Constructing a socialist political economy with Chinese characteristics and Chinese style is an epochal answer that Chinese economic circles must complete. So, what kind of path should we explore to construct socialist political economy with Chinese characteristics? How to promote the Sinicization of economics from the two aspects of research and teaching? How to deal with the relationship between theory and practice, reality and history? How to make socialist political economy with Chinese characteristics truly embody Chinese characteristics and Chinese style? The solution of these problems is very important to the construction of socialist political economy with Chinese characteristics. As early as the period of the Republic of China, a group of returned economists who had studied abroad devoted themselves to the construction of Chinese economics. They also encountered problems similar to today’s and made useful explorations. Therefore, a review of the exploratory practice of the economists in the period of the Republic of China is of great benefit to the construction of socialist political economy with Chinese characteristics today.

By using the methods of literature research and historical induction, this paper first makes a thorough study of the main literature published by returned economists in the period of the Republic of China, and concludes the exploration and contribution of returned economists in the construction of Chinese economics. The article draws the following conclusions: （1）Translating foreign economic works opens the door for Chinese people to understand modern economics; （2）Promoting the Sinicization of economic research and teaching makes modern economics take root in China; （3）Establishing Chinese economics from the two levels of " national economics” and " cosmopolitan economics” contributes to the development of Chinese economics and even world economics.

The conclusions drawn in this paper provide the following enlightenment for the current construction of socialist political economy with Chinese characteristics: Firstly, the practical experience of Chinese economic construction since the founding of New China, especially since the reform and opening up, is the background of socialist political economy with Chinese characteristics. The more thoroughly " China Story” is told, the more valuable socialist political economy with Chinese characteristics will be. Secondly, to construct socialist political economy with Chinese characteristics, we need to form a " Chinese School” of economics. Thirdly, socialist political economy with Chinese characteristics cannot stop at the level of explaining Chinese practice with the economic theory, but must rise to the level of abstracting the theory of generalization, regularization and systematization from Chinese practice.

The main contributions of this paper are as follows: （1）According to the " three-step” path, that is, translating foreign economic work—promoting the Sinicization of economic research and teaching—constructing Chinese economics, this paper makes a panoramic exposition of the contribution of overseas students in the period of the Republic of China to the construction of Chinese economics.（2）According to the exposition of Chinese economics by overseas students, Chinese economics is divided into Chinese economics with the characteristic of " national economics” and Chinese economics with the characteristic of " cosmopolitan economics”. Taking this as the standard, the achievements and influences of overseas students on the construction of Chinese economics in the period of the Republic of China are examined.（3）Summarizing the lessons of the overseas students on the construction of Chinese economics in the period of the Republic of China, this paper puts forward some enlightenment for the current construction of socialist political economy with Chinese characteristics.