Finance is an important core competitiveness of the country, financial security is an important part of national security, and the financial system is an important basic system in economic and social development.

General Secretary Xi Jinping pointed out that maintaining financial security is a strategic and fundamental event related to the overall economic and social development of China.

From October 10th to 30st, the Central Financial Work Conference was held in Beijing. General Secretary Xi Jinping attended the meeting and delivered an important speech.

From October 10 to 30, the Central Financial Work Conference was held in Beijing. General Secretary Xi Jinping delivered an important speech, summarizing the financial work since the 31th National Congress of the Communist Party of China, analyzing the situation faced by the high-quality development of finance, and deploying the financial work for the current and future periods.

For the first time, the meeting proposed to "accelerate the construction of a financial power". What is the meaning of this statement? "Micro Observation of Current Affairs" interprets it for you from three aspects.

Fundamental guarantee -- Strengthen the centralized and unified leadership of the Party Central Committee

Since 1997, the CPC Central Committee and the State Council have convened five national financial work conferences to "set the tone" for the direction and policies of China's next major financial reform. This is the first time that a central financial work conference has been held.

From the "National Financial Work Conference" to the "Central Financial Work Conference", it is inseparable from the background of the establishment of the Central Financial Commission and the Central Financial Work Commission.

In March this year, the reform plan of the Party and state institutions decided to establish the Central Financial Commission to strengthen the centralized and unified leadership of the Party Central Committee over financial work, responsible for the top-level design, overall coordination, overall promotion, and supervision of financial stability and development, and to study and review major policies and major issues in the financial field; The Central Financial Work Committee has been established to provide unified leadership over the work of the Party in the financial system and to guide the Party's political, ideological, organizational, work style, and discipline construction in the financial system.

The Central Financial Work Conference pointed out that strengthening the centralized and unified leadership of the CPC Central Committee over financial work is the fundamental guarantee for doing a good job in financial work.

Six years ago, at the National Financial Work Conference held in July 6, General Secretary Xi Jinping clearly pointed out that it is necessary to adhere to the centralized and unified leadership of the Party Central Committee over financial work, ensure the correct direction of financial reform and development, and ensure national financial security.

In December 2022, General Secretary Xi Jinping further pointed out at the Central Economic Work Conference that it is necessary to strengthen the centralized and unified leadership of the Party Central Committee over financial work and deepen the reform of the financial system.

Upholding the party's centralized and unified leadership is our greatest institutional advantage.

The Central Financial Work Conference has put forward clear requirements for all levels——

It is necessary to improve the system and mechanism of the party's leadership over financial work, give full play to the role of the Central Financial Commission, and do a good job in overall planning and coordination. We should give full play to the role of the Central Financial Work Committee and earnestly strengthen party building in the financial sector.

Give full play to the role of the financial committees of local party committees and financial working committees, and implement territorial responsibilities. It is necessary to adhere to the standards of strong politics, ability and work style, and forge a team of high-quality professional financial cadres who are loyal, clean and responsible.

It is necessary to vigorously promote the excellent traditional Chinese culture in the financial system, adhere to honesty and trustworthiness, seek profit from righteousness, be prudent and prudent, uphold integrity and innovation, and comply with laws and regulations.

It is necessary to strengthen the construction of the rule of law in the financial sector, and promptly promote legislation in key and emerging areas of the financial sector to escort the development of the financial industry.

The fundamental purpose is to serve the real economy

Finance is at the heart of the modern economy. The economy is the body, finance is the blood, and the two are symbiotic and co-prosperous.

General Secretary Xi Jinping pointed out: "To maintain the steady and healthy development of the economy, we must do a good job in finance. "Finance should serve the real economy and meet the needs of economic and social development and the people."

High-quality development is the primary task of building a modern socialist country in an all-round way, and finance plays an important role in it. At present, China is at a critical juncture of economic recovery, the quality and efficiency of financial services for the real economy have been continuously enhanced, and the service mode has been continuously optimized, creating a good financial environment for the continuous recovery of the economy.

According to the data, in the first three quarters of this year, RMB loans increased by 19.75 trillion yuan, an increase of 1.58 trillion yuan year-on-year. Financial institutions continue to increase financial supply in key areas such as advanced manufacturing, strategic emerging industries, and technology-based enterprises, and strive to enhance new growth momentum. Among them, loans to high-tech manufacturing industries increased by 22.5% year-on-year, and loans to core industries of the digital economy increased by 22.8% year-on-year.

