Providing strong financial support for the great cause of rejuvenation of a powerful country – the Central Financial Work Conference points out the way forward and gathers confidence and strength
BEIJING, November 3 – The Central Financial Work Conference concluded in Beijing on October 31, with General Secretary Xi Jinping delivering an important speech outlining the achievements and future direction of financial work in China.
The conference was met with enthusiasm and commitment from departments across the country, as they pledged to transform the spirit of Xi’s speech into concrete action to accelerate the construction of a financial power and contribute to the country’s modernization and national rejuvenation.
Since the 18th National Congress of the Communist Party of China, the financial system has played a vital role in supporting the overall economic and social development of the country, according to the message conveyed at the meeting. It has contributed to preventing and resolving major risks, as well as achieving the goal of building a moderately prosperous society and realizing China’s first centenary goal.
One example of the financial sector’s impact on development is the manufacturing center in Changzhou, Jiangsu province, where the financial sector has supported supply-side structural reforms and facilitated industrial development. This has resulted in the cumulative output of new energy vehicles surpassing one million units and the growth of new energy companies.
The meeting highlighted the importance of following the path of financial development with Chinese characteristics. By combining Marxist financial theory with China’s specific realities and traditional culture, the Party Central Committee has charted a distinct path for the country’s financial industry.
Zhang Xiaojing, director of the Institute of Finance of the Chinese Academy of Social Sciences, praised the continuous enrichment and deepening of China’s financial industry, thanks to the leadership of General Secretary Xi Jinping and the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.
The meeting also laid out a “roadmap” for high-quality financial services, emphasizing the need to create a favorable monetary and financial environment, build modern financial institutions and market systems, and promote financial opening up. This has provided clear guidance for financial development in the country.
Zhang Wencai, Vice President of the Export-Import Bank of China, expressed his commitment to supporting key areas and projects, particularly those related to the Belt and Road Initiative. The bank’s loans for the initiative have covered over 130 co-building countries, attracting investments worth more than $4 billion.
The meeting also called for strengthened financial services for major strategies, key areas, and weak links. Qiu Yitong, director of the Local Financial Supervision and Administration Bureau of Guangzhou City, emphasized the importance of providing wide coverage and efficient financial support to the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
China’s financial development must also align with the goals of “common prosperity for all people” and “harmony between man and nature.” The meeting identified areas of focus, including technology finance, green finance, inclusive finance, pension finance, and digital finance, which will contribute to the country’s modernization with Chinese characteristics.
Wang Junhui, chief investment officer of China Life Group, emphasized the importance of pension finance in supporting the construction of the country’s multi-level and multi-pillar pension insurance system. This will not only benefit the people’s vital interests but also contribute to common prosperity.
Li Duo, head of the Credit and Investment Management Department of the Industrial and Commercial Bank of China, pledged to promote the construction of green finance and enhance the bank’s green financial products and management. This will contribute to a better loan structure, intelligent green financial management, and stronger ESG risk prevention and control.
To accelerate the construction of a financial power, the conference emphasized the need for centralized and unified leadership from the Party Central Committee. By improving the system and mechanism of the party’s leadership in financial work, China can effectively respond to complex issues and ensure the successful implementation of financial policies.
The Central Financial Work Conference has provided a clear direction and tasks for financial development in China, inspiring confidence and determination among financial professionals to contribute their strength toward the great cause of rejuvenation and the construction of a powerful country.