3. Finance sector development

Xi Jinping delivers important speech at the opening ceremony of special seminar on promoting high-quality financial development held for leading provincial- and ministerial-level cadres

Unswervingly follow the path of financial development with Chinese characteristics and promote high-quality financial development in our country

Zhao Leji, Wang Huning, Ding Xuexiang, Li Xi and Han Zheng attended the meeting, which was chaired by Cai Qi

Xinhua News Agency, Beijing, January 16 – A special seminar on promoting high-quality financial development for leading cadres at the provincial and ministerial levels was held at the Central Party School (National Academy of Administration) on the morning of the 16th. Xi Jinping, General Secretary of the CPC Central Committee, State President, and Chairman of the Central Military Commission, delivered an important speech at the opening ceremony, emphasizing that the path of financial development with Chinese characteristics not only follows the objective laws of modern financial development, but also has distinctive characteristics that are suitable for our country’s national conditions and is consistent with the Western financial model. There is an essential difference. We must strengthen our self-confidence and continue to explore and improve in practice to make this road wider and wider.

Members of the Standing Committee of the Political Bureau of the CPC Central Committee Zhao Leji, Wang Huning, Ding Xuexiang, and Li Xi, and Vice President Han Zheng attended the opening ceremony. Cai Qi, member of the Standing Committee of the Political Bureau of the CPC Central Committee, presided over the opening ceremony.

Xi Jinping pointed out that since the 18th National Congress of the Communist Party of China, we have actively explored the laws of financial development in the new era, continuously deepened our understanding of the nature of socialist finance with Chinese characteristics, continuously promoted financial practical innovation, theoretical innovation, and institutional innovation, accumulated valuable experience, and gradually stepped out of the A path for financial development with Chinese characteristics, which is: upholding the centralized and unified leadership of the Party Central Committee on financial work, adhering to a people-centered value orientation, adhering to the fundamental purpose of financial services to the real economy, and adhering to risk prevention and control as the basis of financial work. The eternal theme is to insist on promoting financial innovation and development on the track of marketization and rule of law, insisting on deepening financial supply-side structural reform, insisting on coordinating financial openness and security, and adhering to the general tone of seeking progress while maintaining stability. These articles clarify how to look at and do financial work in the new era and new journey, and are an organic whole that embodies the basic stance, viewpoints, and methods of the financial development path with Chinese characteristics.

Xi Jinping emphasized that a financial power should be based on a strong economic foundation, have world-leading economic strength, scientific and technological strength and comprehensive national strength, and also possess a series of key core financial elements, namely: a strong currency, a strong central bank, and strong financial institutions. , a strong international financial center, strong financial supervision, and a strong team of financial talents. Building a financial power requires long-term efforts and long-term success. It is necessary to accelerate the construction of a modern financial system with Chinese characteristics, establish and improve a scientific and sound financial regulation system, a reasonably structured financial market system, a system of financial institutions with division of labor and cooperation, a complete and effective financial supervision system, and a diversified and professional financial product and service system. An autonomous, controllable, safe and efficient financial infrastructure system.

Xi Jinping pointed out that efforts should be made to prevent and resolve financial risks, especially systemic risks. Financial supervision must be “thorny” and sharp. The key is that financial supervision departments and industry authorities must clarify their responsibilities and strengthen cooperation. In all aspects of market access, prudential supervision, and behavioral supervision, strict law enforcement must be implemented to achieve financial supervision from the horizontal to the edge and vertical to the end. All localities must plan for the overall situation based on one region and implement local risk management and stability maintenance responsibilities. In the process of risk management, corruption must be resolutely punished and moral risks must be strictly prevented. Financial supervision is a systematic project. Financial management departments, macro-control departments, industry authorities, judicial organs, disciplinary inspection and supervision agencies, etc. all have corresponding responsibilities. It is necessary to strengthen regulatory coordination and improve the risk disposal responsibility mechanism with consistent powers and responsibilities. Crack down hard on financial crimes.

Xi Jinping emphasized that by expanding opening up to the outside world, we must improve our country’s financial resource allocation efficiency and capabilities, enhance international competitiveness and the influence of rules, and carefully control the pace and intensity. It is necessary to promote high-level financial opening-up with a focus on institutional opening-up, implement the pre-establishment national treatment plus negative list management system, benchmark the relevant rules in the financial field in international high-standard economic and trade agreements, streamline restrictive measures, and enhance the transparency and transparency of opening-up policies. Stability and predictability, standardizing overseas investment and financing activities, and improving financial support for the joint construction of the “Belt and Road”. It is necessary to strengthen the interconnection of domestic and overseas financial markets, improve the level of cross-border investment and financing facilitation, and actively participate in international financial regulatory reforms. We must maintain the bottom line of financial security under opening conditions.

Xi Jinping pointed out that to promote high-quality financial development and build a financial power, we must adhere to the combination of the rule of law and the rule of virtue, actively cultivate a financial culture with Chinese characteristics, and achieve: honesty and trustworthiness, not crossing the bottom line; making profits with justice, not seeking profit only; being prudent and prudent, Don’t be eager for quick success; keep integrity and innovate, don’t deviate from reality and don’t turn away from reality; comply with laws and regulations, and don’t act recklessly.

Xi Jinping finally emphasized that leading cadres at all levels should enhance their financial thinking and financial work capabilities, adhere to the idea of ​​​​a game of chess between economics and finance, conscientiously implement the various decisions and arrangements of the Central Financial Work Conference, coordinate the promotion of high-quality economic and financial development, and build a solid foundation for China-style modernization. Comprehensively promote the construction of a strong country and the great cause of national rejuvenation and make new and greater contributions.

Cai Qi pointed out when presiding over the opening ceremony that General Secretary Xi Jinping’s important speech was profound in thought, broad in vision, incisive in argumentation, and rich in connotation. It was highly political, theoretical, targeted, and instructive and was of great significance to the whole party, especially senior leaders. It is of great significance for cadres to correctly understand the situation and tasks facing China’s financial development, deepen their understanding of the essential laws and development paths of financial work, comprehensively enhance financial work skills and risk response capabilities, and unswervingly follow the path of financial development with Chinese characteristics. We must deeply understand and grasp the rich connotation, essence and practical requirements of General Secretary Xi Jinping’s important speech, deeply understand the decisive significance of “two establishments”, resolutely achieve “two maintenances”, and effectively integrate thoughts and actions into the decision-making and deployment of the Party Central Committee Come up.

Member of the Political Bureau of the CPC Central Committee, Secretary of the Secretariat of the CPC Central Committee, Vice Chairman of the Standing Committee of the National People’s Congress, State Councilor, President of the Supreme People’s Court, Chief Prosecutor of the Supreme People’s Procuratorate, Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference and members of the Central Military Commission attended the opening ceremony.

Principal responsible comrades from all provinces, autonomous regions, municipalities and Xinjiang Production and Construction Corps, relevant departments of central and state agencies, relevant people’s organizations, centrally managed financial institutions, enterprises, universities, units of the People’s Liberation Army and the Armed Police Force participated in the seminar. Responsible comrades from the central committees of all democratic parties, the All-China Federation of Industry and Commerce and relevant parties attended the opening ceremony.