To achieve the goal of accelerating the construction of a financial power and promote high-quality financial development, deepening reform and expanding opening up are the only ways to go.
At the opening ceremony of the special seminar for leading cadres at the provincial and ministerial levels to promote high-quality financial development, General Secretary Xi Jinping coordinated both domestic and international situations, grasped the inherent laws of building a financial power, and emphasized that "we must improve our country's financial resource allocation by expanding opening up to the outside world." efficiency and capabilities, and enhance international competitiveness and rule influence."
Since the 18th National Congress of the Communist Party of China, from the launch of Shanghai-Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, Mainland and Hong Kong Bond Connect, and Swap Connect, to the lifting of restrictions on the shareholding ratio of foreign financial institutions in China, and the substantial expansion of the business scope of foreign financial institutions, and then To deepen the reform of the RMB exchange rate formation mechanism and steadily promote the internationalization of the RMB, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at the core, we have actively and steadily promoted the opening of the financial industry to the outside world and made important progress in deepening financial reform and opening up.
As of the end of September 2023, 202 banks from 52 countries and regions had established institutions in China, and 1,110 overseas institutions had entered the Chinese bond market, holding 3.3 trillion yuan of Chinese bonds.
At present, the RMB's share in global trade financing has risen to second place, and more than 80 overseas central banks or monetary authorities have included the RMB in their foreign exchange reserves.
my country continues to expand the opening of its financial industry both internally and externally, and the two-way open financial system has accelerated its formation, which has strongly supported high-quality economic development.
“Prudently grasp the pace and intensity”, this is a clear requirement put forward by General Secretary Xi Jinping to promote high-level financial opening up to the outside world.
The world is currently undergoing major changes unseen in a century, the world economy is lacking momentum for recovery, and the external environment is becoming more complex, severe, and uncertain.
At this special seminar, General Secretary Xi Jinping profoundly elaborated on the path of financial development with Chinese characteristics using the "Eight Persistences", emphasizing "persisting in coordinating financial openness and security, and adhering to the general tone of seeking progress while maintaining stability."
It is necessary to deeply realize that financial opening up to the outside world must ensure national financial and economic security.
Only by persisting in seeking progress while maintaining stability, promoting stability through advancement, establishing first and then breaking, must we ensure that the general direction, principles and policies must be stable, and the strategic deployment must be stable. Only by improving global competitiveness and improving economic and financial management capabilities and risk prevention and control capabilities under opening conditions can we ensure that high-level financial opening up to the outside world is advanced steadily and in an orderly manner.
To promote high-level financial opening up to the outside world, we must implement the decisions and arrangements of the Party Central Committee.
The financial system is an important basic system in economic and social development.
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.
Financial security is an important component of national security.
We must adhere to high-quality development and high-level safe and positive interactions, adhere to both "bringing in" and "going out", steadily expand institutional opening up in the financial field, and maintain the bottom line of financial security under open conditions.
Finance is an important part of the country's core competitiveness, and financial openness is an inherent requirement and distinctive feature of accelerating the construction of a financial power.
Under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, we will unswervingly follow the path of financial development with Chinese characteristics, promote high-level financial opening up to the outside world, continuously improve the efficiency and capabilities of my country's financial resource allocation, and enhance international competitiveness and rule influence. We will definitely be able to take the initiative of opening up to the outside world, win the initiative of economic development, win the initiative of international competition, and promote the construction of a financial power to continuously achieve new progress and new results.
(People's Daily commentator)