The term 行星 (xíngxīng) is a window into the rich history of Chinese astronomy and philosophy. Unlike Western cultures, which named the planets after Roman gods (Mars, Jupiter, Venus, etc.), ancient Chinese astronomers named the five visible planets after the Five Elements (五行 - Wǔxíng), a foundational concept in Chinese philosophy used to explain interactions in the natural world.
This comparison highlights a key cultural difference. The Western tradition anthropomorphized the planets, giving them personalities and divine roles based on mythology. The Chinese tradition classified them according to a naturalistic, philosophical system, focusing on their perceived elemental qualities and their role in the cosmic balance. This scientific and philosophical approach is embedded in the very language used today.
行星 (xíngxīng) is a formal, scientific term used in any context where you would say “planet” in English.