1. Finance conference

Central Financial Work Conference held in Beijing

Xi Jinping and Li Qiang deliver important speeches

Zhao Leji, Wang Huning, Cai Qiding, Xue Xiang, and Li Xi attended

Xinhua News Agency, Beijing, October 31st – The Central Financial Work Conference was held in Beijing from October 30-31. Xi Jinping, General Secretary of the CPC Central Committee, State President, and Chairman of the Central Military Commission, attended the meeting and delivered an important speech. Members of the Standing Committee of the Political Bureau of the CPC Central Committee Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi attended the meeting.

In his important speech, Xi Jinping summarized the financial work since the 18th National Congress of the Communist Party of China, analyzed the situation facing high-quality financial development, and deployed financial work for the current and future periods. Li Qiang made specific arrangements for financial work.

The meeting emphasized that finance is the blood of the national economy and an important part of the country’s core competitiveness. It is necessary to speed up the construction of a financial power, comprehensively strengthen financial supervision, improve the financial system, optimize financial services, prevent and resolve risks, and unswervingly promote finance with Chinese characteristics. development path, promote high-quality financial development in our country, and provide strong support for comprehensively promoting the construction of a strong country and national rejuvenation with Chinese-style modernization.

The meeting pointed out that since the 18th National Congress of the Communist Party of China, under the centralized and unified leadership of the Party Central Committee, the financial system has strongly supported the overall economic and social development, resolutely fought the battle to prevent and resolve major risks, and worked hard to build a moderately prosperous society in all respects as scheduled and made important contributions to achieving the first centenary goal. The Party Central Committee combines Marxist financial theory with the specific reality of contemporary China and with the excellent traditional Chinese culture to grasp the laws of financial development in the new era, continue to promote practical innovation, theoretical innovation, and institutional innovation in China’s financial industry, and strive to develop a finance with Chinese characteristics development path, emphasizing the need to adhere to the centralized and unified leadership of the Party Central Committee over financial work, adhere to the people-centered value orientation, adhere to the fundamental purpose of financial services to the real economy, adhere to risk prevention and control as the eternal theme of financial work, adhere to the development of financial innovation on the track of marketization and the rule of law, insist on deepening the structural reform of the financial supply side, insist on coordinating financial openness and security, and adhere to the general tone of seeking progress while maintaining stability. These practical and theoretical achievements are hard-won. At the same time, we must be soberly aware that various contradictions and problems in the financial field are intertwined and influence each other, some of which are very prominent. There are still many hidden economic and financial risks, the quality and efficiency of financial services to the real economy are not high, and financial chaos and corruption problems continue to occur as financial supervision and governance capabilities are weak. The financial system must effectively improve its political position, bear in mind the “greatest of the country”, strengthen its mission, be determined to fundamentally solve these problems, and use high-quality financial development to contribute to the construction of a strong country and the great cause of national rejuvenation.

The meeting emphasized that at present and in the future, to do a good job in financial work, we must adhere to and strengthen the party’s overall leadership, be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Party, and completely, accurately and comprehensively implement the new Development concept, deeply grasp the political and people-oriented nature of financial work, with the goal of accelerating the construction of a strong financial country, with the theme of promoting high-quality financial development, with the main line of deepening the financial supply-side structural reform, and with the purity and professionalism of the financial team and combat effectiveness as important supports, focusing on comprehensively strengthening supervision, preventing and defusing risks, adhering to the general tone of seeking progress while maintaining stability, coordinating development and security, firmly guarding the bottom line of preventing systemic financial risks, and unswervingly following Chinese characteristics. On the road to financial development, we will accelerate the construction of a modern financial system with Chinese characteristics, continue to meet economic and social development and the people’s growing financial needs, and continue to create new situations in financial work in the new era.

The meeting pointed out that high-quality development is the primary task of building a modern socialist country in an all-round way and finance must provide high-quality services for economic and social development. Efforts should be made to create a good monetary and financial environment and effectively strengthen high-quality financial services for major strategies, key areas and weak links. We will always maintain the stability of monetary policy, pay more attention to cross-cyclical and counter-cyclical adjustments, and enrich the monetary policy toolbox. Optimize the capital supply structure, use more financial resources to promote technological innovation, advanced manufacturing, green development and small, medium and micro enterprises, vigorously support the implementation of innovation-driven development strategies and regional coordinated development strategies, and ensure national food and energy security. We must revitalize financial resources that are inefficiently occupied and improve the efficiency of fund use. We must prepare five major articles on technology finance, green finance, inclusive finance, pension finance, and digital finance. Efforts should be made to build modern financial institutions and market systems to unblock the channels for funds to enter the real economy. We must optimize the financing structure, better leverage the hub function of the capital market, promote the deepening and solidification of the stock issuance registration system, develop diversified equity financing, vigorously improve the quality of listed companies, and cultivate first-class investment banks and investment institutions. We must promote high-quality development of the bond market, improve institutional positioning, support large state-owned financial institutions to become better and stronger and serve as the main force in serving the real economy and maintaining financial stability, strictly enforce access standards and regulatory requirements for small and medium-sized financial institutions, carry out and strengthen characteristic operations based on local areas. The functions of policy financial institutions are positioned to give full play to the role of the insurance industry as an economic shock absorber and social stabilizer. We must strengthen market rules, create a financial market with unified rules and coordinated supervision, and promote long-term capital formation. We will improve corporate governance, improve the modern financial enterprise system with Chinese characteristics, improve state-owned financial capital management, expand bank capital supplement channels, and isolate industrial and financial risks. Efforts should be made to promote high-level financial opening up and ensure national financial and economic security. Adhere to equal emphasis on “bringing in” and “going out”, steadily expand institutional opening up in the financial sector, improve cross-border investment and financing facilitation, and attract more foreign financial institutions and long-term capital to develop businesses in China. We must enhance the competitiveness and influence of Shanghai as an international financial center and consolidate and enhance Hong Kong’s status as an international financial center.

