Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, President of the State, Chairman of the Central Military Commission, and Director of the Central Finance and Economics Commission, chaired the tenth meeting of the Central Finance and Economics Commission on August 17 to study the solid promotion of common prosperity, study the prevention and resolution of major financial risks, and ensure financial stability and development Work issues. Xi Jinping delivered an important speech at the meeting and emphasized that in the course of high-quality development, we should promote common prosperity and make overall plans to prevent and resolve major financial risks.
President Xi Jinping on Aug 17 stressed efforts to promote common prosperity in the pursuit of high-quality development and coordinate work on forestalling major financial risks. Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks at the tenth meeting of the Central Committee for Financial and Economic Affairs. He is also head of the committee. The meeting heard reports from relevant departments on advancing common prosperity as well as forestalling major financial risks and stabilizing financial development.
[Knowledge Points]
The 19th National Congress of the Communist Party of China proposed that to win a decisive victory in an all-round well-off society, we must win three tough battles, one of which is to prevent and defuse major risks. The goal of the tough battle is to effectively control the macro-leverage ratio, improve the adaptability of the financial structure, significantly increase the ability of financial services to serve the real economy, comprehensively strengthen the construction of rigid restraint systems, and effectively prevent and control systemic risks.
Over the past few years, under the strong leadership of the Party Central Committee, the Financial Committee of the State Council has promoted its work in accordance with the basic principles of “stabilizing the overall situation, overall coordination, classified policy implementation, and precise bomb disposal”. The bottom line of systemic financial risks has effectively safeguarded the country’s economic and financial stability and the safety of people’s property.
[Important Speech]
Common prosperity is the essential requirement of socialism and an important feature of Chinese-style modernization. It is necessary to adhere to the people-centered development concept and promote common prosperity in high-quality development; finance is the core of modern economy, which is related to development and security, and must be followed Based on the principles of marketization and rule of law, we will make overall plans to prevent and resolve major financial risks.
Common prosperity is an essential requirement of socialism and a key feature of Chinese-style modernization. We should adhere to the people-centered development philosophy and promoting common prosperity while pursuing high-quality development. Finance, which is at the core of the modern economy, is related to development and security. Efforts to fend off major financial risks should be coordinated in line with market principles and the rule of law.
——On August 17, 2021, Xi Jinping delivered an important speech at the tenth meeting of the Central Committee of Finance and Economics
【Related Words】
Systemic financial risk
systemic financial risks
Secondary financial risk
secondary financial risks