The 19 th National Congress of CPC stressed that the socialism with Chinese characteristics has entered into a new stage and that China must adhere to peoplecentered development idea which is a new idea which follows the demand of social development and which fits for the requirement of the times.This paper analyzes the connotation of peoplecentered development thought from the perspective of political economics and new understanding of labor value theory,illustrates that labor value theory is solid theoretical basis for peoplecentered development from such three perspective as development for the people,development depending on the people,development results shared by the people,and advances suggestions according to the existing problems in peoplecentered development.