At the beginning of the new year, the Party Central Committee organized special seminars for key provincial and ministerial-level leading cadres around major topics, which is of great significance.
This time, in the critical year of implementing the "14th Five-Year Plan" and facing the "critical minority", General Secretary Xi Jinping's speech at the opening ceremony focused on high-quality financial development.
On January 16, a special seminar for leading cadres at the provincial and ministerial levels to promote high-quality financial development was held at the Central Party School (National Academy of Administration).
Xi Jinping, General Secretary of the CPC Central Committee, President of the State, and Chairman of the Central Military Commission, delivered an important speech at the opening ceremony.
More than two months ago, the first central financial work conference was held in Beijing, making major arrangements to promote high-quality financial development and proposing to accelerate the construction of a financial power.
Finance is the blood and an important part of the country’s core competitiveness.
High-quality financial development is related to the overall situation of China-style modernization.
How to look at and build a financial power in the new era and new journey. Through three key words, let’s understand General Secretary Xi Jinping’s important speech at the opening ceremony.
One Road: The Road to Financial Development with Chinese Characteristics
The road connects the past and leads to the future, meaning progress and development.
Shortly after the Central Financial Work Conference was held last year, General Secretary Xi Jinping went to Shanghai for inspection. The first stop was the Shanghai Futures Exchange, focusing on the construction of Shanghai as an international financial center.
Going back to 17 years ago, when Comrade Xi Jinping was working in Shanghai, he took a day to visit several financial institutions, including the Shanghai Futures Exchange.
At that time, China's futures market was still a new thing, but now it has a pivotal position in Asia and even the global market.
Looking back at the journey, we have traveled and grown along the way.
Since the new era, we have gradually embarked on a path of financial development with Chinese characteristics.
At the opening ceremony, General Secretary Xi Jinping made an incisive summary of the path of financial development with Chinese characteristics using the "eight insistences":
Uphold the centralized and unified leadership of the Party Central Committee on financial work, adhere to the people-centered value orientation, adhere to the fundamental purpose of financial services to the real economy, adhere to the prevention and control of risks as the eternal theme of financial work, adhere to the market-oriented and rule-of-law track Promote financial innovation and development, insist on deepening financial supply-side structural reform, insist on coordinating financial openness and security, and adhere to the general tone of seeking progress while maintaining stability.
Distinctive Chinese characteristics are forged in the path of financial development.
General Secretary Xi Jinping emphasized: “The path of financial development with Chinese characteristics not only follows the objective laws of modern financial development, but also has distinctive characteristics suitable for my country’s national conditions, and is essentially different from the Western financial model.”
Based on reality, firm confidence, and continuing to explore and improve in practice, the development path of finance with Chinese characteristics will surely become wider and wider.
One goal: long-term efforts and long-term achievements to build a financial power
The Central Financial Work Conference held not long ago proposed for the first time the goal of "accelerating the construction of a financial power".
What is a financial power?
In this speech, General Secretary Xi Jinping pointed out 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:
It has a strong currency, a strong central bank, strong financial institutions, a strong international financial center, strong financial supervision, and a strong team of financial talents.
The "Six Powers" outline a clearer picture of financial power.
Targets, calibrating the voyage, and leading the direction also require the patience of history, drawing a blueprint to the end, and working on it one step at a time.
"Building a financial power requires long-term efforts and long-term success." The patience of history contains long-term strategic vision and firm and persistent political character.
Starting with a single step can lead to a thousand miles.
Focusing on “accelerating the construction of a modern financial system with Chinese characteristics”, General Secretary Xi Jinping profoundly proposed the establishment of a sound “scientific and stable financial regulation system, a rationally structured financial market system, a system of financial institutions with division of labor and cooperation, a complete and effective financial supervision system, and diversified professional comprehensive financial products and service systems, and an autonomous, controllable, safe and efficient financial infrastructure system.”
The six major systems cover all aspects of financial regulation, financial markets, financial institutions, financial supervision, financial products and services, and financial infrastructure, and point out the practical path towards becoming a financial power.
A pair of relationships: coordinating development and security
Development and security are a dialectical relationship that runs through the great practice of our party's governance.
The Central Economic Work Conference held last month incisively summarized the regular understanding of doing economic work in the new era from five aspects. One of the important aspects is that "we must adhere to high-quality development and high-level security and positive interaction."
At this meeting, the two most important of the "Eight Persistences" were "persisting in risk prevention and control as the eternal theme of financial work" and "persisting in coordinating financial openness and security."
A century of changes are accelerating, and it is particularly important for finance to coordinate development and security.
Openness is an intrinsic requirement for achieving high-quality financial development.
General Secretary Xi Jinping pointed out in this speech that by expanding opening up to the outside world, we must improve the efficiency and capabilities of our country's financial resource allocation, enhance international competitiveness and the influence of rules, and carefully control the pace and intensity.
Opening up does not mean letting things go. We must firmly maintain the bottom line of safety and "keep the bottom line of financial security under conditions of opening up."
General Secretary Xi Jinping made it clear that "efforts must be made to prevent and resolve financial risks, especially systemic risks" and "financial supervision must be 'thorny' and sharp."
In all aspects of market access, prudential supervision, behavioral supervision, etc., we must strictly enforce the law; in the risk management process, we must resolutely punish corruption and strictly prevent moral hazard; we must severely crack down on financial crimes... a series of measures, with a clear attitude towards "strict" requirements.
The rule of law strengthens the guarantee, and the rule of virtue transforms people's hearts.
Governing by virtue and law is deeply rooted in the fertile cultural soil of the Chinese nation.
In this speech, General Secretary Xi Jinping also proposed for the first time “actively cultivating a financial culture with Chinese characteristics”:
Be honest and trustworthy, and do not cross the bottom line; make profits with justice, not profit-seeking; be prudent and prudent, and do not rush for quick success; be upright and innovative, and do not stray from reality into fiction; comply with laws and regulations, and do not act recklessly.
With a long history of thousands of years, the precious resources of China's excellent traditional culture are surging in power in the new era, providing codes of conduct and value guidance for promoting high-quality financial development, and injecting strong cultural impetus into building a financial power.
Planning: Du Shanze
Written by: Lin Xinyu
Editor: Wen Teng Wang Rong
Proofreader: Wu Yue
Photography: Xinhua News Agency reporter Ju Peng
Visual: Bi Xiaoyang, Yu Dongsheng