Socialist Accumulation and Enterprise Profits

Sun Ru

Chinese Economy, 1979, vol. 12, issue 4, 95-106

Abstract: At present, led by Chairman Hua and the Party Central Committee, the whole Party and the people of the whole country have been mobilized into a gigantic effort for the fulfillment of the general task in the new stage of socialist revolution and socialist construction and for building our country into a powerful socialist state. In order to accelerate the speed of the construction of socialism, it is necessary to accumulate large amounts of capital. As early as the beginning of the First Five-Year Plan, Chairman Mao pointed out: "Construction requires capital." (>u>1>/u>) Everybody knows that in our effort to build socialism we must continuously expand socialist output. Where does the large amount of capital needed for expanding output come from? There can be no other source than accumulation by socialist economic undertakings. Socialist accumulation is the only source for the expansion of socialist output, and the major source for socialist accumulation is the profits of the socialist enterprises. Because of this, Chairman Mao consistently stressed that all socialist economic undertakings must implement economic accounting and accumulate capital for socialist construction. However, the anti-Party clique of the "gang of four" brazenly opposed Chairman Mao's teaching and unscrupulously blamed the socialist enterprises in our country for their implementation of economic accounting and their fulfillment of the profit targets set by the state plan, slandering them all as practicing the "revisionist line." The sabotage and interference of the "gang of four" not only confused people's thinking but also seriously affected the progress of socialist national economy. Whether the socialist enterprises need to make profits and whether the state needs to have accumulation has been a major issue of right or wrong on the economic front during the eleventh two-line struggle. It is extremely necessary that we now straighten out this matter, clarifying the right and wrong and drawing a clear line between them so that people's minds can be emancipated and more capital can be accumulated for the construction of socialism with greater, faster, better and more economical results.

Date: 1979
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