△As of the end of September this year, the balance of medium and long-term loans in China's manufacturing industry and the balance of loans to "specialized, special and new" small and medium-sized enterprises increased by 9.38% and 2.18% year-on-year respectively.

On the issue of "striving to create a good monetary and financial environment", this meeting focused on three aspects:

First, we should always maintain the soundness of monetary policy, pay more attention to cross-cyclical and counter-cyclical adjustment, and enrich the monetary policy toolbox.

A prudent monetary policy will enhance the stability of financial support for the real economy, and implement precise policies to cope with economic fluctuations.

Second, we need to optimize the structure of capital supply, allocate more financial resources to promote scientific and technological innovation, advanced manufacturing, green development and micro, small and medium-sized enterprises, and vigorously support the implementation of innovation-driven development strategies and regional coordinated development strategies to ensure national food and energy security.

This means that structural monetary policy tools will continue to focus on key points, be reasonable and moderate, advance and retreat, and continue to increase financial support for key areas and weak links in the future.

Third, do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance.

To take the road of financial development with Chinese characteristics, we must adhere to the people-centered value orientation, continue to meet the economic and social development and the growing financial needs of the people, and constantly open up a new situation in financial work in the new era.

Eternal theme - prevention and resolution of financial risks

Since the 18th National Congress of the Communist Party of China, under the centralized and unified leadership of the CPC Central Committee, the financial system has strongly supported the overall situation of economic and social development, resolutely fought the battle to prevent and resolve major risks, and made important contributions to building a moderately prosperous society in an all-round way as scheduled and realizing the first centenary goal. These practical and theoretical achievements have not come easily.

At the same time, it is necessary to soberly realize that various contradictions and problems in the financial field are intertwined and mutually influential, and some of them are still very prominent, there are still many hidden economic and financial risks, the quality and efficiency of financial services for the real economy are not high, the problems of financial chaos and corruption have persisted despite repeated prohibitions, and the ability of financial supervision and governance is weak.

An important lesson of the 2008 international financial crisis is the need to restore and maintain the health of financial institutions. At present, the economic and financial environment at home and abroad has undergone profound changes, and the causes and forms of financial risks have become more complex.

Preventing the occurrence of systemic financial risks is the eternal theme of financial work.

In July this year, General Secretary Xi Jinping presided over a meeting of the Political Bureau of the CPC Central Committee to analyze and study the current economic situation and deploy economic work in the second half of the year. The meeting pointed out that it is necessary to strengthen financial supervision and control, and steadily promote the reform of high-risk small and medium-sized financial institutions to reduce risks.

The Central Financial Work Conference proposed that financial supervision should be strengthened in an all-round way to effectively prevent and resolve financial risks. Earnestly improve the effectiveness of financial supervision, bring all financial activities into supervision in accordance with the law, comprehensively strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision, eliminate regulatory gaps and blind spots, strictly enforce the law, dare to show the sword, and severely crack down on illegal financial activities.

From "strengthening" to "comprehensively strengthening", the bottom line of firmly guarding against systemic financial risks has become more solid.

△ In May this year, the State Administration of Financial Supervision and Administration was officially launched.

As for how to prevent and resolve financial risks, the Central Financial Work Conference pointed out that it is necessary to grasp several relationships-

It is necessary to grasp the relationship between rights and responsibilities, and improve the risk disposal responsibility mechanism that is consistent with rights and responsibilities and compatible with incentives and constraints; Grasp the relationship between speed and stability, grasp the timeliness and effectiveness on the premise of stabilizing the overall situation, resolve risks in a solid and steady manner, resolutely punish illegal crimes and corruption, and strictly prevent moral hazards; Early identification, early warning, early exposure, and early disposal of risks, and improve the early correction mechanism for financial risks with hard constraints.

financial stability, economic stability; Financial activity, economic activity.

Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, all localities and departments will implement the spirit of the Central Financial Work Conference and actively promote high-quality financial development.

Producer丨Geng Zhimin

Producer丨Xinglai

Editor-in-Chief丨Ning Lili

Writer丨Cheng Yu

Vision丨Jiang Yuhang