The Four Major Banks and China’s Financial Power: What This Means for the Country’s Future

; and predictability of financial risks under marketized and legalized rule of law conditions, significantly enhance their ability to prevent and defuse financial risks, and effectively prevent systemic financial risks and regional financial risks.Tian Guoli emphasized that China Construction Bank will implement the “eight insistences” proposed by the Central Financial Work Conference, strengthen its banking foundation work, fully optimize resource allocation, and improve operational management efficiency. It will effectively support the modernization of the national governance system and governance capabilities, serve national economic and social development, and strive to build a modern Chinese bank with Chinese characteristics that is globally influential.Tian Guoli revealed that China Construction Bank will continue to deepen reforms, accelerate the construction of a modern banking system with Chinese characteristics, and continue to exemplify the role of China’s major banks as the mainstay and guide the high-quality development of the banking industry.In addition, the Ministry of Finance announced that starting from December 25, 2023, 98% of tax items originating from six least developed countries, including the Republic of Angola, the Republic of The Gambia, the Democratic Republic of the Congo, the Republic of Madagascar, the Republic of Mali, and the Islamic Republic of Mauritania, will be taxed at a preferential zero tax rate for imported products. This is a significant move to promote trade and economic development among developing nations and aligns with China’s commitment to promoting international cooperation and supporting developing countries’ growth.