Renowned for his resolute conviction that socialism is compatible with a market system, he is affectionately referred to in the media as Wu Shichang (Chinese: 吴市场; lit.

Wu currently (as of 2006[update]) holds multiple positions, the most important of which are: Professor of Economics at both the China Europe International Business School and the Chinese Academy of Social Sciences; Senior Research Fellow for the Development Research Center of the State Council of the PRC; and Member of the Standing Committee of the Chinese People's Political Consultative Conference.

He has honoured the memory of another victim of political persecution, Gu Zhun, whose unyielding character and pioneering attempts to revise Marxian economics in a market-oriented direction were for Wu a source of enlightenment.

In the last ten years he has joined Qin Hui, He Qinglian and other public intellectuals in raising social justice to prominence on the policy agenda.

[2] Wu also pointed out that corrupt bureaucrats are pushing for the state to take a larger economic role so they can cash in on their positions through payoffs and bribes, as well as by steering business to allies.