to uphold and improve the basic socialist economic system, stressing that people should consolidate and develop the public sector while encouraging, supporting and guiding the non-public sector to develop.

"The mainstay status of the public ownership and the leading role of the state-owned economy must not waver," he said, adding that these could ensure that people from all ethnic groups share the fruit of development, and they are guarantees for solidifying CPC's ruling status and adherence to the socialist system.

In addition, Xi stressed that the direction for reforming the socialist market economy and the basic state policy of opening up should be adhered.

During the group study, members of the political bureau listened to a lecture delivered by Professor Gu Hailiang from a committee of social sciences under the Ministry of Education.

Group study is used by the top leadership to learn about major issues. It was the 28th group study of the current political bureau.

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