In the context of a deepening global knowledge economy, the tension over whether knowledge should be treated as a commodity or as a public good has emerged as a central concern in scholarly discourse. Michael Peters’ concept of knowledge socialism emphasizes the public and collaborative nature of knowledge, advocating the construction of shared knowledge institutions beyond capitalist logic. Conversely, Steve Fuller contends that knowledge socialism is not the antithesis of capitalism but a socialized form operating within capitalist conditions. Building on this theoretical tension, this chapter introduces the framework of Knowledge Socialism with Chinese Characteristics to address the institutional challenges of global knowledge governance. By juxtaposing Peters’ normative vision with Fuller’s empirical analysis, and drawing on China’s post-reform experience, the study examines the complementary roles of state guidance, market mechanisms, and digital platforms in knowledge governance. This integrative approach illustrates how normative ideals and institutional realities can be reconciled in practice, offering potential pathways for reconciling publicness, sociality, and efficiency in postdigital knowledge economies.