Abstract: Infrastructure, in its essence, serves as the general conditions of production for economic activities, providing “essential use values” for largescale socialized production. Infrastructure development sustains capital circulation and accumulation across multiple dimensions, fostering specific forms of capital, enhancing capitals geographical mobility, accelerating capital turnover rates, maintaining and advancing surplus value production, and mitigating contradictions of capital overaccumulation. The contradictions and crises inherent in infrastructure development under capitalist modes of production stem from their distinctive formation mechanisms and provision methods. Socialism with Chinese characteristics has shaped a unique infrastructure development model with Chinese characteristics, achieving remarkable accomplishments that fundamentally underpinned Chinas development miracle that has lasted for over four decades, while also accumulating systemic contradictions and risks. In the new development stage, it is imperative to reform infrastructure development models through a problemoriented approach, vigorously advancing both physical and social infrastructure toward highquality development. This entails eliminating blockages in capital circulation, ensuring unimpeded capital flows, resolving contradictions and risks arising from infrastructure development processes, and thus advancing the Chinese path to modernization.

Key words: three-circuit theory of capital, infrastructure construction, physical infrastructure, social infrastructure

摘要： 基础设施的本质是作为经济活动的一般生产条件，为社会化大生产提供“必要的使用价值”。基础设施建设可以从多个层面维护资本循环和资本积累，促进形成特定的资本类型，提高资本地理机动性，加快资本周转速度，维持并促进剩余价值生产，缓解资本过度积累矛盾。资本主义生产方式下的基础设施建设的矛盾和危机根源于其特殊的形成条件和提供方式。中国特色社会主义塑造了中国特色的基础设施建设模式，在基础设施领域创造了伟大成就，为中国持续四十多年的发展奇迹提供了根本保障，但也积累了矛盾和风险。新发展阶段，必须以问题为导向改革基础设施建设模式，大力推进物质基础设施和社会基础设施共同迈向高质量发展，打通资本循环堵点，畅通资本循环，化解基础设施建设过程中造成的矛盾和风险，推进中国式现代化。

关键词: 资本三级循环理论, 基础设施建设, 物质基础设施, 社会基础设施