On January 16th, General Secretary of the Supreme Leader delivered an important speech at the opening ceremony of the seminar for leading cadres at the provincial and ministerial levels to promote high-quality financial development, which profoundly explained the rich connotation of a financial power, made clear the direction of unswervingly following the road of financial development with China characteristics, and released a strong voice to promote high-quality financial development.
(A) clear the key core elements of a financial powerhouse and put forward "six powerhouses"
The central financial work conference held at the end of October 2023 proposed that "we should speed up the construction of a financial power" and raise financial work to a higher strategic level.
What should we do to build a financial power? At the opening ceremony of the seminar on 16th, General Secretary of the Supreme Leader clearly put forward "six powerhouses", defined the key core elements of building a financial power, and pointed out the practical path of building a financial power in China.
A financial power should be based on a strong economic foundation, with world-leading economic strength, scientific and technological strength and comprehensive national strength, and at the same time have a series of key core financial elements:
— — A strong currency;
— — A powerful central bank;
— — Strong financial institutions;
— — A powerful international financial center;
— — Strong financial supervision;
— — A strong team of financial talents.
A powerful currency. Money is the foundation of finance. A strong sovereign currency is the cornerstone of a financial power. In recent years, the internationalization of RMB has made steady progress, and its share in global trade financing has risen to the second place. The steady improvement of the international status of RMB will become an important pillar for China to build a financial power.
A powerful central bank. The central bank is responsible for regulating the general gate of money, which plays an important role in the overall economic development. At present, China is turning to a high-quality development stage, which needs the modern central bank system as an important support, which not only supports economic transformation and upgrading, but also prevents serious inflation or deflation and systemic financial risks, ensures the smooth progress of China’s modernization process and safeguards national security.
A powerful financial institution. Financial institutions are an important micro-foundation for the construction of a financial power. At present, there are more than 4,000 banking financial institutions in China, and five large commercial banks have been selected as global systemically important banks. The comprehensive strength and influence of financial institutions are constantly increasing, but there are also problems such as uneven development level and weak competitiveness. To speed up the construction of a financial power, we must cultivate more financial institutions with international competitiveness.
A powerful international financial center. Throughout the history of world financial development, the change of international financial centers is an important symbol of the rise and fall of financial powers. At present, China’s international financial center construction has made great achievements. Building a financial power requires a more competitive international financial center to further enhance its influence in the global financial market.
Strong financial supervision. Strong financial supervision is a powerful guarantee for the construction of a financial power. In recent years, China’s financial supervision system has been improved day by day, especially since the new round of reform of financial supervision institutions, the effectiveness of financial supervision has been significantly improved. At present, it is necessary to continuously enhance the security of financial development with scientific, effective and powerful financial supervision.
A strong team of financial talents. The financial field is highly specialized and complex, and the talent team is very important. It is necessary to build a talent team worthy of the heavy responsibility of building a financial power in accordance with the requirements of excellent politics, excellent ability and excellent style.
(B) Building a modern financial system with China characteristics and proposing "six systems"
Building a financial power has a long way to go, and it needs long-term efforts and long-term achievements. We must speed up the construction of a modern financial system with China characteristics. What key tasks need to be accelerated? Based on the present and focusing on the future, the Supreme Leader General Secretary profoundly proposed to establish and improve the "six systems":
— — Scientific and steady financial regulation system;
— — A well-structured financial market system;
— — Financial institution system with division of labor and cooperation;
— — A complete and effective financial supervision system;
— — Diversified and professional financial products and service system;
— — Independent, controllable, safe and efficient financial infrastructure system.
The "six systems", involving financial regulation, financial markets, financial institutions, financial supervision, financial products and services, financial infrastructure and other aspects, are interrelated and mutually supportive, depicting the grand blueprint of a modern financial system with China characteristics.
The "six systems" reflect the problem orientation and goal orientation, which is not only the inherent requirement for finance to provide high-quality services for economic and social development, but also the practical path for China to move from a financial power to a financial power.
(C) Reaffirm the "Eight Persistences" and first mention the financial culture with China characteristics.
The Central Financial Work Conference held at the end of October last year systematically expounded for the first time the essential characteristics of the "eight persistences" of China’s characteristic financial development road. At the opening ceremony of this seminar, General Secretary of the Supreme Leader continued to emphasize the "Eight Persistences", which released a clear signal of continuing to explore and improve in practice and making the road of financial development with China characteristics wider and wider.
Remarkably, on the basis of last year’s Central Financial Work Conference’s proposal of "vigorously promoting Chinese excellent traditional culture in the financial system", General Secretary Supreme Leader’s important speech also mentioned for the first time the active cultivation of financial culture with China characteristics:
— — Honest and trustworthy, do not cross the bottom line;
— — Take advantage of righteousness, not profit;
— — Steady and prudent, not eager for quick success;
— — Be upright and innovative, not divorced from reality;
— — Comply with the law and don’t run amok.
Actively cultivating China’s characteristic financial culture is an inevitable requirement to enhance the international competitiveness of finance, and it is also an inevitable requirement to push China from a financial power to a financial power.
This important formulation not only combines the Marxist financial theory with the concrete reality of contemporary China, but also with the excellent Chinese traditional culture, injecting the inherited and positive cultural genes into the financial system, and also endowing the excellent Chinese traditional culture with new connotation of the times, and pointing out the direction of promoting financial soft power and building a financial power.
At the opening ceremony of the seminar, the General Secretary of the Supreme Leader also focused on the deployment of preventing and resolving financial risks and opening up to the outside world at a high level, and put forward "the essentials of financial supervision ‘ Teeth with thorns ’ It is pointed out that "enhancing the transparency, stability and predictability of the opening-up policy" is highly targeted and instructive.
The important speech of the Supreme Leader General Secretary is of great significance to correctly understand the situation and tasks faced by China’s financial development and deepen the understanding of the essential laws and development paths of financial work. Under the guidance of the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, and striding forward towards the goal of becoming a financial power, the road of financial development with China characteristics will surely become wider and wider.
Planning: Huo Xiaoguang
Producer: Zhang Xudong
Lead writers: Zhao Xiaohui, Li Yanxia, Liu Hui
Coordinator: Wang Xuan, Lin Hui and Xu Sheng.
Vision | Editor: Hao Xiaojing, Jia Yining
Xinhua News Agency produced domestically.
Produced by the first studio of Xinhua News Agency
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