Modernity is the philosophical representation of modern society in which capital is a core concept. How can socialism with Chinese characteristics be within modernity but surpass it? Historical materialism holds that the economic base determines the superstructure. Socialist public ownership, along with its capital forms, starts from the relations of production and takes them as the intermediary to harness the traditional capital logic. It not only activates “the civilising aspects of capital,” but also overcomes the productive contradiction of capital and avoids falling into capital metaphysics. Featured by socialist market economy and public capital, Chinese modernization provides a feasible solution for human society to solve the dilemma of modernity and realize human emancipation.