Xi Jinping Delivers an Important Speech at the Opening Ceremony of the Seminar for Principal Leading Cadres at the Provincial and Ministerial Level on Promoting High-Quality Financial Development, Emphasizing
Unswervingly Follow the Path of Financial Development with Chinese Characteristics
Promote High-Quality Development of China's Financial Sector
Zhao Leji, Wang Huning, Ding Xuexiang, Li Xi and Han Zheng Attend; Cai Qi Presides

Xinhua News Agency, Beijing, January 16 (Dispatch) — The Seminar for Principal Leading Cadres at the Provincial and Ministerial Level on Promoting High-Quality Financial Development opened on the morning of January 16 at the Central Party School (National Academy of Governance). 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, emphasizing that the path of financial development with Chinese characteristics not only follows the objective laws of modern financial development but also has distinctive features suited to China's national conditions, and is fundamentally different from Western financial models. We must be firm in our confidence, continue to explore and improve it in practice, and make this path ever broader.

Zhao Leji, Wang Huning, Ding Xuexiang and Li Xi, members of the Standing Committee of the Political Bureau of the CPC Central Committee, and Han Zheng, Vice President of the State, 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.

On January 16, the Seminar for Principal Leading Cadres at the Provincial and Ministerial Level on Promoting High-Quality Financial Development opened at the Central Party School (National Academy of Governance). 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. Photo by Xinhua News Agency reporter Ju Peng

Xi Jinping pointed out that since the 18th National Congress of the CPC, we have actively explored the laws of financial development in the new era, continuously deepened our understanding of the essence of finance under socialism with Chinese characteristics, and steadily advanced innovation in financial practice, theory and institutions, accumulating valuable experience and gradually forging a path of financial development with Chinese characteristics. This path means: upholding the centralized and unified leadership of the Party Central Committee over financial work; upholding a people-centered value orientation; upholding the fundamental purpose of finance serving the real economy; upholding risk prevention and control as the eternal theme of financial work; upholding the advancement of financial innovation and development on the track of marketization and the rule of law; upholding the deepening of structural reform on the financial supply side; upholding the coordination of financial opening-up and security; and upholding the general principle of seeking progress while maintaining stability. These points clarify how to view and how to carry out financial work on the new journey of the new era, and constitute an organic whole that embodies the basic stance, viewpoints and methods of the path of financial development with Chinese characteristics.

Xi Jinping emphasized that a financial powerhouse should be based on a strong economic foundation, possess world-leading economic strength, scientific and technological strength and comprehensive national power, and at the same time have a series of key core financial elements, namely: a strong currency, a strong central bank, strong financial institutions, strong international financial centers, strong financial regulation, and a strong contingent of financial talent. Building a financial powerhouse requires long-term efforts and sustained commitment. We must accelerate the construction of a modern financial system with Chinese characteristics and establish a sound, scientific and prudent financial regulation system, a financial market system with a reasonable structure, a financial institution system with division of labor and coordination, a complete and effective financial regulatory system, a diversified and professional financial product and service system, and a safe, efficient, independent and controllable financial infrastructure system.

Xi Jinping pointed out that efforts should be focused on preventing and defusing financial risks, especially systemic risks. Financial regulation must "have teeth and spikes" and be sharp-edged; the key lies in financial regulatory departments and industry competent authorities clearly defining responsibilities and strengthening collaboration and coordination. In all links such as market access, prudential regulation and conduct supervision, the law must be strictly enforced, so as to achieve horizontal coverage to the edges and vertical coverage to the bottom in financial regulation. All localities should base their work on their own jurisdiction while keeping the overall situation in mind, and fulfill their responsibilities for local risk disposal and maintaining stability. In the process of risk disposal, corruption must be resolutely punished and moral hazard strictly guarded against. Financial regulation is a systematic project; financial management departments and macroeconomic regulation departments, industry competent authorities, judicial organs, and discipline inspection and supervision organs all have corresponding responsibilities. Regulatory coordination must be strengthened, and a risk disposal responsibility mechanism with consistent powers and responsibilities must be improved. Financial crimes must be severely cracked down on.

Xi Jinping emphasized that by expanding opening-up to the outside world, we should improve the efficiency and capacity of China's financial resource allocation, enhance international competitiveness and influence over rules, and steadily and prudently grasp the pace and intensity. We should focus on institutional opening-up to advance high-level financial opening-up, implement the management system of pre-establishment national treatment plus a negative list, align with the relevant rules in the financial sector of international high-standard economic and trade agreements, streamline restrictive measures, enhance the transparency, stability and predictability of opening-up policies, regulate overseas investment and financing behavior, and improve financial support for the Belt and Road Initiative. We should strengthen connectivity between domestic and overseas financial markets, enhance the facilitation of cross-border investment and financing, and actively participate in international financial regulatory reform. We must hold the bottom line of financial security under the conditions of opening-up.

On January 16, the Seminar for Principal Leading Cadres at the Provincial and Ministerial Level on Promoting High-Quality Financial Development opened at the Central Party School (National Academy of Governance). 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. Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, Li Xi and Han Zheng attended the opening ceremony. Photo by Xinhua News Agency reporter Shen Hong

Xi Jinping pointed out that to promote high-quality financial development and build a financial powerhouse, we must adhere to the combination of the rule of law and the rule of virtue, and actively cultivate a financial culture with Chinese characteristics, namely: honesty and trustworthiness, without crossing the bottom line; seeking profit through righteousness, without being profit-driven; prudence and steadiness, without seeking quick success and instant benefits; upholding integrity and innovation, without disengaging from the real economy; and law-abiding compliance, without acting 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 treating the economy and finance as a single chessboard, earnestly implement the various decisions and arrangements of the Central Financial Work Conference, coordinate the promotion of high-quality economic and financial development, and make new and greater contributions to comprehensively advancing the building of a strong country and the great cause of national rejuvenation through Chinese-style modernization.

When presiding over the opening ceremony, Cai Qi pointed out that General Secretary Xi Jinping's important speech is profound in thought, broad in vision, incisive in exposition and rich in content, and is highly political, theoretical, targeted and instructive. It is of great significance for the whole Party, especially senior cadres, to correctly understand the situation and tasks facing China's financial development, deepen their understanding of the essential laws and development path of financial work, comprehensively enhance their 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 content, essential meaning and practical requirements of General Secretary Xi Jinping's important speech, deeply comprehend the decisive significance of the "Two Establishments," resolutely achieve the "Two Upholds," and effectively unify thought and action with the decisions and arrangements of the Party Central Committee.

Members of the Political Bureau of the CPC Central Committee and members of the Secretariat of the CPC Central Committee, non-Communist vice chairpersons of the Standing Committee of the National People's Congress, State Councilors, the President of the Supreme People's Court, the Procurator-General of the Supreme People's Procuratorate, non-Communist vice chairpersons 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 of all provinces, autonomous regions and municipalities and the Xinjiang Production and Construction Corps, relevant departments of the central and state organs, relevant people's organizations, financial institutions, enterprises and universities managed by the central government, and all units of the People's Liberation Army and the Armed Police Force participated in the seminar. Principal responsible comrades of the central committees of various democratic parties, the All-China Federation of Industry and Commerce and relevant quarters attended the opening ceremony as non-voting participants.