The meeting emphasized the need to comprehensively strengthen financial supervision and effectively prevent and resolve financial risks, improve the effectiveness of financial supervision, bring all financial activities under supervision in accordance with the law, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, eliminate supervision gaps and blind spots, strictly enforce the law, dare to show the sword, and severely crack down on illegal activities financial activities. We must timely handle the risks of small and medium-sized financial institutions. We must establish a long-term mechanism to prevent and resolve local debt risks, establish a government debt management mechanism that is compatible with high-quality development, and optimize the debt structure of central and local governments. We must promote a virtuous cycle of finance and real estate, improve the main supervision system and capital supervision of real estate enterprises, improve the macro-prudential management of real estate finance, meet the reasonable financing needs of real estate enterprises of different ownerships equally, implement policies according to the city and make good use of the policy toolbox to better support rigidity and improvement Housing demand, speeding up the construction of “three major projects” such as affordable housing, and building a new model of real estate development. It is necessary to maintain the stable operation of financial markets, standardize financial market issuance and trading activities, reasonably guide expectations, and prevent cross-regional, cross-market, and cross-border risk transmission and resonance. It is necessary to strengthen foreign exchange market management and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. To prevent and resolve financial risks, we must grasp the relationship between rights and responsibilities, and improve the risk disposal responsibility mechanism with consistent rights and responsibilities, and compatible incentives and constraints; grasp the relationship between speed and stability, grasp the timeliness and effectiveness on the premise of stabilizing the overall situation, and be solid and steady. We must defuse risks, resolutely punish illegal, criminal and corrupt behaviors, and strictly prevent moral hazard while ensuring early identification, early warning, early exposure, and early disposal of risks, and improving the early correction mechanism of financial risks with hard constraints.

The meeting pointed out that strengthening the centralized and unified leadership of the Party Central Committee over financial work is the fundamental guarantee for doing a good job in financial work. It is necessary to improve the system and mechanism of the party’s leadership in financial work, give full play to the role of the Central Financial Commission, and do a good job in overall coordination and control. We must give full play to the role of the Central Financial Working Committee and effectively strengthen party building in the financial system. We must give full play to the role of the financial committee and financial working committee of the local party committee and implement local responsibilities. It is necessary to adhere to the standards of strong politics, strong abilities and strong work style, and create a team of high-quality professional financial cadres who are loyal, clean and responsible. It is necessary to vigorously promote China’s excellent traditional culture in the financial system and adhere to honesty and trustworthiness, profit from justice, stability and prudence, integrity and innovation, and compliance with laws and regulations. It is necessary to strengthen the construction of financial rule of law, promptly promote legislation in key financial areas and emerging areas, and safeguard the development of the financial industry.

The meeting emphasized that General Secretary Xi Jinping’s important speech scientifically answered a series of major theoretical and practical issues in the development of the financial industry. It is an important part of Xi Jinping’s economic thought and an important innovative achievement of Marxist political economics on financial issues. It serves as a basis for the new era. Promoting high-quality financial development in the new era provides fundamental compliance and action guidelines. All regions and departments must study and understand it in depth and implement it consciously. It is necessary to improve financial macro-control, accurately grasp the laws and new characteristics of money and credit supply and demand, and strengthen dual adjustment of the total amount and structure of money supply. Strengthen high-quality financial services, expand high-level financial opening up, well serve the “going out” and “One Belt and One Road” construction, and steadily and steadily promote the internationalization of the RMB. We must improve financial supervision mechanisms, establish and improve the implementation and accountability system of supervisory responsibilities, and effectively prevent and resolve financial risks in key areas. We must focus on current key tasks in the financial field, increase policy implementation and work advancement, maintain reasonable and sufficient liquidity, continue to reduce financing costs, activate the capital market, better support the expansion of domestic demand, promote stable foreign trade and foreign investment, and strengthen support for new technologies. Financial support from new tracks and new markets will accelerate the cultivation of new momentum and new advantages.

The meeting required that all regions and departments, especially the financial system, should further unify their thoughts and actions with the spirit of General Secretary Xi Jinping’s important speech and the decisions and arrangements of the Party Central Committee, adhere to goal orientation and problem orientation, comprehensively strengthen the party’s leadership over financial work, and solidly implement procedures. We will strengthen financial supervision, prevent and resolve financial risks, promote high-quality financial development and other key tasks, accelerate the construction of a financial power, do a good job in publicizing and implementing the spirit of this meeting, strengthen the construction of financial cadres and talent teams, and ensure the implementation of work arrangements.

He Lifeng made a concluding speech. Responsible comrades from the People’s Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, Beijing Municipality, Liaoning Province, Hubei Province, and Sichuan Province made exchange speeches.

Members of the Political Bureau of the CPC Central Committee, members of the Secretariat of the CPC Central Committee, relevant leading comrades of the Standing Committee of the National People’s Congress, State Councilors, President of the Supreme People’s Court, and relevant leading comrades of the National Committee of the Chinese People’s Political Consultative Conference attended the meeting.

Members of the Central Financial Commission, principal responsible comrades from all provinces, autonomous regions, municipalities and cities under separate state planning, the Xinjiang Production and Construction Corps, relevant departments of the central and state agencies, relevant people’s organizations, relevant departments of the Central Military Commission, financial institutions managed by the central government, and some enterprises attended the meeting.