PurposeDoctors' labour and medicines are special necessities for human survival and evolution. Since China launched the healthcare reform, the theoretical circles' discussions have not yet clarified the respective special properties of doctors' labour and medicines as goods and the internal relations between doctors' labour and medicines at the level of the theoretical basis.Design/methodology/approachHealth is a prerequisite for people's all-round development, a precondition for economic and social development and the people's common aspiration. The all-round moderately prosperous society could not be achieved without people's all-round health.FindingsThe authors believe the socialist relation between doctors' labour and medicines with Chinese characteristics should be one that is people-oriented, and the corporatization of hospitals or the capitalization of doctors' labour should be avoided.Originality/valueIn this paper, the authors explore the particularity of doctors' labour, particularity of medicine production, circulation, consumption and the internal relations between doctors' labour and medicines by using the analytical approach of Marxist political economy while considering the special roles of doctor's labour and medicines in the reproduction of labour power and put forward the theoretical basis for the segregation of doctor's labour and medicines.

Purpose In the 40 years of reform and opening-up toward a more rational micro-economic structure, the proportion of output of state-owned enterprises shows a declining trend. Over the past decade, on one hand, the operational efficiency of state-owned enterprises has tended to be low as compared to other ownership enterprises; on the other hand, the asset–liability ratio of state-owned enterprises has risen against the trend, and still remains high under the recent national policy of “deleveraging.” The paper aims to discuss this issue. Design/methodology/approach This indicates that the inefficiency of state-owned enterprises that once hindered China’s economic development has not yet been fundamentally solved, and the task of deepening state-owned enterprises reform is still arduous. Findings In the process of establishing China’s modern economic system, there will be some “new state-owned enterprises” growing into world-class ones. This requires more effort in enhancing the capacity for independent innovation, improving the level of organizational control, expanding international market opportunities and fulfilling enterprise social responsibilities with high standards. Originality/value It is more appropriate for China to have a micro-economic structure in which public ownership predominates and diverse forms of ownership enjoy common prosperity and development.

Purpose The development economics of large countries is a subject that studies how large developing countries evolve into developed countries through industrialization and structural transformation. By looking into the economic development of large developing countries in a systematic way, the purpose of this paper is to propose a logical system consisting of research objects, main issues, key principles and development strategies. Design/methodology/approach A large developing country refers to a country with a dual economic structure; it has a large population, vast territory and great market potential, but is low in labour productivity and per capita income. Findings The key issue of the large country’s economy is the issue of the size, while the key issue of the developing country’s economy is the issue of the economic structure. Therefore, the key issue of the economy of large developing courtiers lies in both the size and economic structure. Originality/value The endogenous capacity of a large country depends on the size of factors and the balance of supply and demand, while the comprehensive advantage of a large country depends on its diversified industrial structure and integration of factors. Based on the basic characteristics and key economic principles, large developing countries should seek endogenous, stable, coordinated and innovative development.

Purpose In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in stabilizing both economy and finance. Taking the period of 1999–2017 as a sample, the purpose of this paper is to find whether the synergy between the growth cycle and the price cycle is constantly improving in the economic cycle is more appropriate. Design/methodology/approach The key to stabilizing the economic cycle lies in the monetary policy and it should abandon the goal of boosting growth in a timely manner and turn into the goal of maintaining steady growth. At present, quantitative monetary policy is still more effective than price-oriented monetary policy in smoothing the economic cycle. Findings The impact of quantitative regulation on the financial cycle is more neutral, whereas price regulation will increase the volatility of price and financial cycles in the course of smoothing the growth cycle. In view of the continuous differentiation between the economic and financial cycles, it is realistic and reasonable to accelerate the establishment of a sound dual-pillar regulatory framework of “monetary policy and macro-prudential policy.” Originality/value The macro-prudential policy is specially used to smooth the financial cycle, so as to reduce the burden and increase the efficiency of the monetary policy on regulating economic cycle. Moreover, the transformation of monetary policy to price-oriented regulation must keep pace with the construction of the dual-pillar regulation framework and complement each other to prevent undesirable consequences in the financial sector. On the other hand, monetary policy still needs to rely on quantitative regulation in the future. The research in this paper also provides a new perspective for understanding the internal and external reform of China’s monetary policy in recent years.

Purpose Innovation is the fundamental driving force for the long-term sustainable development of an economy. After four decades of rapid economic growth, China is facing crises related to a demographic structure of “aging before getting rich,” industrial overcapacity of low-end products and environmental and resources constraints. This paper aims to discuss these issues. Design/methodology/approach Based on logical analysis and recapitulation of previous empirical research, this study presents the conclusion. Findings Scientific and technological innovation, as strategic support to improve social productivity and overall national strength, must be placed at the center of the country’s overall development. Originality/value The development model that preys upon cheap resources for extensive growth is unsustainable. Thus, the country needs an urgent strategic switch to drive its economic growth through research and development innovation and original technological advancement.

Purpose There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the Second World War, the capitalist world experienced the fourth long wave of expansion and then entered into a downward phase of the long wave in the 1970s. Regarding to whether a new long wave of expansion took place in the 1980s, left-wing scholars hold different viewpoints. The purpose of this paper is to focus on this issue. Design/methodology/approach First, based on the review of the long wave history, this paper discusses three kinds of long wave theories with significant influence and puts forward the theoretical framework of analyzing the long wave of capitalist economy. Next, under the guidance of this theoretical framework and in combination with the actual development and evolution of the capitalist economy, the issue of whether the fifth long wave of the capitalist economy began to emerge in the 1980s is discussed deeply. Findings This paper argues that, from the early 1980s to 2007, the US-dominated developed countries experienced a new long wave of expansion driven by the information technology revolution, the adjustment of the neoliberalism system and the economic globalization. However, the financial-economic crisis of 2008–2009 led to a new phase of long wave downswing. Originality/value This paper does not agree with the single-factor analysis of the intrinsic formation mechanism of economic long wave and sticks to the multi-factor analysis centering on the fluctuation of accumulation rate. It is pointed out that the evolution of the long wave of capitalist economy depends on the combined influence of technology, institutions and market. The study of the long wave of the economy will help us to correctly understand the historical stage and characteristics of the current world capitalist economy in the long-term fluctuations, so that we can make an appropriate and positive response.

Purpose Wang has focused on the relationship between Das Kapital and the political economy in the broad sense. Numerous ideas covering the political economy in the broad sense are involved in the overall structure of Das Kapital, methodology of historical materialism and analyses of the historical fate of capitalist system. The paper aims to discuss these issues. Design/methodology/approach In broad outline, the Asiatic, ancient, feudal and modern bourgeois modes of production may be designated as epochs, marking progress in the economic development of society (Wang, 2007b). Historical materialism provides a new, scientific and objective explanation for understanding the dialectical development laws of society. It is crucial for constructing the theoretical system of a political economy in the broad sense. It could be said that it is the key to solving the puzzle of the historical course of social development. Findings Today, economic relations between the world’s top two economies have merged with each other. How can two countries with different systems trade with each other so well? These questions can no longer be answered with traditionally narrow political economic theory. The authors have to seek these answers from the perspective of a political economy in the broad sense. Originality/value Numerous ideas covering the political economy in the broad sense are involved in the overall structure of Das Kapital, methodology of historical materialism, and analyses of the historical fate of capitalist system.