There have been three banners in the history of Marxism:Marx-Engels,Lenin-Mao Zedong,and Deng Xiaoping.It it its historical position in the history of Marxism,its characteristics of the time,and its significant contribution that makes Deng Xiaoping's theory a banner of Marxism in the modern society and in the new century.Deng's theory marks a new stage of development of Marxism in the Chinese context.To acquire profound understanding of DengXiaoping's theory we must examine closely the history of Marxism,emphasizing elements of both inheritance and innovation. At the same time,attention should be drawn to the reality of China.